fwd. {attack} OBAMA'S BAILOUT OR KICKBACKS?
--- On Sun, 4/26/09, Offering Accountability of Judges Directly to the
People <victory...@jail4jud ges.org> wrote:
Corporate CFR members
get lion's share of bailout funds
Written by Thomas R. Eddlem
Monday, March 23, 2009
Newspapers are fixated upon $160 million in bonuses given to American
International Group (AIG) executives. And it’s nice to know where the
millions are going (note: the bonuses could have been cancelled had the
federal government let the company go bankrupt, as officials should have).
But where are the trillions in TARP, TALC and Federal Reserve Bank bailout
funds going? The man in charge of administering the bailouts is Treasury
Secretary Timothy Geithner, who served as a staff member of the New York
City-based Council on Foreign Relations before being hired in 2003 to head
the New York City branch of the Federal Reserve Bank (Fed). As the vice
chairman of the Fed’s Open Market Committee, Geithner is probably a poor
choice to get the nation out of it’s current economic mess. He served as
Alan Greenspan’s number two man at the Fed, so Geithner is as responsible as
anyone for facilitating the severity of the real estate and financial
bubble and its subsequent collapse. After all, the Fed was the driving
force behind the asset bubble, inflating the bubble larger and larger
through artificially low interest rates and an inflationary easy-money
policy.
Under Geithner and his predecessor (former Goldman Sachs CEO Henry “Hank”
Paulson), the majority of bailout funds have been awarded to high-level
donors to Geithner's former employer: the Council on Foreign Relations
(CFR).
Here’s a survey of TARP bailout awards to the CFR’s corporate members (there
are a total of only a little more than 200 corporate members at all levels):
Among the “Founders,” those who give $100,000 or more to the CFR, can be
found:
· American Express Company: $3.389 billion TARP
· Goldman Sachs: $10 billion TARP, plus a separate Federal Reserve
bailout and more than $13 billion of the allotment to AIG (below)
· Merrill Lynch: $45 billion through its corporate parent, Bank of
America, which is also a CFR Premium corporate member, plus $6.8 billion of
AIG’s bailout funds
“President’s Circle” CFR members ($60,000 or more) received the following
bailout funds:
· American International Group (AIG): $182 billion in total TARP/TALF
funds to date
· Citibank: $50 billion TARP
· Morgan Stanley: $10 billion TARP
Premium members ($30,000 or more to CFR):
· Bank of New York/Mellon Corporation: $3 billion TARP
· Freddie Mac: Sharing with Fannie Mae $1.25 trillion — that’s
$1,250 billion — in mortgage securities being purchased from the Federal
Reserve Bank
· Chrysler: $4 billion TARP, plus $1.5 billion TARP for Chrysler
Financial
· JP Morgan Chase: $25 billion TARP
· CIT Group: $2.33 billion TARP
That’s a total of more than $1 trillion in bailout funds for CFR corporate
members, easily the lion’s share of the total bailout funds awarded to date.
CFR Membership seems to have its benefits, and then some.
So why is no one asking questions about why most of the funds are going to
the former employers of our Treasury secretaries? Perhaps because many of
the entities who should ask "why" are also CFR corporate members. Among the
financial press, the CFR counts among its members Bloomberg, General
Electric (NBC, CNBC, MSNBC), News Corporation (Fox, Fox Business), Standard
and Poor's, ABC News, Time Warner (CNN, Time Magazine, etc.), Moody's, and
McGraw Hill (book publishers).
Somebody should ask the question why the same people who brought us this
financial crisis are now bringing us the "cure," and why that cure
necessarily involves financing former employers of the people making the
decisions.
Provided to J.A.I.L. by:
Dr. James Privitera, MD.
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--
This is the incredibly uncreditable election. Rich Martin
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