NO ONE HAS SERVICED BANKSTERS AT THE EXPENSE OF BANKSTER VICTIMS THAN BARACK OBAMA!
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US government undervaluing losses on AIG bailout
By Andre Damon
29 October 2010
The White House has sought to undervalue government losses from the 2008 bailout of failed Wall Street insurer AIG, according to a report issued Tuesday by Neil Barofsky, the inspector general of the Troubled Asset Relief Program.
Last month, the US Treasury Department cut its official estimates of its loss in the AIG bailout from $45 billion to $5 billion. The Treasury achieved this figure by changing the model used to evaluate the losses.
“This conduct has left Treasury vulnerable to charges that it has manipulated its methodology for calculating losses…as part of a multifaceted publicity campaign touting the positive aspects of TARP and emphasizing the reduction in anticipated losses,” Barofsky wrote.
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GOLDMAN SACHS BOUGHT OBAMA BEFORE HE LIED HIS WAY INTO THE WHITE HOUSE
Obama Is Making You Poorer—But Who’s Getting Rich?
Goldman Sachs, GE, Pfizer, the United Auto Workers—the same “special interests” Barack Obama was supposed to chase from the temple—are profiting handsomely from Obama’s Big Government policies that crush taxpayers, small businesses, and consumers.
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WHAT DID THE BANKSTERS KNOW ABOUT OUR ACTOR OBAMA THAT WE DIDN’T KNOW?
Records show that four out of Obama's top five contributors are employees of financial industry giants - Goldman Sachs ($571,330), UBS AG ($364,806), JPMorgan Chase ($362,207) and Citigroup ($358,054).
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“Obama's rhetoric covered the whole financial industry, but the key changes will affect only a few high-profile players, including JPMorgan Chase & Co., while sparing investment banks like Goldman Sachs Group Inc.”
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The bailout of AIG, which insured many of the toxic assets used for speculation by Wall Street banks and hedge funds, was only part of the vastly unpopular bailout of the banks under Bush and Obama. Much of the money handed to AIG found its way onto the balance sheets of Goldman Sachs and other institutions that had purchased insurance.
The US Treasury plans to transform its TARP investment in AIG by converting $49 billion worth of preferred shares into 1.7 billion shares of common stock. As a result of this swap, the government’s ownership share in the company will jump from 79 percent to about 92 percent.
Barofsky said that the government’s calculation of the value of its holdings do not present a valid picture of the Treasury’s position, because so little of AIG’s common stock is publicly traded. As a result, the US government will likely be unable to sell its stock in the company without dramatically reducing the price.
Barofsky’s report makes a scathing assessment of the bank bailout two years after its inception, saying that it has “fallen woefully short” of its stated intention of providing economic relief to the population.
The report compares the economic hardship facing the American people to the bonanza bestowed on the biggest Wall Street banks, saying, “There is no question that the dramatic steps taken by Treasury and other Federal agencies through TARP and related programs were a success for Wall Street. Those actions have helped garner a swift and striking turnaround, accompanied by a return to profitability and seemingly ever-increasing executive bonuses.”
The opening section of the report goes through each of the stated intentions of the bank bailout and shows how each of them have been completely swept aside in the interests of preserving the profitability of the banks.
While the bank bailout was sold to the American public as a means to get banks to increase lending to consumers and small businesses, the report notes that the bank bailout has failed “to ‘increase lending,’ with small businesses in particular unable to secure badly needed credit. Indeed, even now, overall lending continues to contract, despite the hundreds of billions of TARP dollars provided to banks with the express purpose to increase lending.”
The further report presents a scathing denunciation of the Obama administration’s mortgage modification program, saying that “the most specific of TARP’s Main Street goals, ‘preserving homeownership,’ has so far fallen woefully short, with TARP’s portion of the Administration’s mortgage modification program yielding only approximately 207,000...ongoing permanent modifications since TARP’s inception, a number that stands in stark contrast to the 5.5 million homes receiving foreclosure filings and more than 1.7 million homes that have been lost to foreclosure since January 2009.”
While the Obama Administration initially estimated that 3 million people would receive assistance under the Home Affordable Modification Program (HAMP), only 495,898 people have thus far received permanent home mortgage modifications. This is less than one-twentieth the number of homes that real estate tracker realtytrac.com expects to be foreclosed by 2012.
