Yeah, but the Dummycrats got all kinds of ways to get kickbacks. Read on.
The Obama Bank Shakedown / Creators Syndicate | August 23, 2014 | BY Larry Kudlow / FR Posted by jazusamo
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 ...
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The feds 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......the $7 billion Citibank settlement contains a section explaining how $2.5 billion goes to "community reinvestment and neighborhood stabilization".......
This book exposes the me-first Holder using the Justice Dept and US agencies to profit themselves and Dummycrats.
The Obo/Holder/Dummy criminal MO: In his new book, "Extortion," author Peter Schweitzer writes about Obozo and Holder, using the Justice Dept and assorted govt agencies to extort Big Money ....threatening jailtime unless the targets fork over billions.
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CNN reported 2010: Behind closed doors and after four hours of negotiations, BP executives agreed to put $20bn into an independently managed compensation fund.
BEHIND CLOSED DOORS---Obama was joined in the negotiations by VP Joe Biden, and five cabinet secretaries, including DHS Janet Napolitano, interior secretary, Ken Salazar, energy secretary, Steven Chu, Labor Secy Hilda Solis, Valerie Jarrett, and COS Rham Emanuel. / PICTURE/BP Holdings.
DOING THE DEAL---Obama dreams about his cut and new diamonds for Michele. In foreground, then-COS Rahm Emanuel's hand holds the pencil jotting down his cut that will help make him Chicago Mayor. Holder is visible at top right.
At the top, in turquoise, then-Labor Secy Hilda Solis figures out her cut and how many BP executive jobs she needs for latinos. Left, in orange, Dragon Lady Valerie Jarrett hopes Biden will remember his scripted lines.
MOB HIT VP Joe Biden Told BP: "You’ll Put $20 Billion In Escrow Or We’ll Do It For You."