Tuesday, December 23, 2008

Wasted The First $350 Billion Need The Second (Bailout)

Paulson, Kashkari, and Frank are seeking the second disbursement of bailout funds. I am sternly against giving any further funds to these clowns. They have no process in place for tracking how the first $350 billion was used by the receiving institutions.

They essentially lost the money intended to bailout the banks. I was against any bailout for the banks, so, I am certainly against the second distribution of funds. Paulson, Kashkari, and Frank claim what they are doing is in Americans best interest, however, it certainly is not. It sickens me to consider the immense amount of money they have lost, and with so little regard for how the funds should be used. Call your senator or congress person and demand they reject the request for the second $350 billion.

Financial Crisis Discussion

"Treasury Secretary Henry Paulson announced Friday that with the decision to provide loans to the auto companies, the first half of the $700 billion bailout fund has been committed. He said Congress needed to approve the release of the final $350 billion.

House Financial Services Committee Chairman Barney Frank, D-Mass., said Monday he is preparing legislation to require that some of the bailout money be spent for specific purposes, such as stemming foreclosures and reducing mortgage rates. Frank is pushing to get the second half of the $700 billion rescue fund released next month, before Obama is inaugurated.

Frank's bill would impose tighter restrictions on the second $350 billion, such as requiring banks to report on their new lending every quarter and toughening limits on executive compensation.
(Where was he on the first $350 billion. Perhaps his friends have already been taken care of in the first $350 billion!)

Frank said his legislation would also include a version of a plan, supported by Federal Deposit Insurance Corp. Chairman Sheila Bair, to spend $24 billion to give lenders financial incentives to modify more loans and help more borrowers keep their homes. Bair has estimated it could prevent 1.5 million foreclosures.
( I don't want to give my money to anyone. I don't care if they choose to get in a bad mortgage or lied on their mortgage application!)

It was unclear whether Frank could gain enough support to win congressional approval to release the second $350 billion before Obama takes office, given opposition among Republicans."

Friday, December 19, 2008

Bailout Bandits Request Additional 350 Billion

Why should we give an additional 350 billion to Mr. Kashkari to throw away? Citiygroup and AIG have been burning the TARP funds in overdrive. Citigroup recently purchased a non core operating asset for 10 billion from a foreign company? Was that the intended use for the 300 billion plus TARP funds committed to save Citigroup? AIG proceeded to host parties and give away exuberant bonuses in excess of 30 million. Goldman Sachs gave out 10 billion in bonuses. Their argument; they want to keep their talented employees. How talented are these employees, they have bankrupted the entire banking system!
Mr. Kashkari, do you think we are stupid, are you stupid, Mr. Kashkari? You must not be stupid-you were selected for a very important task. So, what happened? I am certainly opposed to giving another dime of my money to Wall Street. I want a very detailed report of how all the money will be disbursed before any more funds are committed to TARP.

Friday, December 12, 2008

Big Three Bailout Ford, GM, Chrysler "Who Cares?"

Americans have paid enough! The scam bailout of the banks on Wall Street was engineered buy the likes of Sen Dodd. That bailout money was absolutely thrown down a hole, not in the best interest of Americans. Why should Americans believe Congress has a better plan for Ford, GM, and Chrysler? I am willing to bet everything I own on the fact that Congress has no plan.

  • They have no plan to get Americans a good deal.
  • They have no plan to insure Americans are paid back.
  • They have no plans to allow the BIG THREE to fail.

When it comes right down to it, they want Bush and the Fed to bail out the BIG THREE.
I feel we need to allow the big three auto makers to go through the American process known as bankruptcy. The unions have caused America, and American workers to become noncompetitive. If they are truly interested in staying in business they need to go through the bankruptcy process.
I am sick of hearing OUR representatives tell us what we need. Repeatedly, Americans have expressed they do not want bailouts. HELLO, we don't want to bail anything out. Let these businesses fail, newer better businesses will replace them!

Talk about the Financial Crisis

Wednesday, December 10, 2008

Neel Kashkari Defends Bailout Financial Scam

Neel Kashkari the secretary for financial stability today told a committee that he had not formed any requirements for the institutions receiving bailout money. This further speaks to my suspicion that the bailout was just a reason for the Fed and government to defraud the American tax payer. Mr Kashkari at times rolled his eyes and looked annoyed when accepting questions from the committee.
According to some of the comments made during the hearing. AIG execs received bonus payments of thirty million dollars. Mr. Kashkari felt his organization had performed their tasks responsibly. Currently there are no regulations binding recipients of bailout money. Mr Kashkari believes it is unreasonable to expect these institutions will not filter the bailout funds to their subsidiaries. If the institutions are allowed to funnel the bailout funds to subsidiaries the funds can be paid out in bonuses, stock buybacks, or for acquisitions.
At this time Mr Kashkari claims the Fed has not discussed the request of the additional three hundred and fifty billion dollars. However, I am almost certain they have discussed the additional funds and have already assigned them.
Mr. Kashkari has wasted the first three hundred and fifty billion dollars and I am not willing to allow him to funnel an additional amount to his Wall Street buddies.

Monday, December 01, 2008

Leaning Towards Financial Scam

Recent activity by Citiygroup leads me to believe we were scammed. Citigroup just a few days ago was destined for certain bankruptcy, another to big to fail caper. Hank Paulson and the Fed took unprecedented action to save the failing bank. Were they really failing? Today Citigroup announced the purchase of a completely unrelated business located outside the United States, what? Reportedly, tax payers coughed up 10 billion to (you know) keep the American economy going. I am almost certain Citigroup was not in dire straights when the Fed stepped in, and am now convinced we were duped into their scheme. How do we get our money back, we don't.
From the begining I noticed very different structuring between the Citi deal, and previous deals. Citigroup shareholders and insiders were certainly the only ones taken care of by Hank Paulson and his Goldman Sachs bailout scam team. Join the Financial Crisis forum and voice your concerns!

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