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Thread: The Obama Bank Shakedown

  1. #1
    momsapplepie
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    The Obama Bank Shakedown

    The $16.65 billion settlement by Bank of America over financial-crisis-era mortgage securities "highlights a pattern of the government extorting the banks," Dick Kovacevich said on CNBC this week. Kovacevich is the former Wells Fargo chairman and CEO. I've known him for years. He ran a great bank. He kept Wells Fargo clean during the credit meltdown. And, unusual for a big-bank CEO, he strongly supports free-market principles.
    Kovacevich went on to say, "It's definitely politics. It has nothing to do with justice or restitution to the innocent victims. In fact, more of the money is going to the coffers of the states and various departments than the victims." He then concluded, "Why are we charging the stockholders instead of going after the people who did wrong? Corporations don't engage in criminal behavior. People do."
    Kovacevich is right on target. These huge bank settlements are election-year ATMs for the Obama administration. It was $12 billion for JP Morgan, another $7 billion for Citigroup and on and on. It's a real shakedown.
    In fact, no one even remotely knows how these penalty-payment numbers are calculated. And the federal government's disbursement of these funds is equally mysterious. As the Wall Street Journal editorial page has pointed out, a lot of money has gone to states run by Democratic governors. Yup.
    And in the $7 billion Citibank settlement, there's a section explaining how $2.5 billion goes to "community reinvestment and neighborhood stabilization." What's that mean?
    All this sounds suspiciously like the housing version of the ACORN electioneering operations. In other words, community organizers. In other words, left-wing groups who had absolutely nothing to do with the credit crisis. But this shakedown isn't isolated to banks. In spirit, it extends to all businesses. It's the Team Obama way.
    (Excerpt) Read more at creators.com ...


    This guy is right on the money, (No pun intended!). All the money for the mortgage fraud, and less than one percent is actually going back to those people who were defrauded. A new oversite committee commissioned by the Feds, yada yada.
    In a community close to where I live, there was money granted for "community reinvestment and rehabilitation". The state sued this city and took the money. It disappeared into the state coffers while thousands of people who lost their homes, got nothing. Neighborhoods with empty decaying houses and unkempt yards, devaluing neighborhoods. Then you watch while state employees get raises, and money goes for nonsensical and unnecessary improvements in large cities no where near the small city that suffered. More bureaucracy getting paid, while those who lost get screwed. Yes, It's the Obama way.

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    The banks wanted government money and got it, then they found themselves in a situation unmanageable and asked for more money and got it, then they took the TARP money and promised to use extend credit and modify mortgages and then did not do it according to their gentlemen's agreement and now they're whinging like a bunch of victims whilst labeling their victims the perpetrators.

    They're like the crack addict who blames his dealer after he gets caught. I've no sympathy.

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    It is a dramatic reversal from the S&L crisis where over 1000 bankers were tossed into the federal penitentiary system.
    ΜOΛΩΝ ΛΑΒΕ


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    momsapplepie
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    As far I'm concerned, the banks did the people wrong, and they should pay. I just don't see where the government getting and keeping all the money is helping those who were harmed. It wasn't the government who lost their homes.....

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    Quote Originally Posted by momsapplepie View Post
    As far I'm concerned, the banks did the people wrong, and they should pay. I just don't see where the government getting and keeping all the money is helping those who were harmed. It wasn't the government who lost their homes.....
    We never should have bailed them out. The money we gave them could have gone directly to depositors with extra to keep in the treasury.
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    momsapplepie
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    No we shouldn't have. Nor should we have bailed out the car companies. That's why there are bankruptcy laws and that's what should have been used. At least the people who suffered would have had some sort of chance to get renumeration.

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    Quote Originally Posted by momsapplepie View Post
    As far I'm concerned, the banks did the people wrong, and they should pay. I just don't see where the government getting and keeping all the money is helping those who were harmed. It wasn't the government who lost their homes.....
    In before your fellow Republicans call you a liberal.

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    momsapplepie
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    I wouldn't call being fiscally responsible, liberal.

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    Republicans love them some banks, though. Good for you for having your own beliefs on the matter.

    Really, the whole banking system is rooted in ridiculous fraud, the crux of the system is fraudulent and based in legal counterfeit

  12. #10
    momsapplepie
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    Almost all politicians love banks, and Wall Street. They may speak out about it, but they sure line up with their hands out when it comes election time.

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