Waxman: Bailout Would Maximize Wall Street Returns, Stiff Taxpayers

The Bush administration's $700 billion Wall Street bailout plan would protect investment bankers' personal riches while leaving taxpayers to saddle the burden, House Oversight and Government Reform Committee Chairman Henry Waxman (D-Calif.) said today.

Waxman, whose committee is examining the recent wave of financial buyouts by the Treasury Department, says he has "serious reservations" about the Bush administration's plan.

"The Administration

"There was public outrage when the CEOs of Countrywide, Merrill Lynch, and Citigroup walked away with hundreds of millions of dollars after causing billions of dollars of losses.