Posted on 04/02/2009 6:32:54 AM PDT by chuck_the_tv_out
It's no secret the Bush administration used fear tactics to push the $700-billion Troubled Asset Relief Program (TARP) through Congress last fall. Both members of the House and the Senate have come out after the fact and disclosed the details.
However, the method the Treasury Department employed to get banks to go along with the TARP bailout breached legal boundaries to the point of "extortion," according to Fox News Senior Judicial Analyst Andrew Napolitano, a former Superior Court Judge for the state of New Jersey.
Napolitano told viewers on FNC's April 1 "Studio B" that he had a conversation with a head of $250-billion bank that explained the federal government, under the threat of an audit, forced him to accept TARP funds.
(Excerpt) Read more at newsbusters.org ...
The Bush admistration did threaten some banks to accept TARP funds when they said they didn’t need it.
Northern Trust ring a bell?
More proof GWB screwed us ping. How can R party go after Rats with GWB stuff like this?
I trust the Republicans only slight more than the rats. Neither are looking out for our best interest sad to say.
They say that and they say they will give the money back, the old checks in the mail deal!!!!
I trust the Republicans only slight more than the rats. Neither are looking out for our best interest sad to say.
As I said all along, the man that would have been broke first was none other than Paulson.
So if Bush is an extortionist (I believe they actually did do this) then what does that make Obama, with his Chicago thug mentality? He told Democrats that the White House “is keeping score”. I wonder how many will awaken to a horse’s head in their beds?
This is old news. What has not been covered is the near-hysterical yahoos on CNBC urging the banks to take the money or else the economy would dissolve before our eyes. And CNBC was not alone on this; rather, there was a Greek chorus of doom and destruction that ranged throughout television and conditioned viewers (and I believe politicians) to the necessity of this intervention.
Is there anything Bush has NOT been accused of doing?
I go to europac all the time. I've been reading Peter's comments for the last several years. He has been right on.
Didn’t the Democraps control congress???
GWB followed the “Progressive” plan set forth by the Democratic Leadership council @ www.dlc.org, call the “Third-Way”.
So what else is new???
Holding down spending and the size of gov't? :)
Taken time on tv or even the net to defend himself and US........but he never did, he allowed the dems to talk this economy into the shitter, he never defended the war, he smiled and moved along. all the while trying to be above the fray.
It allowed the dems to run over us and here we sit.
As if he had the exclusive on the doom mongering...
All of Congress, both Democrat and Republican, plus all of the talking heads were screaming that it would be the end of life as we know it if TARP wasn’t approved. Bank holidays, ATMS shut off, payrolls not met, etc. This was the ubiquitous message. I’m not absolving Bush of his part, but there’s no way he can be tarred alone with this.
That is very, very hard to disagree with. It is the one thing that I find astonishing and perhaps the most damaging thing he ever allowed to our country, for which we are now paying a very high price.
For whatever inexplicable reason George Bush never felt the need stand up for himself, for the war, for the Party, for anything. He was simply content to cede all terms of debate to the corrupt MSM and to liberals...and they gladly ran him over, backed up, and ran over him again. The damage is not long lasting.
not=now
http://www.ritholtz.com/blog/2009/04/aig-before-cds-there-was-reinsurance/
June 1, 2005
“In the regulatory world, a ’side letter’ is perhaps the most insidious and destructive weapon in the white-collar criminal’s arsenal. With the flick of a pen, underhanded executives can cook the books in enormous amounts and render a regulator helpless.”
Fraud Magazine
The significance of this for the US bailout of AIG is profound. If our surmise is correct, the position of Feb Chairman Ben Bernanke and Treasury Secretary Tim Geithner that the AIG credit default contracts are “valid legal contracts” is ridiculous and reveals a level of ignorance by the Fed and Treasury about the true goings on inside AIG and the reinsurance industry that is truly staggering.
The article is very informative.
What’s infuriating is the government support for this criminal activity. No wonder a mafia boss recently praised the US actions in these cases.
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