Media Ignores Massive TARP Fraud and Theft
For Americans who still choose to get their news from the mainstream media corporations at ABC, NBC, and CBS, the news that 77% of the TARP bailout money has been repaid to the taxpayer seems like a marvelous revelation. Considering that that is about all the public has been told concerning the TARP taxpayer cash giveaway sweepstakes, the following information will come as quite a shocker. From the Special Inspector General for TARP (SIGTARP) report, we see just how the media is failing this country today: Keep in mind that this is the Quarterly Report to Congress dated Jan. 26, 2012. You may access the complete report at sigtarp.gov
According to the Jan 2012 SIGTARP report:
U.S. Taxpayers are stilled owed approximately $133 billion dollars.
As of the end of 2011, the Treasury has written off $4.2 billion and realized losses of $7.8 billion, of which the U.S. taxpayer will never see a penny of repayment, with more losses expected in the future.
While the TARP bailouts were enacted in 2008, TARP bailouts will in fact, continue through the year 2017. Treasury has been authorized to spend another $51 billion tax dollars on TARP supported housing programs and “certain securities markets.”
As of Jan. 2012, there were “criminal convictions of 31 defendants, of whom 22 have been sentenced to prison, a reported total ofcriminal actions against 61 individuals, including 45 senior officers (CEOs, owners, founders, or senior executives) of their organizations,and another 18 civil cases naming…corporate or other legal entities as defendants.
Look who still owes the taxpayer a whopping $75 billion dollars according to the latest SIGTARP report: AIG still owes $50 billion while GM still owes $25 billion dollars. Ally Financial also still owes the U.S taxpayers another $12 billion dollars.
The U.S. Treasury also handed out TARP “loans” and then took stock as a form of payment. The G.M. stock held by the Treasury ( thus the taxpayers) was currently trading at $24.72 on Thursday of last week. The break even price needed to recover the taxpayers cost of that part of the G.M. Bailout? $53.98 a share, or more than double it’s current value!
The bottom line: The taxpayers have lost tens of billions of TARP dollars already through fraud and other criminal methods of theft, and there is a lot more to come. Check out the above-linked SIGTARP report. While the media refuses to report on this massive taxpayer fraud, there are some names of those already convicted right in that report. AIG and the “Largest Automaker in the world” G.M. as Obama and company like to brag about still owes the taxpayer $25 billion dollars, and AIG owes them double that! One last fact: TARP was passed in 2008, when Nancy Pelosi was running the U.S. House of Representatives and Harry Reid was running the U.S. Senate. Yes they are both Liberal Democrats.
Other fast facts about TARP from the NY Times:
The final tally in the House was 263 to 171, with 91 Republicans joining 172 Democrats in favor. That was a wider bipartisan majority than vote-counters in both parties had expected, completing a remarkable turnabout from Monday, when the House defeated an earlier version of the bill by 228 to 205.
In the end, 33 [ Senate] Democrats and 24 Republicans who had voted no on Monday switched sides on Friday to support the plan. Both Mr. Obama and his Republican rival, Senator John McCain, voted for the measure when the Senate approved it on Wednesday, and both hailed Friday’s outcome.
The financial markets, however, were not enthusiastic. Already weighed down by another round of bleak economic data, including a report showing that 159,000 jobs were lost in September. (emphasis added) [While current President Barack Obama constantly states that the U.S was bleeding 700,000 jobs a month when he took office, in late 2008 it was in fact, 159,000 jobs lost for the entire month of September, 2008, just before he took office. Just last week, according to CNN Money, we lost another 377,000 jobs!]