Far from reversing the distress in the housing market, some types of foreclosure are now more prevalent than ever. The report notes that at the present rate, the number of bank repossessions will be 19 percent higher in 2010 than last year.
“Treasury’s claim that ‘every single person’ who participates in Hamp gets ‘a significant benefit’ is either hopelessly out of touch with the real harm that has been inflicted on many families or a cynical attempt to define failure as success,” the report concludes.
Barofsky’s findings underscore the basic fact that the bank bailout, marketed by the Obama administration as a measure to alleviate popular economic hardship from the economic downturn, has served only to funnel hundreds of billions of dollars into the balance sheets of the banks.
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ARE AMAZED AT HOW UTTERLY BRAZEN THESE CORPORATE OWNED POLITICIANS ARE?
GET THIS BOOK!
Culture of Corruption: Obama and His Team of Tax Cheats, Crooks, and Cronies
by Michelle Malkin
Editorial Reviews
In her shocking new book, Malkin digs deep into the records of President Obama's staff, revealing corrupt dealings, questionable pasts, and abuses of power throughout his administration.
From the Inside Flap
The era of hope and change is dead....and it only took six months in office to kill it.
Never has an administration taken office with more inflated expectations of turning Washington around. Never have a media-anointed American Idol and his entourage fallen so fast and hard. In her latest investigative tour de force, New York Times bestselling author Michelle Malkin delivers a powerful, damning, and comprehensive indictment of the culture of corruption that surrounds Team Obama's brazen tax evaders, Wall Street cronies, petty crooks, slum lords, and business-as-usual influence peddlers. In Culture of Corruption, Malkin reveals:
* Why nepotism beneficiaries First Lady Michelle Obama and Vice President Joe Biden are Team Obama's biggest liberal hypocrites--bashing the corporate world and influence-peddling industries from which they and their relatives have benefited mightily
* What secrets the ethics-deficient members of Obama's cabinet--including Hillary Clinton--are trying to hide
* Why the Obama White House has more power-hungry, unaccountable "czars" than any other administration
* How Team Obama's first one hundred days of appointments became a litany of embarrassments as would-be appointee after would-be appointee was exposed as a tax cheat or had to withdraw for other reasons
* How Obama's old ACORN and union cronies have squandered millions of taxpayer dollars and dues money to enrich themselves and expand their power
* How Obama's Wall Street money men and corporate lobbyists are ruining the economy and helping their friends In Culture of Corruption, Michelle Malkin lays bare the Obama administration's seamy underside that the liberal media would rather keep hidden.
Product Details
• Hardcover: 376 pages
• Publisher: Regnery Publishing (July 27, 2009)
• Language: English
• ISBN-10: 1596981091
• ISBN-13: 978-1596981096
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BY TIMOTHY P CARNEY
Editorial Reviews
Obama Is Making You Poorer—But Who’s Getting Rich?
Goldman Sachs, GE, Pfizer, the United Auto Workers—the same “special interests” Barack Obama was supposed to chase from the temple—are profiting handsomely from Obama’s Big Government policies that crush taxpayers, small businesses, and consumers. In Obamanomics, investigative reporter Timothy P. Carney digs up the dirt the mainstream media ignores and the White House wishes you wouldn’t see. Rather than Hope and Change, Obama is delivering corporate socialism to America, all while claiming he’s battling corporate America. It’s corporate welfare and regulatory robbery—it’s Obamanomics.
Congressman Ron Paul says, “Every libertarian and free-market conservative needs to read Obamanomics.” And Johan Goldberg, columnist and bestselling author says, “Obamanomics is conservative muckraking at its best and an indispensable field guide to the Obama years.”
If you’ve wondered what’s happening to America, as the federal government swallows up the financial sector, the auto industry, and healthcare, and enacts deficit exploding “stimulus packages,” this book makes it all clear—it’s a big scam. Ultimately, Obamanomics boils down to this: every time government gets bigger, somebody’s getting rich, and those somebodies are friends of Barack. This book names the names—and it will make your blood boil.
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Obama Is Making You Poorer—But Who’s Getting Rich?
