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Message
The Obama Bank Shakedown- "It has nothing to do with justice or restitution"
Posted on 8/26/14 at 6:17 am
Posted on 8/26/14 at 6:17 am
quote:
The Obama Bank Shakedown
by Larry Kudlow
22 Aug 2014
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.
quote:
As The Wall Street Journal editorial page has pointed out, a lot of money has gone to states run by Democratic governors.
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.
A few days before the BofA settlement, The Hill ran a story on how the White House's midterm strategy is going to revolve around "economic populism and so-called economic patriotism." That's interesting. Democratic strategist Jamal Simmons said, "There is still a great amount of discomfort in the American electorate around the economy, and particularly anger with Wall Street and corporate chieftains."
Out campaigning in Texas last month, Obama said, "Let's rally around an economic patriotism, which says, instead of giving more tax breaks to millionaires, let's give tax breaks to working families to help pay for child care or college."
LINK
Posted on 8/26/14 at 6:21 am to NC_Tigah
It's almost like this crew was from a political environment where this type of behavior was commonplace.
Posted on 8/26/14 at 6:27 am to udtiger
quote:
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 then-BofA CEO Ken Lewis if he didn't buy Merrill. . . So BofA did Uncle Sam a favor, and then got slammed for it.
And now, in the saddest of ironies, the Obama administration is again loosening credit standards for "affordable" home purchases and expanding Fannie Mae and Freddie Mac. This is incredibly stupid. The same mistakes are being made.
Posted on 8/26/14 at 7:07 am to NC_Tigah
quote:I don't think that's on accident.
"The same mistakes are being made."
Posted on 8/26/14 at 7:08 am to NC_Tigah
This calamity of errors can't end soon enough.
Posted on 8/26/14 at 7:12 am to Rickety Cricket
quote:
This calamity of errors can't end soon enough.
Who are you voting for Rickety? Because I believe this Leviathan Government is too big to stop, 100% serious.
Posted on 8/26/14 at 7:12 am to NC_Tigah
quote:
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.
This is the one part of his statement that is incorrect.
These groups and their corrupt community organizers (see one Barrack Hussein Obama) were the ones charged threatening banks who didn't comply with the Clinton's mandate to put Carter's Community Reinvestment Act on Steroids.
THEY had everything to do with the housing/credit crisis -- they were RESPONSIBLE for it. It's these groups that should be PAYING billions in penalties - not reaping the rewards.
This post was edited on 8/26/14 at 7:13 am
Posted on 8/26/14 at 7:18 am to Vols&Shaft83
Voted for Gary Johnson last go-round. Waiting to see if I'll be able to pull the lever for Rand. If not, it'll be Gary again.
Posted on 8/26/14 at 7:24 am to Rickety Cricket
quote:
Voted for Gary Johnson last go-round. Waiting to see if I'll be able to pull the lever for Rand. If not, it'll be Gary again.
Same here. I voted for Gary Johnson in VA, so my vote kinda mattered.
crossing fingers for Rand
Posted on 8/26/14 at 8:46 am to NC_Tigah
The part about the Fed and Treasury asking BoA to buy Merrill Lynch and Country Wide Mortgage to keep the financial system from collapsing and then turning around and suing BoA for the sins of those companies is the ultimate hypocrisy and double cross.
The next time the Treasury and the Fed asks a large bank to rescue someone, I hope the bank gives them the middle finger.
The next time the Treasury and the Fed asks a large bank to rescue someone, I hope the bank gives them the middle finger.
Posted on 8/26/14 at 8:49 am to NC_Tigah
quote:
Larry Kudlow
Ubber hack. Pay back what you owe to the American taxpayer who graciously bailed your dumbass out and stop bitching.
Posted on 8/26/14 at 9:01 am to Wolfhound45
quote:
quote: This amuses you?
I think my post did.
Posted on 8/26/14 at 9:08 am to Lakeboy7
quote:Do you understand the nature of publicly held companies?
Pay back what you owe to the American taxpayer who graciously bailed your dumbass out and stop bitching.
Do you understand the basis of this statement?
quote:
"Why are we charging the stockholders instead of going after the people who did wrong?"
Posted on 8/26/14 at 9:12 am to LSURussian
quote:
The part about the Fed and Treasury asking BoA to buy Merrill Lynch and Country Wide Mortgage to keep the financial system from collapsing and then turning around and suing BoA for the sins of those companies is the ultimate hypocrisy and double cross.
The next time the Treasury and the Fed asks a large bank to rescue someone, I hope the bank gives them the middle finger.
No doubt. But they probably won't have to given that under Dodd-Frank pretty much every bank (and financial institution) will eventually become eligible for "too big to fail" taxpayer cash.
Posted on 8/26/14 at 9:18 am to NC_Tigah
quote:
Do you understand the nature of publicly held companies?
Yeah they touched on it in law school.
Tell me NC what you think of this statement:
"Corporations don't commit crimes people do"
Posted on 8/26/14 at 9:19 am to NC_Tigah
It's all about Government (Authoritarian Socialist version) being in control of all aspects of life...cradle to grave.
Just like the little girl who was busted for selling lemonade without a license. Subordination to Government...Constitutional, Individual Freedom down the crapper.
They have bought 40% of the electorate; the whole thing has to collapse before anything can be fixed. No matter who runs the show from the top...the other half will rebel...because they will be in polar opposition in regard to principles which they believe are either God-given or secular/social justice, economic moral rights.
Earth 2014.
Just like the little girl who was busted for selling lemonade without a license. Subordination to Government...Constitutional, Individual Freedom down the crapper.
They have bought 40% of the electorate; the whole thing has to collapse before anything can be fixed. No matter who runs the show from the top...the other half will rebel...because they will be in polar opposition in regard to principles which they believe are either God-given or secular/social justice, economic moral rights.
Earth 2014.
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