Sordid dots easy to connect
First read this Bloomberg report, disclosing that the Federal Reserve and the big banks fought for more than two years to keep details of the largest bailout in U.S. history a secret. At the top of the article is a fascinating interactive graph allowing readers to compare the banks’ net incomes or losses over the time frames.
The Fed didn’t tell anyone which banks were in trouble — so deep they required a combined $1.2 trillion on Dec. 5, 2008, their single neediest day. Bankers didn’t mention that they took tens of billions of dollars in emergency loans at the same time they were assuring investors their firms were healthy. And no one calculated until now that banks reaped an estimated $13 billion of income by taking advantage of the Fed’s below-market rates.
A spokesman for Treasury Secretary Timothy Geithner declined to comment.
Barney Frank, 71, a 16-term Massachusetts Democrat who chaired the House Financial Services Committee, has accumulated more than $760,000 in campaign funds in the third quarter of this year and had $389,606 in cash on hand. He’s obviously well-funded for yet another term. It’s the scrutiny, not redistricting as he‘ll claim during his afternoon press conference, forcing him to make this retirement decision. Watch as Frank lies about his actual motives with Fannie Mae and Freddie Mac, pushing home loans to those who had no hope of repaying their debt.
Judicial Watch (JW) has actively pursued documents regarding the unprecedented explosion in the size and reach of the government through its use of $24 trillion for “TARP” (Troubled Asset Relief Program) bailouts, “bank rescues” and the Obama administration’s economic “stimulus” plan. The $200 billion taxpayer bailout of Fannie Mae and Freddie Mac is arguably the biggest government corruption scandal in our nation’s history.
The watchdog group’s efforts have revealed documents showing Congress’ awareness of the poor business practices of Fannie and Freddie at the same time key members of Congress continued to block attempts to regulate the two Government Sponsored Enterprises. A Freedom of Information Act lawsuit that JW filed against the Department of the Treasury resulted in documents that revealed details of how the government coerced the CEOs of several major banks to accept TARP funds.
So far this year, sixteen House Democrats have announced their plans to retire; half are running for higher office.