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Gold/Mining/Energy : LLEG - Laidlaw Energy Group, Inc.
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To: UnderCover who wrote (95)6/10/2011 1:26:16 PM
From: UnderCover1 Recommendation   of 121
 
Here is another example of our own government agencies destroying jobs, the economy and hope for repair.

Good post. I believe the sec has over reacted and over stepped. Although the following is just an ad, it tells another story of our own government destroying jobs and our country.

washingtonpost.com

The Federal Deposit Insurance Company (FDIC)
has trashed countless good-paying jobs, making
hedge fund managers richer at the expense of
America’s economic recovery.
Taxpayer bailout money for failing banks was supposed to be used for loans to businesses, families
and construction projects in local communities
across America. Instead, much of that taxpayer
money — millions of dollars a month — is being
paid as “management fees” to hedge funds.
There’s something rotten with the FDIC’s accounting. In the case of one seized bank, hedge funds
said the government would gain more than $1 billion from the sale of assets. Just one month later,
the FDIC said it would have to take a loss of more
than $1 billion on those same assets. That’s a difference of $2 billion in taxpayer money— in just
one deal!
The FDIC has created a perverse incentive for
hedge funds tasked with managing the assets of
failed banks. The more seized assets a hedge fund
keeps on its books, the more taxpayer dollars the
hedge funds receive in “management fees.” While
hedge funds pro?t, assets stay locked up, hurting
local communities and shortchanging taxpayers

If the FDIC keeps paying hedge funds NOT to
make loans, construction projects will stay
idle, workers will remain unemployed, and
families will continue to struggle
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