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Reply With QuoteThe big question is what if anything can be done about it? Is there anyway anyone can be punished? I know it's wrong to feel this way but I want revenge!
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Amid all the hubbub around the earthquake yesterday, a startling piece of news broke that went un-noticed.
During George W. Bush's last days as president, a secret 1.2 Trillion dollars was given to most of the largest banks and investment firms, not only in the US, but also overseas. Yes, a hush hush fund that gave money to those that needed it least and to institutions in Europe and elsewhere.
Let's make this clear...this is a secretive fund that was paid IN ADDITION to the TARP fund and all the other bailouts (ie, AIG) that has been made public.
This stuff is too good to make up.
It appeared in Bloomberg Business yesterday and has now been picked up by many agencies.
I have been very outspoken and critical from the moment the Paulson plan was announced about how it was the Bush administration raiding and stealing billions of dollars and essentially raping America.
That plan and subsequent debt ceiling increase by almost 3 Trillion before leaving office pales in comparison to this story. This $1.2 Trillion was NOT INCLUDED in anyone's calculations and is only being revealed now because of a new law passed requiring these types of hush funds to be disclosed.
Reading this is sickening and almost made me want to vomit.
As one reader commented, the amount given to this elite group was enough to cover every foreclosed home in America with money left over.
Be aware that this was money given to those that needed it least and would not loan it out and did absolutely nothing to help the economy in the long run as we sit on piles of record deficit and borrowing and on the edge of another recession.
Imagine if these institutions paid this money back...right now. We would not need to increase the debt ceiling and we could fund all those things we have been unable and unwilling to fund, most importantly education.
Thanks, dubya...
Wall Street Aristocracy Got $1.2 Trillion in Fed’s Secret Loans
Excerpts:
Fed Chairman Ben S. Bernanke’s unprecedented effort to keep the economy from plunging into depression included lending banks and other companies as much as $1.2 trillion of public money, about the same amount U.S. homeowners currently owe on 6.5 million delinquent and foreclosed mortgages. The largest borrower, Morgan Stanley (MS), got as much as $107.3 billion, while Citigroup took $99.5 billion and Bank of America $91.4 billion, according to a Bloomberg News compilation of data obtained through Freedom of Information Act requests, months of litigation and an act of Congress.
Foreign Borrowers
It wasn’t just American finance. Almost half of the Fed’s top 30 borrowers, measured by peak balances, were European firms. They included Edinburgh-based Royal Bank of Scotland Plc, which took $84.5 billion, the most of any non-U.S. lender, and Zurich-based UBS AG (UBSN), which got $77.2 billion. Germany’s Hypo Real Estate Holding AG borrowed $28.7 billion, an average of $21 million for each of its 1,366 employees.
The largest borrowers also included Dexia SA (DEXB), Belgium’s biggest bank by assets, and Societe Generale SA, based in Paris, whose bond-insurance prices have surged in the past month as investors speculated that the spreading sovereign debt crisis in Europe might increase their chances of default.
The $1.2 trillion peak on Dec. 5, 2008 -- the combined outstanding balance under the seven programs tallied by Bloomberg -- was almost three times the size of the U.S. federal budget deficit that year and more than the total earnings of all federally insured banks in the U.S. for the decade through 2010, according to data compiled by Bloomberg.
Chart illustrating the largest borrowers:
ritholtz--liquidity-lifeline.jpg
The big question is what if anything can be done about it? Is there anyway anyone can be punished? I know it's wrong to feel this way but I want revenge!
Politicians and diapers need changing often...both for the same reason.
I don't blame you.
It was money given to the elitist and that is precisely where it stayed.
Is it any wonder why the rich are richer and there were record profits and record bonuses?
If you read that entire article, it is sickening. Most of all, it did nothing - nothing - to help anybody.
These are banks that immediately said they needed more time to institute changes (bullshit) to their lending practices before the new laws became laws.
No one that participated or approved of any of this should still be in office or a position of authority, including Berneke.
As I said, it was literally the raping and plundering of America at the cost of taxpayers.
And the GOP wants to regain the presidency and control of congress?
I think there are a lot of questions that needs to be asked and a lot of answers given and a ton of money given back.
Obama is no better than Bush...Originally Posted by H2FC
Obama Goes All Out For Dirty Banker Deal
http://www.rollingstone.com/politics...-deal-20110824
My suggestion is as long as socialism is a dirty word in America, just pull down you pants and find a good quality lube. Its only going to get worse.
Will people finally believe me when I say that neither Republicans nor Democrats have the American public's best interest in mind when they make decisions? It's always the same thing - just an R or D tag next to their name.
Save the wolves - join The Wolf Army today!
Please follow the rules or suffer the wrath of Thor's Hammer.
Reporting a $1.2 trillion dollar back room deal after two years is hardly admirable.
Look at the date...December 2008. That means that Bush fvcking burned thru nearly 5 trillion dollars in his last 6 months like the little crack whore.
5 Trillion Dollars...all to the banks and his cronies.
Doc,
Did you hear Obama has found the official fault line that caused the the earthquake in in New York City this week? Its G.W Bush's Fault... a Glenn Beck joke.
Thank goodness Bloomberg is not as stupid as the OP is, they managed to write the article in it's entirety withOUT one mention of Bush, SPIN and misleading their readers is something you'll find on MSNBC, maybe the OP should of looked for a similar article there to make his point.
Like I said before, the bailout should of never been authorized by Democrats and it should of never been signed by Bush.... As for the $5.6 TRILLION Democrats in the House and Senate authorized and blew like the crack whores that they are, it's a disgrace.
This one just came in on the wire;
BREAKING NEWS!!
