Union Leader Accuses Paulson of Gifting Bailout Money; Naomi Kline Cites “Frantic Looting” Of Public Wealth

Leo Gerard, President of the United Steelworkers, in a letter to Treasury Secretary Henry Paulson, condemns the waste and fraud presented in the recent $125 billion bailout of financial institutions. Gerard accuses Paulson of paying twice as much for the government’s investment than what was a fair price.

In his letter, Gerard makes a detailed comparison of what Warren Buffet received for his $5 billion investment in Goldman Sach’s to what The US Treasury received and shows that Paulson paid more than twice what should have been paid.

Gerard says, “You paid $125 billion for securities for which

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