Posted on 01/07/2010 6:53:54 AM PST by mgist
Looking for fellow Freepers to assist in taking a look at allocation of Tarp funds, and George Soros' Bank, which was conveniently acquired shortly before Obama allocated over $408 Billion, of our money, to banks.
In July 2008 "Indymac bank was seized by the Federal government, after Senator Charles Schumer's (D-NY) (on the Senate Banking, Housing, and Urban Affairs Committee), warnings of IndyMac's vulnerability resulted in something of a bank run."
http://www.humanevents.com/article.php?id=27505
IndyMac was purchased in 3/09, for 1.2 Billion, by Soros and Partners, and renamed OneWest.
http://bailout.propublica.org/entities/741-onewest-bank
The assests of Indymac were reported at $32.01 billion (at time of government seizure by FDIC). I can't find any reporting of the sales and bidding process that took place to purchase the seized Indymac?
"The New York Times said the deal is unusual because if completed it would be one of the FIRST CASES of a private equity firm buying a bank holding company. The Federal Reserve eased regulations in September (how convenient), said the Times, to allow private equity firms and hedge funds to acquire portions of bank holding companies without falling under certain regulations."
New regulations eliminate private holding company's restrictions from making investments outside the banking industry.
http://www.marketwatch.com/story/private-investors-close-to-indymac-purchase-reports
A few months after the OneWest purchase, the bank has been allocated 2.2 Billion in Tarp funds.
http://bailout.propublica.org/entities/741-onewest-bank
Soros and partners got their hands on Indymac, with sweetheart deals(loss sharing agreements) and have subsequently been provided with more government seized assets, along with more government "sweetheart deals", which doubled the OneWest banks branches in less than a year.
The original "sweetheart deal":
"What is overlooked although reported on the FDIC website is the sweetheart deals they make to banks they to takeover "failed" ones.
A classic is OneWest Bank which took over IndyMac Bank in March 2009. OneWest purchased all current residential mortgages at 70% par value. FDIC guaranteed anywhere from 80-95% from any losses OneWest might occur based on the original outstanding loan balance.
For example, if a home has a loan amount of $500,000, One West would pay $350,000. If the owner is offered $250,000 cash in a “short sale,” OneWest can report a $250,000 loss based on the original loan and receive a check from Uncle Sam for $200,000. Add that to the $250,000 “short sale” price offer and OneWest earns a grand total of $450,000 and a nifty 100 grand profit."
http://bailout.propublica.org/entities/741-onewest-bank
The internet a buzzing with home owners complaining about OneWest banks.
http://iamfacingforeclosure.com/blog/category/indymaconewest/
Isn't this whole thing blatantly corrupt? This is just one little bank that I happened to peruse. How many other friends of Obama, like Soros, are recieving portions of the Trillions of dollars of our money? Where's the outrage? Where's the reporting?
Check this article out. The corruption is deep, thanks for digging.
Well done on the investigative side, mgist. I try to remember when I feel outraged that bonafide Capitalism hasn’t been practiced since the launch of the Fed. Whenever America wakes up to the idea that they are serfs in their own land that might be the trigger to group up and take the land and its actual assets away from the oligarchs that they’ve had hanging from their skin like blood-filled ticks for generations and reclaim their Independence. It may mean we see men return to a required period of self-sustaining activity on the land. That instead of Monsanto feeding their bellies and OneWest leeching off them as they toil in an office living out their electronic serfdom, they’ll turn from being the jellyfish they are now and become the frontiersmen and stewards of the land their forefathers intended them to be: educated, resolute and self-sufficient.
I think you are spot on. Was wondering about this ‘deal’ myself and believe it warrants investigation. If it was an honest investigation, I suspect Georgie might be joining Madoff in the penn.
I actually posted some of this information before because I’m involved in a short sale (purchaser) with an INDYMAC Loan. I found out about this incredible sweetheart deal Soros has with our Government. HE IS THE ONLY BANK TO HAVE THIS DEAL. Absolutely incredible. It’s not a secret, it’s out there..that’s how much they think of us...they know we’ll do nothing.
Even worse, is I believe Soros gets more money from you and me if the property goes into foreclosure, leaving INDYMAC with no incentive to approve short sales. But there was a big court case last month where the judge handed property to a homeowner free and clear because of the way Indymac (FirstWest) was handling their modification..which was not handling it. I mean, why should they? They make money coming and going..and we’re left holding the bag.
GEORGE SOROS SHOULD BE IN JAIL ALONG WITH ALL THE OTHER CORRUPT POLITICIIANS. There’s so much corruption out there, I don’t know if we’d know where to start.
As for me, I’m not holding my breath about my short sale offer. It’s been 65 days and we haven’t heard anything. It’s a good offer, cash...but it just seems to me that if they banks holds on, they’ll wind up getting more money from the government, which is you and me.
What this Administration has done is to show that a written constitution is no more valuable than an unwritten one. The have driven through the American Constitution with a tank, then backed up over it repeatedly in case they missed something the first time through. The Tea Party movement is more important than most people realise. It is time that a parallel movement sprung up to challenge the illegalities in court - I am thinking of Judicial Watch on MEGASTEROIDS. Ignore the media they have just rolled over.
It will...we have no choice.
Good post! A convicted felon would probably not be approved to buy a major league baseball team but they can easily buy a bank and participate in TARP. Is this a great country or what?
What is wrong with the thousands of investigative reporters that dedicate their lives to journalism?