Obama has just confirmed that the Va. earthquake occurred on a rare and obscure fault-line, apparently known as "Bush's Fault". Secret Service and Maxine Waters continue an investigation of the quake's suspicious ties to the Tea Party. Conservatives however have proven that it was caused by the Founding Fathers rolling over in their graves."
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Last edited by Raider; 08-25-2011 at 01:26 AM.
People believe it, but most Americans have been brainwashed into a condition call Seinfelds disease.
They will only back two parties that have elections about nothing.
They back the party who stands a chance of winning... They don't want to throw away their vote like they did with Ross Perot, that resulted in elected the wrong man for the job asf President... I think we learned our lesson from that one.
Then it's really not voting, is it? Imagine if everything was handled this way?
Nope, I'm not going to buy tickets to see my sports team since they won't win (insert name of championship game).
... and people wonder why the US is in the mess it's been in for a very long time.
Save the wolves - join The Wolf Army today!
Please follow the rules or suffer the wrath of Thor's Hammer.
Exactly. We must vote for the spineless cuttlefish who is a traitor to his base because the alternative is worse. We can always hope his baffling behavior is three dimensional chess.
We all know that corporations buy candidates, lobby, etc.
That is not what this article or thread is about.
This is about a secret, clandestine operation (yes, just as in a well planned military strategy) carried out by the wealthiest of the wealthy and by the highest office in this country. This is about a secret operation which we did not know about and has only now came to light because of a law that requires the disclosure.
This is about the highest office in this country knowingly and willingly carried out a secret $1.2 trillion dollar payout and fund to those that did not need it the most. This is about the highest office in this country running up and added to the national debt nearly 5 trillion dollars in less than 6 months. This is about the highest office in this country paying out $1.2 trillion dollars in his last month of office to the richest of the rich AFTER they had already received billions of dollars in bailouts and payoffs.
This is not about Ross Perot. This is not about dividing the vote. This is nothing about any of that nonsense and distractions that some members want to throw out.
This is about the President of the United States authorizing payments totally $1.2 trillion dollars in the last month of his presidency of December 2008 - taxpayer money, taxpayer funds - that he and his party and his office and his administrators kept hush hush and secret from the American people.
The question now should be; have these "loans" and institutions that "borrowed" the money paid it back? If not, then when? We these interest free loans? How much of this money went to executive salaries and bonuses? What was this money used for?
This is about the grand theft and deception perpetrated by the Presidency of the United States.
These are dollar amounts that we freeze from countries deemed improperly obtained or being redirected for personal gain and wealth.
This is about secret 1.2 Trillion dollars given out in ONE DAY in ADDITION TO THE ALREADY APPROVED and spent nearly 3 Trillion dollar ceiling raised by the same president and his administration.
This is about the nearly 5 Trillion dollars allocated and given out in the final four months of one president and his administration. This is about an administration who has given no accounting of the money, what it was spent for, and how much has been paid back.
This is about how a business goes out of business because of being a poorly run business.
This is how the United States is bankrupt and how select individuals became billionaires over night and how billionaires became even richer billionaires than they already were.
This information would never have been willingly disclosed and it is only by a matter of a newly enacted law that these dealings were disclosed.
This is the grand fvcking that each american got in the last few days of the Bush White House and I honestly expect to see a criminal investigation brewing on the horizon regarding this matter.
This is about how nearly 300 million Americans should be asking, "Where is our money?"
Ask your president. You elected him to fix Bushes mistakes remember? Has he fixed any yet?
It's not his fault. It's our fault: the American People.
The next time you use a credit card or any type of loan or get a mortgage you know you can't really afford or store card or abuse checks or get things we don't need with the money we don't have on a monetary system that doesn't work then remember whose fault it really is for being a part of this debt demon system.
Want someone to blame? Let's start looking in the mirror at ourselves: the ones abusing debt, loans and living above our means.
Not excusing what they did but we have a lot more power & share of the blame than we realize.
yup, i blame O for that debacle of givingaway those trillions along with the 2 debt ceiling raises in 2008
He should phave fixed that 5trillion shortfall by now.
Great insight.
Please tell me how G.W. Bush got the 1.2 Trillion.
Did not the Democrat Party that controlled both the House and Senate vote to spend that money?
I have to make a guess here.
In order to raise and approve a Debit Ceiling, I guess every politician knew about and where the cash was going, it would have to be on paper...No?
---------- Post added at 07:50 PM ---------- Previous post was at 07:47 PM ----------
I wonder if G.W. Bush went on a Caribbean Cruse lately, If he did why in the heck did they give him that Bean Britto. You know when G.W. Bush farts it always causes a Hurricane.
I didnt say Obama caused it. Im asking why he doesnt do something about it. When does the first fat cat go to jail?
There are always other alternatives. Florida had THIRTEEN people on the last presidential ballot yet something like 99% of the vote went to two of them.
Not directly but we've seen in a matter of a few years how both parties are willing to screw over the American public (with OUR money) just to help out their bed buddies.
Very true. 1.2 trillion divided among 300 million people is $4,000 per person. Want a good way to kick start the economy? Give it to them. What can $4000 buy? That's a down payment on a new car, that's a very nice entertainment system, that's a small start to a business, that's enough for a family of 4 to have a nice vacation.This is about how nearly 300 million Americans should be asking, "Where is our money?"
1.2 trillion to banks will only get squandered and/or spent overseas.
Save the wolves - join The Wolf Army today!
Please follow the rules or suffer the wrath of Thor's Hammer.
Sure, americans have more debt than ever, and more thant they should but whats going on in wall street and financial corps has nothing to do with personal debt. it has everything to do with the fact that they were selling bad loans two, three times over and knew full well the consequences. the banks didn't need a bail out because everyone was defaulting, they needed a bailout (well they didn't need one but claimed they did) due to bad investments.
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