In part 1, we detailed just how Hugo Chavez has effected the complete government takeover of the Venezuelan private sector including banks, farms, food stores, etc. His method of operation is not unlike Barack Obama’s recent onslaught upon the U.S. private sector, specifically the banks. With the passing of the Dodd-Frank financial reform bill in 2010, we see that the U.S. government is closing banks through the FDIC and the Federal Reserve enhanced powers via the Dodd Frank bill, and then giving these banks to leftist crony-capitalists such as George Soros.
Part 2 – FDIC, Obama and Bernanke-Approved Bank Fraud lines pockets of Dell, Paulson and Billionaire Leftist money-manipulator, George Soros. while depleting FDIC funding,thus leaving U.S taxpayers to foot the bill.
(Keep in mind that the FDIC closed 157 banks in 2010 and the current total for 2011 now stands at 90.)
Indy Mac Bank of California closed down by Feds, then reopens as One West Bank in March 2009. Keep in mind here that this is JUST ONE Bank here, with 844 banks now listed by the FDIC as being “problematic” in their latest 2011 report. That report should be more aptly be referred to as “The Feds hit list of banks slated for hostile takeover to be given to Obama/Leftist Democrats and crony-capitalists.” First let’s review just what transpired in the Indy Mac Bank takeover and restructuring, that was made perfectly legal by the Dodd-Frank bill.
Mike Shedlock gives us a complete rundown here on just how the U.S. Government has set up the bank takeovers that allow big time leftists such as George Soros to make billions of dollars of profits while leaving the taxpayer holding the bag for billions of dollars in losses through the FDIC. This is a massive transfer of wealth that will also lead to the complete takeover of every bank in the country, if it isn’t stopped.
Meet IndyMac’s New Owners
Flashback March 20, 2009: IndyMac Bank’s new name: OneWest Bank
The sale of IndyMac Federal Bank was concluded Thursday, and the new owners wasted no time in ditching its tainted name. Starting today, IndyMac is OneWest Bank.
The Pasadena bank’s new owners, organized under OneWest Bank Group, bought the bank’s $20.7 billion in loans and other assets for $16 billion. That includes $9 billion in financing from the Federal Deposit Insurance Corp. and the Federal Home Loan Bank.
The ownership group is led by Steven Mnuchin of Dune Capital Management in New York. The bank’s investors include J. Christopher Flowers,who has specialized in distressed bank purchases, and hedge fund operators George Soros and John Paulson.
On February 20, 2010, the Los Angeles Times reported OneWest bank profit: $1.6 billion:
The billionaires’ club of private financiers who took over the remains of IndyMac Bank from the Federal Deposit Insurance Corp. turned a profit of $1.57 billion last year on the failed mortgage lender — more than they invested less than a year ago.
Yet under the sale agreement, the federal deposit insurance fund still could lose nearly $11 billion on bad loans that the Pasadena institution made before it was sold last March and renamed OneWest Bank.
In taking over IndyMac’s assets, the investor group, led by Steven Mnuchin of Dune Capital Management, put up $1.55 billion to revitalize the bank. Other investors included hedge-fund operators George Soros and John Paulson, bank buyout expert J. Christopher Flowers and computer mogul Michael S. Dell.
OneWest’s financial results were filed with regulators Friday. Regulators and the investors declined to comment on the profit. ( Never mind asking these Obama crony-capitalists as to why they should make $1.5 billion in profits, while the FDIC [as in the taxpayers] takes $11 billion in losses)
And now we see this headline from Reuters: FDIC may borrow money from treasury. “ The borrowing could be needed to cover short-term cash-flow pressures caused by reimbursing depositors immediately after the failure of a bank, the paper said” With $12 billion dollars in losses with the closing of Indy Mac ( now One West Bank) is it any wonder the FDIC fund is broke? How are Soros, Paulson and Dell allowed to make a billion and a half dollars from the takeover of Indy Mac Bank in 2010 alone, while ignoring the losses? This is a massive transfer of wealth being manipulated by the Obama-Bernanke-Geitner-Soros consortium, where banks end up being owned by assorted leftists and crony-capitalists of the Obama regime, eerily similar to what Mr. Hugo Chavez is doing in forming his Communist collective in Venezuela. This widespread power grab in taking over banks and putting them in the hands of the likes of billionaire currency manipulators and finance fraudsters like George Soros has very deep ramifications for the public. As of right now, people who have money in FDIC insured banks have no guarantee that the money is actually in that bank, as witnessed in the Reuters article above: “ With a rise in the number of troubled banks, the FDIC’s Deposit Insurance Fund used to repay insured deposits at failed banks has been drained.”
Need a home or business loan in the near future? It is going to be pricey, to the point of being unattainable for many Americans struggling during this Obama-recession. What if government-connected leftists like Soros have the final say in just who gets a bank loan? The Indy Mac bank debacle described above is just one example of the massive transfer of wealth and influence over our banking sector being perpetuated through the Dodd-Frank bill today. There are currently 844 banks on the problematic bank list at the FDIC. The FDIC fund is broke. Meanwhile Soros and company are making billions off of failed banks such as Indy Mac. And right now Congress is trying to stall Barack Obama’s newest czar appointee, Mr. Richard Corday. His position? Chief enforcer of the Dodd-Frank financial bureaucracy! 2012 just can’t get here fast enough!