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The Secret $1.2 Trillion Bush Bailout...and why we are broke.

Discussion in 'Politics/Controversial' started by Gerry, Aug 24, 2011.

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  1. Gerry

    Gerry Dances With Dogs DNFcollege.com Exclusive Member

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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:

    View attachment ritholtz--liquidity-lifeline.jpg
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