If people trust the US government and the Federal Reserve, then they are doomed and they deserve it, because they haven’t done they research.
Why would you trust somebody that has been caught lying and stealing almost all of the time?
Why would you trust somebody that has brought down the value of the US dollar to 5 cents compared to 1913, when the Federal Reserve banksters took over?
Why would you trust somebody that has stolen essentially 95% of your money?
Why would you trust somebody that threatens with an economic meltdown if you would take a look into their books?
Senior Officials Had Financial Concerns About Nine Bank Instiutions Receiving TARP Funds
The chief watchdog for the government’s $700 billion bailout program says federal officials were trying to contain the worst financial crisis in decades last year with the Troubled Asset Relief Program, but they had concerns about the bank institutions’ financial health. (ABC News Photo Illustration)
The Treasury Department and the Federal Reserve lied to the American public last fall when they said that the first nine banks to receive government bailout funds were healthy, a government watchdog states in a new report released today.
Neil Barofsky, the special inspector general for the Troubled Asset Relief Program (SIGTARP), says that despite multiple statements on Oct. 14 of last year that these nine banks were healthy and only receiving government funds for the good of the country’s economy, federal officials knew otherwise.
“Contemporaneous reports and officials’ statements to SIGTARP during this audit indicate that there were concerns about the health of several of the nine institutions at that time and, as detailed in this report, that their overall selection was far more a result of the officials’ belief in their importance to a system that was viewed as being vulnerable to collapse than concerns about their individual health and viability,” Barofsky says.
Last October, the government was in the midst of trying to contain the worst financial crisis in decades. On Sept. 7, 2008, mortgage giants Fannie Mae and Freddie Mac were placed under conservatorship. On Sept. 15, the massive investment bank Lehman Brothers filed for bankruptcy. The next day, insurance giant AIG needed an $85 billion government loan to avoid collapse.
On Oct. 13, after Congress had passed the $700 billion financial bailout program earlier that month, Treasury provided capital injections for nine institutions that together held over $11 trillion in assets: Bank of America, Citigroup, Wells Fargo, JP Morgan Chase, Goldman Sachs, Morgan Stanley, Merrill Lynch, State Street and the Bank of New York Mellon. As of June 2008, these nine banks accounted for around 75 percent of all assets held by U.S. banks.
In announcing the initial $125 billion provided to these banks, former Treasury Secretary Hank Paulson on Oct. 14 said, “These are healthy institutions, and they have taken this step for the good of the U.S. economy. As these healthy institutions increase their capital base, they will be able to increase their funding to U.S. consumers and businesses.”
That same day, the Treasury Department, the Federal Reserve and the FDIC also released a joint statement reiterating that “these healthy institutions are taking these steps to strengthen their own positions and to enhance the overall performance of the US economy.” Continue reading »
Tags: AIG, Bailout, Bank of America, Banking, Citigroup, FDIC, Fed, Federal Reserve, Goldman Sachs, Government, Henry Paulson, JPMorgan, Merrill Lynch, Morgan Stanley, Politics, Taxpayers, Treasury, U.S., Wall Street, Wells Fargo