Financial Ruin Insurance…

Sorry for my absence for a few days folks. Had Valentines Day with my wife and my best friend and his wife in town for the weekend and unfortunately my blog fell to a distant third for a couple days to spending time with the people that matter so much to me (not that you, my faithful readers, do not matter to me). So it seems that the financial companies that we watched paraded before Congress recently actually had a pretty solid insurance policy against getting in any real trouble. Furthermore, those trustworthy folks in Congress have been shown to have something other than America’s best interest at heart when they bailed out all the banks.

So our good friend Revolution2010 over at Coup D’etat by Monkey Wrench was doing a little research today to figure out what financial institutions were no longer going to be privy to her family’s household savings any longer and stumbled upon a quite interesting article. With a little further digging, she turned up some even more disturbing evidence of what frauds are being perpetrated on the American taxpayer. 

The basic gist is this: It seems that the folks who were going to end up paraded before the Congressional Commerce folks bought a little bit of insurance against the shit-storm they knew was going to come their way over their failure to properly run their organizations. So the people running the companies that received the TARP funds donated massive amounts of money to the campaigns of all the members of the House Financial Services Committee. That’s right… they donated heavily to the campaigns of the members of the House that they knew they would be defending themselves against just a couple of months later. 

But it doesn’t stop there. Order now and we will send you free a second piece of conflict of interest at no extra cost. You pay only the cost of shipping. It seems that many of the members of the House Financial Services Committee are also investors in the companies that received the TARP funds. I know that this is shocking to you all. You are saying to yourself, “that USWeapon is one crazy dude”. But I speak the truth. So jump on over to Revolution’s site and read a little more detail. She has also posted a link in the article that will take you to the original article with the information. Take a gander at how we, as the American taxpayer, seem to be the only one’s not getting helped in this economic “crisis”. Get to her site via the link on the left or by clicking here: The Days of Our Lives, The Congressional Soap « Coup d’etat by Monkey Wrench

It sure is interesting how the more that we dig into the financial crisis our country faces, the more we are finding that the government doesn’t really seem to have our interests in mind. TARP lines the pockets of the politicians passing it and the companies taking it, all at taxpayers expense. The “Spendulus” gets passed without time for anyone to see it, and seems in initial review to be more about passing democratic spending and expansion of social programming agendas than “helping to stimulate the economy”. Add in a healthy dose of a mystery $550 billion disappearing from US Money Market Accounts in just 2 hours back in September, and I am starting to smell a skunk….

Comments

  1. If you follow the “Money Trail” I am sure you can find a skunk at the end . . . And I would bet even money that skunk is a politician!

    If anyone is suprised at this “Revelation”, then you need to pull your head out of the sand!

    In this modern era, almost all politicians are lawyers. Lawyers, by virtue of their collegiate training are virtually professional liars. Should anyone with half a brain listen to campeign speeches they would hear nothing but what the speech writer thinks everyone wants to hear – lies, lies and more lies. Then when that politician gets into office, off he or she goes in whatever direction they desire! Case in point – the “Spendulas” bill just passed by the House and Senate . . . Phone calls and e-mails from constituants nationwide were more than 90% against it from both Demos and Repubs. Did those politicians follow the majority call? Hell NO! Why? They got paid! By who? Your guess is as good as mine!

    Welcome to the “Peoples Socialist Republic of The Dis-United States” headed by His Majesty Barak Hussein OH-Bummer . . . Duly elected by the Idiots-Of-Change!

  2. G. A. Rowe,

    A to the point, honest, meaningfull statement. We know you are not a polititian. LOL

    Thanks you for that post.

  3. While this is disturbing it is not suprising. Government consistently oversteps their authority and this is just another attempt to pull the proverbial wool over the eyes of the people they work for. They hate folks like us who would actually question their motives…it is simply all about them. I can only hope that voters wake up and vote these scoundrels out of office. This, if left unchecked, will ultimately lead to a revolution…

  4. I always find it interesting that you are surprised to see crooks act like crooks.

  5. The worst part of this whole garbage is, I am afraid, that we are just seeing the beginning of a situation which is spiraling out of control, and the captain of the ship is a rookie who has not a single clue, or is a brilliant individual who has orchestrated the entire thing…

  6. Has anyone noticed that the Dems never, never, in the past, when they had control over spending worried about deficits? When the ’94 republicans finally took over and brought Clinton along on the ride to fiscal reality, the Dems whined about people dying in the streets.

    When that b—–d Delay took over and started spending like the proverbial drunken sailor, suddenly, for maybe the first time since the New Deal Dems worried about budget busting.

    I am glad that with the stimulus bill the dems are back to where they belong, total irresponsibility.

    • SK,

      It is amazing to watch the hypocrisy and blame game that goes on in Washington. Both sides have their share of culpability in this mess, but the Democrats own a larger portion if you study the past. I love listening to them talk about how we have already seen the failed fiscal ideas of the Republicans. We have certainly already seen the failed fiscal ideas of the Democrats. The Soviet Union comes to mind. But sticking closer to home, how about Carter. How about FDR. They tried what the Dems are trying now and it failed miserably. Insanity…. see definition of

  7. Robert R Smith says:

    I am fifty one years old and have been observing the government from the sidelines for about thirty three years, reading the john Birch propaganda and the daily worker. I can see that the country is gone for lack of resourcfulness and accountability by the serfs. Except for the kings of thier respective states, this would be the senators, and the representatives, they remind me of the lords in the feudal system of society that was so great in the ……MIDDLE AGES!! most folks either do not care or do not have the time to actually watch what the local government does; let alone the federal government. Ya know; in the county where i grew up I could see the land owners being the rulers and the others living thier little serf lives. So it does not amaze me that millionaires would see themselves as all powerful. A perfect example of this was senator Talmadge from Georgia, which by the way is where i live. he owned a lot of land in and around the Atlanta racetrack. Do you see what I am saying.

