May
15
Fascism in America
Filed Under Economics | Leave a Comment
Powerline featured internal memos and documents showing the way the feds under Bush pressured private entities to accept TARP money:
The document is unambiguous: “We plan to announce the program tomorrow–and–that your nine firms will be the initial participants. … This is a combined program (bank liability guarantee and capital purchase). Your firms need to agree to both. We don’t believe it is tenable to opt out because doing so would leave you vulnerable and exposed. If a capital infusion is not appealing, you should be aware that your regulator will require it in any circumstance.” So the regulators’ independence had already been compromised.
Note that these “talking points” also document Treasury’s willingness to misrepresent the condition of some of the financial institutions to the American people: “We will state clearly that you are healthy institutions, participating in order to support the U.S. economy.” That was certainly not true as to Merrill Lynch. But shortly thereafter, when Bank of America realized that Merrill Lynch’s condition was deteriorating rapidly and tried to back out of its purchase of that company, Treasury bullied BoA into going through with the deal by threatening to fire the bank’s entire Board of Directors–a move that transferred tens of billions of dollars of wealth from BoA shareholders to Merrill Lynch shareholders.
Follow the link to see the documents in question.
The days of Bushpaulsonobamageithner will be a dark chapter in the book of liberty indeed.
H/t: Instapundit.
Jan
21
Why is it that….
Filed Under Uncategorized | Leave a Comment
… we know intimate details about President Obama’s limo, broadcast to anyone with cable on CNN, but not any details as to the use or whereabouts of $350 billion in TARP funds???
