Geithner's Plan: More Looting...whodathunkit?!?
Hmmm?
Here's the breakdown on the money behind Geithners plan:
$150 billion comes from the TARP.
$30 billion from "insider" fat cat private equity & hedge funds.
And $820 billion from the FDIC.
I guess now we know why the FDIC has been going into small,
local community banks and literally stealing their earnings...
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Message 25510342
The FDIC is also adding a new "emergency fee" to small banks:
wbztv.com
"Clearly it's going to pull capital from banks at a time when
they need capital," said Keith Leggett, a senior economist at
the American Bankers Association. "I think it really requires
the FDIC to have the judgment of Solomon here."
online.wsj.com
From the WSJ article, here's a comment from a former FDIC
regulator, who's now a small banker:
" I was there, too as a regulator for the FDIC. Now, I'm a
banker - trying to employ people, lend money, pay competitive
rates, innovate, etc. Two years ago, we paid under $40,000 in
FDIC Insurance premiums. Now, we will pay close to $1 million.
-- Mike Murphy"
A $960,000.00 increase in FDIC insurance for a small bank!?!?
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So now, we have the FDIC draining the earnings of honest,
strongly capitalized, and well managed local banks...
and using that money to backstop loans of taxpayer money
to fat cat "insider" hedge funds & private equity, so they
can make 6:1 leveraged low-ball bids on illiquid assets.
And unless we eliminate "mark to market" (which is another
lose:lose can of worms) these low ball bids will trigger
additional write downs and capital calls for Citi et al
when they sell, which means - more bailouts for the banks!
Can you say circle jerk?
...I knew you could.
75% of both consumer/credit card lending and mortgage/home
equity lending is concentrated in less than 7 banks.
And they are not lending.
Take a look at what JP Morgan Chase is doing...
They got billions of your TARP/taxpayer funds, and rolled up
deposits and assets of shotgun marriage's made by the Fed,
and are now hiking rates, adding fees, and looting the account
holders of those banks...
And in the ultimate act of arrogance, you can NOT talk to
anyone in person. Unhappy that JP Morgan Chase sat on your
payment and added on a bogus late fee? Unhappy because they
eliminated your remaining credit balance? Unhappy because
they hike the rate on your "paid as agreed" Visa card? Unhappy,
because they shut off your Home Equity line... and now your
credit score get's smacked, because you owe higher % balances
on your accounts?
You can talk to an outsourced third-world tele-center in India,
or the Phillipines, or you can email your complaint to a black
hole, or you can close your account. But, what you can not do,
is talk to anyone in America connected with JP Morgan Chase,
or who can do anything about your account.
Read these nightmare stories about what JP Morgan Chase is
doing to their "good" customers...
They're not expanding credit... they're shutting it off,
just like Meredith Whitney said in her CNBC interview last
week.
The Fed & Treasury, and the Bankster Gangsters get on TV and
lie to our faces about why they need more "of our money" so
they can make loans and increase liquidity.
When in fact, they are hiking rates, piling on junk fees,
and shutting of credit.
Read this, this is unbelievable...
People are getting unannounced retroactive rate hikes, and
getting bogus late fees, and junk fee's slapped on to their
accounts... and are being told by third world telecenter
workers, there is no one they can talk to, they can not do
anything about the charges, and the only option they have
is to close their account... and pay the looters fees!
Take 5-10 minutes and read this! Jamie Dimon should be
wearing a ski-mask the next time he appears for a softball
interview on CNBC.
consumeraffairs.com
And why hasn't Chris Dodd not been tar & feathered and run out
of Washington after lying in our faces last week?
Call your Senators and Congressman today, and demand Dodd's
resignation...
It's a start.
You can find the phone & fax numbers, as well as the email
address of your representatives at the links below:
senate.gov
congress.org
Send them the links to these articles and demand Dodd's
immediate resignation. No ethics committee investigations,
....an immediate resignation.
nypost.com
rollingstone.com
Mo Looting, Mo Later,
SOTB |