  8. Mr. Smith,

    I tend to agree with you. I would contend that oligarchy is the norm in human government. The oligarchs, your senior elected officials, eventually rule by fiat and slap you down if you object. Every two or four years they go to political war with each other and a victor emerges. Sure there is no bloodshed but the result is the same. Unlike the original plan for the republic, when out of politics, these folks do not go back to the farm or their previous life. Like daschel, they become lobbyists (or whores if you prefer) and never, never leave us!

    However, like the plebs in ancient Rome, as long as we can quaff our Bud Light and munch Doritos while watching “American Idol” everything is just fine.

    Wait till the hyper inflation hits.

  9. CCR(inthatorder) says:

    This is my biggest irritation with Americans who think they know what’s going on in our country today. They’re ignorant & blissfully so. They look roughly a decade behind and maybe a month or so ahead, no more & no less. Apparently the old saying of “those who don’t know history are doomed to repeat it” has fallen by the wayside or the “Newer Deal” that Obama’s striking would be met with slightly more apprehension. No one bothers to do their own research anymore, instead relying on alphabet news stations to feed them the soundbits they need to make themselves feel educated enough to make a critical decision in the direction of our country.

    I’ve long supported instituting a test to determine the knowledge a voter has prior to being allowed to vote. I don’t care which party you vote for, just be able to give me a concise reason you’re voting for the candidate. Name two or three policies he/she supports & three decisions he/she voted on in their time in the senate/congress/governor’s mansion, etc. Voting should be taken for what it is, both a priviledge & a right.

    Revolution’s coming, folks, it wouldn’t surprise me in the least. It’s what our country was founded on. I’m just waiting for all the lightbulbs to pop on over the heads of the ones who were duped last year into voting for such radical “change”.

  10. US-W: You ready for this! The insurance was was bigger than you realize or that Rev mentioned. Remember the emergency bailout of AIG?? Why so critical? Why so fast? You see AIG actually did insure many if not all of the big investment banks against losses caused by the derivatives and other now toxic assets. The companies other insurance businesses were doing well, but this one division brought the company to its knees.

    So, if AIG insured the banks against losses and started to go under because of the claims being paid out, and the gov’t stepped in and bailed out AIG, then what was the 350 billion TARP money needed for? The Wells Fargo CEO spilled the beans this week. I happended to be standing in front of the Tresurey building the day Paulson called the bankere to his come to Jesus meeting. What has been forgotten since then is that he forced several of the banks to take the TARP money or else! No one has ever said what “or else” was but it must have been bad because after several hours of meeting they emerged to announce all had dipped into the pot. Then the dumb ass Dems call the Wells Fargo CEO on the carpet for a planned company retreat to Vegas and flying around on pvt jets. I understand this week he had enough and told someone the truth. He was forced to take th money and was told use the money to specifically purchase smaller banks that were in trouble. I am guessing those not insured by AIG or others but who knows. Bottom line, Paulson was picking winners and losers and deciding who would emerge the giants and who the midgets. Of course by forcing the purchase of bad banks, Wells Fargo was slapped with accusations of using tax payer money to expand operations, blah blah blah. Unfortunately it harmed their balance sheet as well.
    The CEO comments are second or third party at this point because I did not hear them directly. However, I was in DC when it came down and distinctly remember the news coverage that night on how 2 or 3 banks started to walk out when Paulson threatened them and they all wound up agreeing to take the money. Thought you might find the irony of all this most interesting.

    • Citizen,

      I will be researching this on Monday. I find it very interesting. Have you had a chance to jump over to Coup D’etat by Monkey Wrench in my blog roll? She posted an article last night that was quite interesting as well about unemployment being paid to people via a Citi debit card. I am beginning to see a lot of “ties” between government and these financial institutions. It has me a bit curious.

  11. USW: Yes I did and left her message that the debit card thing evolved out of Katrina and Rita. There was a point during the aftermath when the seasonal GS4’s and GS5’s were told to issue, aka sign, treasury checks to those in need. Get the money out quick. Secret Service and treasury agents issued on the spot authority. This was due to outcry by Dems that Bush wasn’t moving fast enough. If you recall, they then drug the same govt officials before hearings to rip them months later for wasteful use of tax payer dollers. The lies and hypocracy are thicker than flies on a dead cow.
    I also agree with her that Mr. Transparancy’s admin. should have told us how this was going to work. TRUST is at all time low and our gov’t needs to start talking to us–pronto!!

  12. You don’t have to go any further than me. When I was hurled out into darkness from my nice cushy job, the State of NY sent me a Chase Card.

    There have always been links. 20 or so years ago, the NYC comptroller discovered that the Bank the city was using to deposit all collected taxes was earning a fortune on the overnight “float” and demanded a piece of it. Which he got. NYC used to move around its money a lot to get the best deal after the fiscal crisis of the late ’70’s.

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