BraneMatter
11th November 2008, 10:57
Nov. 10 (Bloomberg) -- The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers or the troubled assets the central bank is accepting as collateral.
Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson said in September they would comply with congressional demands for transparency in a $700 billion bailout of the banking system. Two months later, as the Fed lends far more than that in separate rescue programs that didn't require approval by Congress, Americans have no idea where their money is going or what securities the banks are pledging in return. - MORE>> (http://www.bloomberg.com/apps/news?pid=20601087&sid=aatlky_cH.tY&refer=worldwide)
Near as I can tell, the total amount being passed out on Wall Street is now approaching 4-5 trillion dollars. Seems like the 700 billion was just a smokescreen for the real money going to Wall Street and the banks through other channels...
Paulson also secretely handed his banker buddies a 140 billion dollar tax (http://www.bostonherald.com/business/general/view.bg?articleid=1131453&srvc=business&position=recent)bonanza by illegally reversing (http://stockbee.blogspot.com/2008/11/140-billion-dollar-wells-fargo-ruling.html)a 22 year old tax law (section 382 (http://www.truthout.org/111008A)) that made it illegal to avoid taxes by purchasing a failing company. The 700 billion in bailout money was supposed to be used to free up the credit market, not for mergers and acquisitions, tax loopholes, CEO bonuses, stock dividends, etc. The lifting of the tax law will reward banks for buying up other banks with toxic debt that will then become a tax write-off! Not exactly a way to spur the banks to make loans with the bailout money.
The really sad part is that Bush and his band of gangsters and war criminals will walk away and never have to pay for their many crimes
Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson said in September they would comply with congressional demands for transparency in a $700 billion bailout of the banking system. Two months later, as the Fed lends far more than that in separate rescue programs that didn't require approval by Congress, Americans have no idea where their money is going or what securities the banks are pledging in return. - MORE>> (http://www.bloomberg.com/apps/news?pid=20601087&sid=aatlky_cH.tY&refer=worldwide)
Near as I can tell, the total amount being passed out on Wall Street is now approaching 4-5 trillion dollars. Seems like the 700 billion was just a smokescreen for the real money going to Wall Street and the banks through other channels...
Paulson also secretely handed his banker buddies a 140 billion dollar tax (http://www.bostonherald.com/business/general/view.bg?articleid=1131453&srvc=business&position=recent)bonanza by illegally reversing (http://stockbee.blogspot.com/2008/11/140-billion-dollar-wells-fargo-ruling.html)a 22 year old tax law (section 382 (http://www.truthout.org/111008A)) that made it illegal to avoid taxes by purchasing a failing company. The 700 billion in bailout money was supposed to be used to free up the credit market, not for mergers and acquisitions, tax loopholes, CEO bonuses, stock dividends, etc. The lifting of the tax law will reward banks for buying up other banks with toxic debt that will then become a tax write-off! Not exactly a way to spur the banks to make loans with the bailout money.
The really sad part is that Bush and his band of gangsters and war criminals will walk away and never have to pay for their many crimes