Tip of the iceberg, Read on.
CHART--TARP giveaways and political donations received in return:
LEGEND.....Dem Group/Member...Bank....Amount of Donation....Tarp Funds received
DCCC Bank of America $5,000.00 $15,000,000,000.00
DCCC Capital One $25,000.00 $3,555,199,000.00
DCCC Citigroup $22,500.00 $25,000,000,000.00
DCCC Comerica Inc PAC $1,000.00 $2,250,000,000.00
DCCC Goldman Sachs $30,000.00 $10,000,000,000.00
DCCC JP Morgan $30,000.00 $25,000,000,000.00
DCCC Morgan Stanley $15,000.00 $10,000,000,000.00
DCCC PNC $2,500.00 $7,579,200,000.00
DCCC Wells Fargo $30,000.00 $25,000,000,000.00
Nancy Pelosi Bank of America $5,000.00 $15,000,000,000.00
Nancy Pelosi Citigroup $10,000.00 $25,000,000,000.00
Nancy Pelosi Goldman Sachs $20,000.00 $10,000,000,000.00
Nancy Pelosi JP Morgan $22,500.00 $25,000,000,000.00
Nancy Pelosi Morgan Stanley $10,000.00 $10,000,000,000.00
Nancy Pelosi Wells Fargo $10,000.00 $25,000,000,000.00
Steny Hoyer Bank of America $17,500.00 $15,000,000,000.00
Steny Hoyer Capital One $7,500.00 $3,555,199,000.00
Steny Hoyer Citigroup $10,000.00 $25,000,000,000.00
Steny Hoyer First Horizon $250.00 $866,540,000.00
Steny Hoyer Goldman Sachs $10,000.00 $10,000,000,000.00
Steny Hoyer JP Morgan $20,000.00 $25,000,000,000.00
Steny Hoyer KeyCorp $2,000.00 $2,500,000,000.00
Steny Hoyer Merril Lynch $5,000.00 $10,000,000,000.00
Steny Hoyer Morgan Stanley $13,500.00 $10,000,000,000.00
Steny Hoyer SunTrust $500.00 $4,850,000,000.00
Steny Hoyer Wells Fargo $10,000.00 $25,000,000,000.00
The best book on the 2008-9 crisis was “The Sellout,” by Charles Gasparino. He traces several threads:
- How the investment banks (Merrill, Lehman, Bear Stearns) had leveraged themselves into near-death experiences before
- How US government policies virtually forced banks to make low-down payment mortgages to buyers with sub-standard credit, forcing up prices
- How securitization meant these sub-standard loans could be bundled up and sold far and wide (w/ great losses to the buyers)
- How the ratings agencies gave this crap AAA ratings
- How the sales incentives to create mortgage-backed securities led to incredible short term behavior on the part of investment bankers
- How AIG (insurance) screwed up by guaranteeing many of these in Credit Default Swaps....etc, etc, etc.
It took an unholy confluence of events—government policy, investment banker greed, and last, but not least, securitization to create the perfect storm.....and swamped taxpayers w/ billion dollar bailouts.
Missing in Action: Stimulus Sheriff Joe Biden
Michelle Malkin | october 14, 2012 | FR Posted by lowbridge
Remember when Pres Obama bragged about Joe Biden’s fiscal discipline cred in 2009? “...around the White House, we call him the Sheriff,” Obama warned government employees. “Because if you’re misusing taxpayer money, you’ll have to answer to him.”
Fast-forward to 2012. Call in the search teams. Since being appointed the nation’s stimulus spending cop, Sheriff Joe has taken a permanent donut break. He’s AWOL on oversight. In fact, he’s been bubble-wrapped, boxed and kept completely out of sight. The garrulous gaffe machine hasn’t sat down for a national media interview in five months.
The Democrats’ trillion-dollar “American Recovery and Reinvestment Act,” however, keeps piling up waste, failure, fraud and debt. Who benefited most? Big govt cronies. (Excerpt) Read more at michellemalkin.com ...
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Obama said at the stim bill signing at a special ceremony in Colorado
that VP Biden would be in charge of "keeping track of every penny."
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Offshore Fraudster had links to offshore fund run by VP's relatives
Reuters on Yahoo | 2/23/09 | BY Ajay Kamalakaran
(Reuters) – A fund of offshore hedge funds run by two members of VP Joe Biden's family was marketed exclusively by offshore firms controlled by Texas financier Allen Stanford, charged by regulators with an $8 billion fraud, the Wall Street Journal said.
The Bidens $50 million fund was jointly branded between the Bidens' Paradigm Global Advisors LLC and the offshore Stanford Financial Group entity headquartered in Antigua, and was known as the Paradigm Stanford Capital Management Core Alternative Fund, the paper said. Stanford-related offshore companies marketed the Biden fund to investors and also invested about $2.7 million of their own money in the fund, the paper said, citing a lawyer for Paradigm.
Paradigm Global Advisors is owned through a holding company by the vice president Biden's son, Hunter, and Joe Biden's brother, James, according to the WSJ. Paradigm's attorney, Marc LoPresti, who represents Hunter Biden and James Biden, as well as Paradigm, told the paper he did not know which Stanford entity invested the roughly $2.7 million. (Excerpt) Read more at news.yahoo.com ...
NOTE A lawyer for Hunter Biden and James Biden told reporters the Bidens NEVER met or communicated with Stanford. (/snicker)
Stanford is in jail for 110 years---but the Bidens got off scot-free.
Disgusting. Thanks, Liz.
Thanks for that reminder, Liz. I had totally forgotten that! Excellent memory!
30% chance of getting it wrong? Ha! With those shysters, "getting it wrong" means they weren't going to funnel 75% to their cronies.OBAMA PUTS BIDEN IN CHARGE OF STIMULUS FUNDS
New York Post
By Clemente Lisi
February 23, 2009 (TEN years ago!!)The gaffe-prone Joe Biden will now be handling more of your money. President Obama said his vice president would oversee the implementation of the $787 billion economic stimulus package. Obama made the announcement today before the National Governors Association in Washington, saying Biden will not only ensure that the cash is distributed, but make sure it is “also efficient and effective.”
“The fact that I’m asking my vice president to personally lead this effort shows how important it is for our country and future to get this right,” Obama said.
In his new role as stimulus czar, Biden, 66, would meet regularly with congressional lawmakers, governors and mayors to make certain their efforts in reviving the economy are both effective and swift.
During the debate over the stimulus plan, Biden declared there was a “30 percent chance we’re going to get it wrong.” Those comments prompted Obama to later say, “You know, I don’t remember exactly what Joe was referring to, not surprisingly.”
Interesting info about the Biden family.
For a decade, the media have been fawning that Biden was one of the few who entered Congress with modest means ($$$) and never ‘got wealthy’ from his service — like many other politicians did.
Apparently, he knew how to hide it better.
Of course, the media downplay how Sanders got his fortune. And Warren hers. ETC.
Obama was the King of Stupid Ideas when it came to the economy. It wasn't just that Obama's ideas didn't work for long - it was that they caused massive damage to the economy in the long run. Remember Obama's Cash for Clunkers Liz? That was another doozie... What an idiot.
Liz, you do a fabulous job. Thank you.
Thanks for this, and the tip about the Charles Gasparino book.
Sounds like Biden & Obama are in the Madoff blood line.