The Obama Bank Shakedown

Creators Syndicate ^ | August 23, 2014 | Larry Kudlow

[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.

[Steve_Seattle]

If we still had investigative journalism in this country, the press would be looking into the details of where this money is going, and why, and according to what rationale.

[Steve_Seattle]

"Anyone check where these Billions are going?"

If a Repub were in office, the press would be looking into this very closely. But with Obama, you know how it goes.

[jazusamo]

No doubt that you’re right.

Of the few real investigative journalists left their leftist editors shut them down, Sharyl Attkisson is the latest example.

[Incorrigible]

Bump

[blueplum]

goes to "community reinvestment and neighborhood stabilization."

how to fund LaRaza and Acorn without really trying

[Retired Chemist]

And nobody should forget that BofA purchased Countrywide and then Merrill Lynch at the behest of the Federal Reserve and the Treasury. Former Treasury man Hank Paulson threatened to fire then-BofA CEO Ken Lewis if he didn't buy Merrill. And Fed officials wanted to close the Fed's lending facility to Countrywide. So BofA did Uncle Sam a favor, and then got slammed for it

This was the subject of a discussion on FNC the other day.

[zot]

This is one of the ways to destroy capitalism and fund the democrat (communist) party.

[Liz]

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."

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Here'$ how the DummycratS roll:

"Hi there, Americans. Obama put me in charge of the trillion dollar stimulus.
My son and brother are gonna help me disperse the money. "

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Offshore Fraudster had links to offshore fund run by VP Biden'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)

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STANFORD FUNDS DEMOCRATS BIG-DO Convicted con man R. Allen Stanford used offshore corporate money to buy his way into the Democratic convention in Denver.

A video posted on the firm's web-site shows Stanford, being hugged by Speaker of the House Nancy Pelosi and praised by ex-President Bill Clinton for helping to finance a Democrat convention-related forum and party put on by the National Democratic Institute.

BILL CLINTON: "I would like to thank the Stanford Financial Group for helping to underwrite this," Clinton told the Democratic crowd. (Stanford Financial was listed as the "lead benefactor" for the gathering, and Stanford was permitted to address the audience of several hundred.)

The SEC charged that Stanford was running a fraudulent offshore investment scheme that may have bilked customers out of as much as $8 billion. Over the last decade, Stanford has spent more than $7 million on lobbyists and campaign contributions to Washington politics in both parties, although the vast majority of the money has gone to Democrats.

"We had no reason to believe that a very public company that was also engaged in philanthropic work might be suspect," said a spokesperson for the National Democratic Institute, Amy Dudley. (Excerpt) Read more at abcnews.go.com ...

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ONE MINUTE QUIZ---GUESS WHO OWNS THE BEACHFRONT VI MANSION? ---FREEPER REALTIME REPORT CIRCA 2012---"I just returned from a Caribbean cruise. In St Thomas, US Virgin Islands, the guide pointed out a waterfront mansion and said it belonged to Biden’s (cough) brother. He also said Air Force 2---the VP plane--frequently flies in and out."

[Liz]

Obama's obsessive non-stop fund raising among the smug/stupid Dummycrat elite is beginning to look sinister. The world smolders but the Dumobcrat ding-a-lings soldier on w/ fund-raising.

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REALITY CHECK Could this be a WH/Democrat Ponzi scheme in progress?

While they bash Wall Street publicly, leaders of the Democrats' mega-funder "The Democracy Alliance" have quietly recruited venture capitalists, bankers and hedge fund moguls -- along with union bosses and red-diaper trust fund babies -- to fund their takeover goals. ....$230,000 public school union dues go to the Democrats' "Democracy Alliance."

"The Democracy Alliance" does not itself raise and spend a great deal of money. Rather, being a partner in the Alliance requires one to contribute large amounts to other left-wing groups. The Alliance evaluates left-wing organizations on various criteria, and makes recommendations to its members as to where they should put their money. Currently, the Alliance lists 21 groups in its “Aligned Network”:

<><> America Votes, American Constitution Society, Black Civic Engagement Fund, Brennan Center, Catalyst, Center for American Progress, Center for Community Change, Center on Budget and Policy Priorities, Common Purpose Project, Fund for the Republic, Latino Engagement Fund, Media Matters for America, New Media Ventures, New Organizing Institute, Organizing For Action, Progressive Majority, Progress Now, State Engagement Initiative, State Voices, Women’s Equality Center and Youth Engagement Fund.<><>

The most interesting of the D/A documents that have come to light is the one that contains D/A’s “investment recommendations” for 2014. Not only does it list the recommended organizations, but it rates each organization in several categories, sets out the group’s budget for 2014, and shows how much of that budget should be contributed by the 100 members of the "Democracy Alliance." One category in which DA rates the organizations is “Collaboration,” as DA believes that all left-wing groups should coordinate their activities for maximum political impact.

Opportunistic pols like Harry Reid have denounced Charles and David Koch, and others, who contribute to conservative causes as “shadowy,” “secretive” people who dare infest politics with “dark money.”

In that context, it is worth noting that most of the groups to which the Alliance and its elite liberal members contribute are 501(c)(4)s that do not disclose their donors.

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ANALYSIS Buncha sap-happy Dummy/dopes are feeding the Democrats' Democracy Alliance lotsa money---thinking its safe.....going to a "good thing."

That's exactly how Madoff operated. Money-laundering, tax evasion was part of the Madoff mix---helping investors, foundations, and tax-exempts break the law in a seemingly legal way.

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Madoff helped himself to the untraceable money in the process.....and got himself in trouble. When he went to jail for 125 years, investigators found Ponzi King Madoff had stashed billions offshore---into a labyrinth of financial entities.

COLLUSION AND CONSPIRACIES GALORE Some $8.9 billion was funneled to Madoff through a dozen so-called feeder funds based in Europe, the Caribbean and Central America......a labyrinth of hedge funds, management companies and service providers that, to unsuspecting outsiders, seemed to compose a formidable system of checks and balances.

But the purpose of this complex financial architecture was just the opposite: the feeder funds provided different modes for directing money to Madoff in order to avoid scrutiny.

Dummycrats apparently took notes.