Soros is a convicted felon and wanted in France. Soros has been accused of money laudering in his Colombian banks and the Cayman islands. Our media calls him a "philanthropist"! This country is in trouble!!!!
http://www.aim.org/special-report/the-hidden-soros-agenda-drugs-money-the-media-and-political-power/
"Soros may be the biggest political fat cat of all time. Convicted in France of insider trading, Soros specializes in weakening or collapsing the currencies of entire nations for his own selfish interests. He is known as the man who broke the Bank of England. His power is such that his statements alone can cause currencies to go up or down. Other people suffer so he can get rich. Curiously, once he made his fortune he became a global socialist, endorsing global taxes on the very means he employed to get rich – international currency speculation and manipulation."
http://forum.prisonplanet.com/index.php?topic=88965.0
Does this mean Schumer is working for Soros?
This isn’t news to you, but every little bit of info helps:
http://www.freerepublic.com/focus/f-news/2420418/posts
george soros told a gathering he would give his last panny to see Pres. W. Bush removed. george soros also said, many time, all over the world, he is out to Break the Bubble of American Supremecy. george soros speaks and the financial “listens”. george soros was a traitor to his own country, Hungary, helping the Nazis. george soros tried and almost succeeded in breaking the UKs financial system, he did the same to Germany. He spent millions to usher nobama into the whitehouse. george soros is now in the process of Breaking the Bubble to American Supremecy.
nobama is george soros’ puppet.
http://www.youtube.com/watch?v=eAaQNACwaLw
I had never bought into this vast conspiracy thing but something is going on as no SANE person would do what our government has been doing for years unless something is going on that we are not being told.
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LoanModMan I am reminded of the scene in the movie Wall Street when Gordon Gecco buys Bluestar Airlines and reveals his plan to crush the union and sell off the pieces. Welcome to a real life version of that story, starring the robber Barrons from Dunes Capital Dan Neidich and Steve Mnuchin.
They purchased Indymac for 40 cents on the dollar, now when they foreclose on a property if they can recover half of the loan amount, they will still make a 20 percent profit. This is why they are stonewalling, lying to customers and foreclosing on properties faster than bureaucrats waste money - PROFIT.
Immediately after taking over Indymac the slick characters at the top instituted a deceptive program where they offered up "phony modifications" to troubled homeowners that they had no intention of instituting. They duped thousands of homeowners with this scam, the modification terms appeared to be fantastic and the distressed homeowner's believed that they had saved their homes.
They signed the documents and sent along the required initial payment. Indymac then cashed the check, and promptly issued denial letters that stated upon "further review" you do not qualify for a modification, the funds you sent will be applied towards your arrears. Even worse they continued post haste with foreclosure activity on these files. What a great way to fill the coffers with cash immediately after buying the company. These guys got a better education at Goldman Sach
s than they offer at Harvard Business School. Suffice it to say that the newly emerged One West Bank does not operate in good faith when borrowers ask for assistance. Instead they use every trick in the book to screw their customers so that the Robber Barrons can continue to Raid the Corporation.
If you are an Indymac customer search for one of the many class actions that are beginning to pop up against Indymac and join the class.
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LoanModMan As anyone who has tried to get assistance on their toxic predatory loan from Indymac knows, since the takeover by two former Goldman Sachs Blue Bloods the bank has been stonewalling and pulling out all the stops to prevent loan modifications.
While under the supervision of Sheila Baird the FDIC the modification flow was impressive and the corporate philosophy was geared towards actually helping borrowers.
In January 2009, the FDIC sold off the mortgage portfolio to a company called IMB Management Holdings, LP. After the sale Indymac emerged as One West Bank.
The deal included the purchase of $16 Billion in mortgages for $13.9 billion. The Goldman Blue Bloods from Dunes Capital were also able to get some other sweeteners for their efforts $7 Billion in assorted securities and more than 30 banking branches.
This sale is probably one of the most destructive moves against homeowners suffering from the burden of trying to make payments on their predatory subprime loans since the beginning of the mortgage meltdown. Any homeowner hoping to get help from the "tycoons" who bought this company are in serious trouble.
Now that the Robber Barrons from Dunes Capital Dan Neidich and Steve Mnuchin are at the helm they have recruited Terry Laughlin, former Chairman and CEO of Merrill Lynch Bank who masterfully makes public statements that sound great on the surface but are loaded with qualifiers such as this one from August 11, 2009 "Going forward, One West will apply HAMP to all of the eligible loans that it owns as well as all eligible loans that it services for third parties". He didn't tell you that have figured out how to internally tweak the numbers to reduce the number of "eligible" loans. They have also taken a hard line on telling borrowers looking for assistance that their "investor" doesn't allow for modification. Never mind the fact that under their pooling and servicing agreements they have broad latitude and authority in gra...
Buying IndyMac at a bargain price.
I've had a hard time understanding the various purchase prices reported for IndyMac.
The sale amounts vary on each article. This article explains that only $1.6 Billion was actually paid in cash. Still trying to my my simple head around this juicy stench filled government gift to my favorite fat cat Soros.
The private equity firms buying IndyMac, the failed California-based bank, will get loans and securities with a face value of $23 billion, and a couple of mortgage businesses for an outlay of just $1.6 billion in cash. The Federal Deposit Insurance Corporation also handed them several other benefits. But the F.D.I.C. may have been too soft on the buyers.
IndyMac, the failed California-based bank, is likely to be a windfall for its buyers, who are getting a bargain, with federal help.
So did Schmuckie Chuckie cause a run on IndyMac so his puppeteer George Soros could get it for a dime and on taxpayer funding? Wouldn’t surprise me if true.
MSNBC discusses Schumer and Soros influence in economic crisis.
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