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Australia's Rudd Welcomes and
Helps Design U.S. Bailout, Zoellick Praises Cox' SEC
Byline:
Matthew Russell Lee of
Inner City Press at the UN: News Analysis
UNITED NATIONS,
September 23 -- Not only would the
$700
billion bailout being debated in Congress benefit
non-U.S. institutions,
it emerged Tuesday at the UN, the details of the bailout are being negotiated
with other governments. Inner City Press asked Australian prime
minister Kevin
Rudd which of his country's companies stand to benefit from the bailout
as
designed and clarified by the Treasury Department's factsheet.
"Our
Treasury and Central Bank are discussing with their American
counterparts the
full and final details of the package," Rudd answered. Video here,
from Minute 10:32. Rudd then said he was
"reserving comment" but that "we welcome" the bailout.
Why not? What a windfall for a relatively
affluent country like Australia to have its financial institutions
bailed out
by the U.S..
Kevin Rudd at UN, specifics of U.S. bailout not shown
Inner City
Press asked World Bank president Robert Zoellick, who appeared along
with Rudd
at the microphone in front of the UN Security Council on Tuesday night
what he
thinks of the proposal to ban all short-selling. Zoellick said he is
mostly
involved in the developing world, but that Paulson and Bernanke and the
SEC have
taken "important and good steps." The SEC, of course, has done
nothing to date but prohibit so-called naked short selling. Now he is
belatedly
speaking about credit default swaps.
French
President Sarkozy, preening for the reporters traveling with him, said
that if
corporate CEOs got bonuses during the good times, it is impossible for
them to
now claim not to be responsible for failures. He did say it, but we
will:
rather than a bailout, it might be time for a jail-out. Or a jail-in,
as the
case may be.
Watch this site, and this Sept. 18 (UN) debate.
* * *
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here
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AlertNet piece by this correspondent
about Uganda's Lord's Resistance Army. Click
here
for an earlier Reuters AlertNet piece about the Somali
National
Reconciliation Congress, and the UN's $200,000 contribution from an
undefined trust fund. Video
Analysis here
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