In the April 28th issue of Rolling Stone Magazine Matt Taibbi wrote an article titled: "The Real Housewives of Wall Street. Why is the Federal Reserve forking over $220 million in bailout money to the wives of two Morgan Stanley bigwigs?"
I've linked to the article below so you can go read it yourself. Read it and weep, my friend. Some of his better quotes are as follows:
"The federal aid they received actually falls under a broader category of bailout initiatives, designed and perfected by Federal Reserve chief Ben Bernanke and Treasury [tax cheat] Secretary Timothy Geithner, called, "giving already stinking rich people gobs of money for no fucking reason at all."
Now following an act of Congress that has forced the Fed to open its books from the bailout era, this unofficial budget is for the first time becoming at least partially a matter of public record. Staffers in the House and Senate are now poring over 21,000 transactions and discovering a host of outrages and lunacies in the "other" budget.
"It is as though someone sat down and made a list of every individual on earth who actually did not need emergency financial assistance from the United States government [read: taxpayer monies] and then handed them the keys to the public treasure."
Treasury Secretary Timothy Geithner
Under President Obama, the Fed sent billions in bailout aid to banks in places like Mexico, Bahrain and Bavaria, billions more to a spate of Japanese car companies, more than $2 trillion in loans each to Citigroup and Morgan Stanley and billions more to a string of lesser millionaires and billionaires with Cayman Island addresses.
"Our jaws are literally dropping as we're reading this," says an aide to Sen. Bernie Saunders of Vermont. "Every one of these transactions is outrageous."
Christy Mack, wife of John Mack, the chairman of Morgan Stanley and Susan Karches, widow of Peter Karches each received a low-interest loan of nearly a quarter of a billion dollars that virtually guarantees them millions in risk-free income.
The loans were set up so that Christy and Susan would keep 100 percent of any gains on the deals, while the Fed and Treasury (read: the taxpayer) would eat 90 percent of the losses.
In other words, the government lent taxpayer money to the same assholes who caused the mortgage crisis, so that they could then lend that money back out on the market virtually risk-free, at an enormous profit.
And wait! There's more! Muammar Qaddafi received more than 70 loans from the Federal Reserve, along with the Real Housewives of Wall Street.
So read the article. The American worker and taxpayer have been scammed and robbed to re-distribute our wealth all over the globe to the people who least need it.
http://www.rollingstone.com/politics/news/the-real-housewives-of-wall-street-look-whos-cashing-in-on-the-bailout-20110411
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Harrison Price
ladyfarmerjed
Ande Bliss
Lauren J Barnhart
suzie
marytkelly
Salon.com
Comments
Um, yeah.
The country has been buying off foreign governments for decades for one reason or another, in many cases to defend the right wing in Israel, but now that many of the sweetheart deals are over, the world is going to change. That's a bigger picture at least.
rated with love
ᵒᴥƪ
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