Paulson Says Regulators to Review `Off-Balance Sheet Vehicles'

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ASusilovic

Treasury Secretary Henry Paulson said the Bush administration will review accounting rules for the off-balance sheet units that large U.S. banks set up to invest in assets including mortgage-backed securities.

In a speech in Washington, Paulson said President George W. Bush's Working Group on Financial Markets will review accounting rules that ``are applicable to off-balance sheet vehicles.'' The group includes the Federal Reserve, Securities and Exchange Commission and Commodity Futures Trading Commission.

The speech comes a day after Citigroup Inc., Bank of America Corp. and JPMorgan Chase & Co. said they will establish a fund to buy assets from structured investment vehicles, units set up to purchase securities such as subprime mortgage debt and bank bonds. The establishment of the fund came after a month of talks brokered by the Treasury.

``I have no interest in bailing out lenders or property speculators,'' Paulson said, countering critics of the Treasury's role in the negotiations.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aZNLDLWUW3QI&refer=home

Hank, we´re all so proud of you !.... For not bailing out speculators !:D
 
Making a great fanfare about how he is going to damm well SLAM that stable door closed just as soon as he is sure all the horses are clean away.

Failed in China, trying something else.
 
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