Goldman Sachs, GE, Pfizer, the United Auto Workers—the same “special interests” Barack Obama was supposed to chase from the temple—are profiting handsomely from Obama’s Big Government policies that crush taxpayers, small businesses, and consumers.
Investigative reporter Timothy P. Carney digs up the dirt the mainstream media ignores and the White House wishes you wouldn’t see. Rather than Hope and Change, Obama is delivering corporate socialism to America, all while claiming he’s battling corporate America. It’s corporate welfare and regulatory robbery—it’s Obamanomics. In this explosive book, Carney reveals:
* The Great Health Care Scam—Obama’s backroom deals with drug companies spell corporate profits and more government control
* The Global Warming Hoax—Obama has bought off industries with a pork-filled bill that will drain your wallet for Al Gore’s agenda
* Obama and Wall Street—“Change” means more bailouts and a heavy Goldman Sachs presence in the West Wing (including Rahm Emanuel)
* Stimulating K Street—The largest spending bill in history gave pork to the well-connected and created a feeding frenzy for lobbyists
* How the GOP needs to change its tune—drastically—to battle Obamanomics
If you’ve wondered what’s happening to our country, as the federal government swallows up the financial sector, the auto industry, and healthcare, and enacts deficit exploding “stimulus packages” that create make-work government jobs, this book makes it all clear—it’s a big scam. Ultimately, Obamanomics boils down to this: every time government gets bigger, somebody’s getting rich, and those somebodies are friends of Barack. This book names the names—and it will make your blood boil.
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Praise for Obamanomics
“The notion that ‘big business’ is on the side of the free market is one of progressivism’s most valuable myths. It allows them to demonize corporations by day and get in bed with them by night. Obamanomics is conservative muckraking at its best. It reveals how President Obama is exploiting the big business mythology to undermine the free market and stick it to entrepreneurs, taxpayers, and consumers. It’s an indispensable field guide to the Obama years.”
—Jonha Goldberg, LA Times columnist and best-selling author
“‘Every time government gets bigger, somebody’s getting rich.’ With this astute observation, Tim Carney begins his task of laying bare the Obama administration’s corporatist governing strategy, hidden behind the president’s populist veneer. This meticulously researched book is a must-read for anyone who wants to understand how Washington really works.”
—David Freddoso, best-selling author of The Case Against Barack Obama
“Every libertarian and free-market conservative who still believes that large corporations are trusted allies in the battle for economic liberty needs to read this book, as does every well-meaning liberal who believes that expansions of the welfare-regulatory state are done to benefit the common people.”
—Congressman Ron Paul
“It’s understandable for critics to condemn President Obama for his ‘socialism.’ But as Tim Carney shows, the real situation is at once more subtle and more sinister. Obamanomics favors big business while disproportionately punishing everyone else. So-called progressives are too clueless to notice, as usual, which is why we have Tim Carney and this book.”
—Thomas E. Woods, Jr., best-selling author of Meltdown and The Politically Incorrect Guide™ to American History
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• Hardcover: 256 pages
• Publisher: Regnery Press (November 30, 2009)
• Language: English
• ISBN-10: 1596986123
• ISBN-13: 978-1596986121
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WHAT DID THE BANKSTERS KNOW ABOUT OUR ACTOR OBAMA THAT WE DIDN’T KNOW?
Records show that four out of Obama's top five contributors are employees of financial industry giants - Goldman Sachs ($571,330), UBS AG ($364,806), JPMorgan Chase ($362,207) and Citigroup ($358,054).
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“Obama's rhetoric covered the whole financial industry, but the key changes will affect only a few high-profile players, including JPMorgan Chase & Co., while sparing investment banks like Goldman Sachs Group Inc.”
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Lou Dobbs Tonight
Thursday, July 9, 2009
And Harvard economics professor JEFFREY MIRON will weigh in on the state of the U.S. economy—and why the only plausible argument for bailing out banks crumbles on close examination.
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"There is a populist and conservative revolt against Wall Street and financial elites, Congress and government," Democratic pollster Stanley Greenberg warned in an analysis this week. "Democrats and President Obama are seen as more interested in bailing out Wall Street than helping Main Street."
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