Hear Treasury's Prebailout Conference Call

A discussion between government officials and industry representatives regarding the $700 billion bailout

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The Wall Street Journal reported that recordings of a conference call involving Treasury officials and industry representatives—which took place just before the House rejected the $700 billion bailout bill—has been posted on youtube.com.

From the Wall Street Journal:

As the biggest market intervention in U.S. history made its way through Congress, Neel Kashkari, the Treasury official named this week to run the program, offered assurances to 800 financial-industry players.

Attempts by Congress to make beneficiaries pay for their mistakes, such as placing caps on executive pay, were "quite reasonable" and "a pretty modest hindrance to you," he told them, according to a recording of the Sept. 28 conference call made public on video-sharing Web site YouTube...

A Treasury spokeswoman confirmed that Mr. Kashkari and Treasury General Counsel Robert F. Hoyt made presentations and answered questions on the call, organized by the Securities Industry and Financial Markets Association, a trade group that lobbies for financial industry interests.

Listen to the call for yourself:

Wall Street Journal
Wall Street
government intervention
Treasury Department

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