STEPHANOPOULOS: The original legislation we saw said that you would be buying up the mortgage-related assets from financial institutions having headquarters in the United States. Yet last night, the fact sheet put out by the Treasury seemed to expand that. It said only that the financial institutions have to have significant operations in the U.S., and that you could waive that at your discretion.

So, will foreign financial institutions be eligible to have their assets bought?

PAULSON: Yes, and they should, because as you think about this, if a financial institution has business operations in the United States, hires people in the United States, if they are clogged with illiquid assets, they have the same impact on the American people as any other institution.

That’s a distinction without a difference to the American people. The key here is about protecting the system.[..]

But, remember, this is about protecting the American people and protecting the taxpayers. And the American people don’t care who owns the financial institution. If a financial institution in this country has problems, it’ll have the same impact…

the result is socialism.

But, remember, this is about protecting the American people and protecting the taxpayers.

Now he asks for no oversight in his handling of 3/4 of a TRILLION dollars.