Did the Obama administration commit 'the biggest accounting fraud in history' with student loans?

yahoo.com ^ | September 5, 2019 | Aarthi Swaminathan

[grundle]

Full title: Did the Obama administration commit 'the biggest accounting fraud in history' with student loans? Experts weigh in

The Wall Street Journal’s editorial board (WSJ) recently accused the Obama administration of pulling off “the biggest accounting fraud in history” with student loans when eliminating the role of private lenders in the federal student lending market.

Experts who spoke with Yahoo Finance acknowledged the issue with the general policy in hindsight, though they disagreed on who exactly is to blame.

In 2010, Democrats “nationalized the market to help pay for Obama Care,” WSJ asserted. “The Congressional Budget Office at the time forecast that eliminating private lenders would save taxpayers $58 billion over 10 years. This estimate was pure fantasy, and now we’re seeing how much.”

The WSJ op-ed also highlighted the rising number of severely delinquent student loans since then and blamed the Obama administration for expanding plans in 2012 for new borrowers “to reduce defaults, buy off millennial voters and disguise the cost of its student-loan takeover.”

The editorial board then added: “This may be the biggest accounting fraud in history.”

[treetopsandroofs]

“Did the Obama administration commit ‘the biggest accounting fraud in history’ with student loans?”

Perhaps, but HE is the biggest Fraud ever perpetrated on America, and VERY FEW CARE (anymore, or because they prefer their OWN ineligible candidates).

[Moonman62]

The WSJ op-ed also highlighted the rising number of severely delinquent student loans since then and blamed the Obama administration for expanding plans in 2012 for new borrowers “to reduce defaults, buy off millennial voters and disguise the cost of its student-loan takeover.”

...

The main purpose was to subsidize all the leftists that dominate universities and colleges.

[thoughtomator]

Housing bubble was bigger, and it was all about misrepresentation of risk through accounting fraud.

[Karma_Sherab]

Once you have allowed an “ineligible” person to become president, the precedent has been set.

[ProtectOurFreedom]

“This may be the biggest accounting fraud in history.”

It pairs well with Obama's "Biggest Cabal of Coup Plotters and Seditionists" in history.

[pepsionice]

If you think about it long enough, and remember the bits and pieces of 2008’s banking crisis...he was doing the banks a ‘favor’.

Eventually, student-loans will reach a level where it’s a crisis and a quarter of the adults with degrees can’t get ahead (even at age 40). So down the road, there would be this magnificent ‘gift’ laying there where you’d go and give all of these idiots $20k to $40k of government credit, and they’d be indebted to you and vote Democrat for decades.

There needs to be some massive change to this loan business...where the max you can borrow is $10k a year.

[Chickensoup]

It did and this is a story that needs to get out to students and millenials and gen zs

Very important for them to know how leftists screwed them.

[blackdog]

It’s the kind of graft that was the catalytic fuel that brought us Obama, or whatever his name or country he claims at the moment. He did it all on the student loan dime.

[Jan_Sobieski]

Housing is asset debt. What is student loan debt?

[thoughtomator]

The fraudulent part of the asset values is not actually an asset, that was the problem there... as tens of millions of American home”owners” learned the hard way, by going underwater.

[SpaceBar]

Obama did it so Hillary could ‘forgive’ it.

[Liz]

Like practiced con artists, the Obamas set-up this scam earlier---whining about "teaching girls."

A teary-eyed $100 million Michele----the cheap placard that costs taxpayers millions of tax dollars.

UPDATE Michelle Obama is encouraging her followers to remember that girls around the world have limited access
to attend school, urging others to support the Girls Opportunity Alliance and donate to its GoFundMe page.

"So tell us Michele, how much of the $100 million tax dollars being held by the Obama Foundation ‘to teach Muslim girls’......went to this effort?”

BACKSTORY:

Then-F/L Michele, her mother and daughters in Morocco. Obama gave her $100 million ro “teach Muslim girls.”
AND GET THIS: The $100 mill is to be held by the Chicago-based tax-exempt Obama Foundation, to be doled out when needed (cue laugh machine here).

ACTION NOW

Judicial Watch
425 3rd Street, SW, Suite 800
Washington, DC 20024
TELE 1-888-593-8442 between 8:30am and 5:30pm EST.

Call President Trump: Comments: 202-456-1111 Switchboard: 202-456-1414
email at http://www.whitehouse.gov/contact
@POTUS or @realDonaldTrump on Twitter!

US CONGRESS SWITCHBOARD: (202) 224-3121

U.S. Department of Justice
Comment Line: 202-353-1555
Switchboard: 202-514-2000

FBI tip line web site----https://www.fbi.gov/tips
FBI electronic fraud unit----www.fbi.gov/scams-and-safety/common-fraud-schemes/internet-fraud
FBI Major Case Contact Center: 1-800-CALL-FBI (225-5324)

To report tax-free non-profit crimes: EMAIL enforcement@SEC.gov

To report fraudulent fund-raising:
FBI tip line web site----https://www.fbi.gov/tips
FBI electronic fraud unit----www.fbi.gov/scams-and-safety/common-fraud-schemes/internet-fraud
FBI Major Case Contact Center: 1-800-CALL-FBI (225-5324)

[100American]

YES

[Liz]

That’s a pretty big scam….....but this one’s right up there. CIRCA 2017 Obama transfers $500m to Green Climate Fund to protect Paris deal last days in office;
that was Obama's SECOND $500M conned from the State Dept using executive powers; bypassing congressional support.
Michael Slezak / Tue 17 Jan 2017 / Last modified on Wed 14 Feb 2018

Obama has transferred a second $500m installment from the State Dept to the Green Climate Fund just three days before he leaves office. Photograph: Evan Vucci/AP Barack Obama has heeded calls to help secure the future of the historic Paris agreement by transferring a second $500m instalment to the Green Climate Fund, just three days before he leaves office. The fund was a key aspect of the Paris agreement signed in 2015, which aims to keep global warming “well below” 2C and aspires to keep warming to 1.5C. Established in 2010, it is financed by wealthy countries and used to assist developing countries with adaptation and mitigation. It was widely seen as a key measure to bring both rich and poor countries to the negotiating table. The US committed to transferring $3bn to the fund. The new instalment leaves $2bn owing, with the incoming president, Donald Trump, expected to cease any further payments.

=====================================

Did the $billion made a short cut thru numbered accounts in a French Polynesian bank? (smirk)

The first place ex-pres Obama visited was French Polynesia ---home to offshore banks with numbered accounts.

[BenLurkin]

bttt

[Perseverando]

The Obama administration made staying in school the "road more traveled" during bad economic times by making student loans readily available for worthless unmarketable degrees. It kept young people off the unemployed rolls while they ran up huge debts and became debt slaves to the socialist welfare state that they have been being indoctrinated by since they were in kindergarten.

And now it's time to pay the piper from wages and tips earned at Starbucks or the neighborhood craft beer brewery.

[Lee25]

Obama, fraud appear in same place. It is repeat

[raybbr]

I believe they tied the student loans to ACA so that in years to come they would force those with debt to work for the government. When Trump won it derailed the plan. Now they want to forgive the loans to crash the economy and force them into government servitude.

[rednesss]

The biggest accounting fraud in history is the Social Security scam.