Fed Refuses to Name Recipients of $2 Trillion loans

Outrageous...full disclosure or cut off the loans.

DD

 

yeah i forgot to post this...it's complete joke. i honestly don't know what to think about things anymore.

 

Does this really surprise anyone?

 

Well here is another one. The Bush crowd is really trying to loot the treasury.
Disaster Capitalism at its finest. Hopefully Obama won't let them get away with this. Should be interesting to see where Paulson and his cronies go to work in the next few months. Jail them if they do something fishy.
*********
A Quiet Windfall For U.S. Banks
With Attention on Bailout Debate, Treasury Made Change to Tax Policy

By Amit R. Paley
Washington Post Staff Writer
Monday, November 10, 2008; A01

The financial world was fixated on Capitol Hill as Congress battled over the Bush administration's request for a $700 billion bailout of the banking industry. In the midst of this late-September drama, the Treasury Department issued a five-sentence notice that attracted almost no public attention.

But corporate tax lawyers quickly realized the enormous implications of the document: Administration officials had just given American banks a windfall of as much as $140 billion.

The sweeping change to two decades of tax policy escaped the notice of lawmakers for several days, as they remained consumed with the controversial bailout bill. When they found out, some legislators were furious. Some congressional staff members have privately concluded that the notice was illegal. But they have worried that saying so publicly could unravel several recent bank mergers made possible by the change and send the economy into an even deeper tailspin.

"Did the Treasury Department have the authority to do this? I think almost every tax expert would agree that the answer is no," said George K. Yin, the former chief of staff of the Joint Committee on Taxation, the nonpartisan congressional authority on taxes. "They basically repealed a 22-year-old law that Congress passed as a backdoor way of providing aid to banks."

The story of the obscure provision underscores what critics in Congress, academia and the legal profession warn are the dangers of the broad authority being exercised by Treasury Secretary Henry M. Paulson Jr. in addressing the financial crisis. Lawmakers are now looking at whether the new notice was introduced to benefit specific banks, as well as whether it inappropriately accelerated bank takeovers....

http://www.washingtonpost.com/wp-dyn/content/article/2008/11/09/AR2008110902155_pf.html

 

I've seen little to suggest otherwise. We're idly witnessing the largest theft that has ever occurred in the history of the world.

It's larceny on such a huge scale that people are incredulous when you suggest it's actually theft ... because no one would ever steal that much, would they?

 

Holy *****...

 

Who could have predicted, with so many great minds from Wall Street on the case and the Bush administration implementing our response, that things could go this bad this fast? Good thing we acted immediately and without thought to stem the financial crisis.

I swear. I may not know anything about finance (as many people here like to point out), but I know a little about human nature and a lot about the Bush administration... namely, everything they touch turns to crap and puts this country in a worse position.

 

You know Barney Frank is a Dem right?

 

LOL
all i can say is LOL.

Looks like the wealthy are getting their share before Obama's "socialist" policies kick in.

This is amazing, ...2 trillion dollars down the drain...christ. What are we getting ourselves into.

 

Barney Frank is only a middle manager. Bush is the CEO.

It's like blaming the middle manager of Enron for the company going under, while the CEO says he doesn't know about the problem.

 

Bernanke and Paulson be the Chief Financial Officers.

 

FYI

The Fed is banks

The Fed is over the President when it comes to money supply and interest rates...

The Fed is the problem

 

Yeah, that'll happen.
Goldman Sachs was a top contributor to Obama's campaign.