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Politics : GOPwinger Lies/Distortions/Omissions/Perversions of Truth
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From: geode0011/13/2008 1:08:11 AM
2 Recommendations   of 173976
 
Treasury Continues to Harpoon the Real Economy

[$2.7 TRILLION to bozos, incompetents, liars and now people who won't tell us where the blooming hell the money went. What is wrong with the Bush administration that it mucks up even this?]

"...All the risk for the U.S. taxpayer and all the reward for company CEOs and boards. Has any of the money stuffed in to the back pockets of the banking community actually done any good? For the economy, no. For the U.S. taxpayer (who is the real investor, as this whole thing involves their money), none. For the recipients themselves, yes. What have these institutions done with the free money? JPMorgan Chase (JPM) used some of it to buy Washington Mutual for $1.9 billion and Bear Sterns for $1.1 billion. Bank of America (BAC) bought Merrill Lynch for $50 billion. Talking about return on investment, Fannie Mae, even after receiving $100 billion, lost $29 billion in the third quarter. AIG Insurance (AIG), after having received $85 billion, followed by an extra $38 billion, lost $25 billion in the third quarter. And now we are witnessing even more money being proposed for even more "bailouts".

As a side note, after each new merger, the number of controlling banks reduces and the choice for the consumer is slashed. Competition is slowly being removed from the banking sector and we are witnessing the birth of a banking monopolization. It will come as no surprise that the cost of banking for the consumer will rise alongside...."

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