Foreign banks, which were initially excluded from the plan, lobbied successfully over the weekend to be able to sell the toxic American mortgage debt owned by their American units to the Treasury, getting the same treatment as United States banks.
On Sunday, the Treasury secretary, Henry M. Paulson Jr., indicated in a series of appearances on morning talk shows that an original proposal introduced on Saturday had been widened. “It’s a distinction without a difference whether it’s a foreign or a U.S. one,” he said in an interview with Fox News.
I repeat: John McCain’s economic advisor will directly benefit from this bailout.
Now that’s what I call mavericky.
Every time McCain mentions his support of the bailout plan it should be noted that his chief economic advisor will benefit. News media: do your job.
