Tag Archives: TARP fraud

Zero Integrity on House Ethics Committee

The House [supposed] Ethics Committee has recently been exposed as a dysfunctional sham and a completely discredited farce that refuses any semblance of what is was originally created to do, as seen by the six members who have now recused themselves from the Maxine Waters ethics violations investigation. That investigation goes way back to 2010, when Democrats who controlled both chambers of Congress refused to move the trial forward.

 Michelle Malkin summed this debacle up as follows, back in April of 2011:

Last summer,(2010) the House Ethics Committee charged the entrenched California congresswoman with three violations related to her wheeling and dealing on behalf of minority-owned OneUnited Bank in Los Angeles. The panel accused Waters of bringing discredit to the House for using her influence to seek and secure taxpayer-subsidized special favors for the failing financial institution.

Eight months have passed since the House ethics panel charged Waters. But to date, there has been no action. No trial. No consequences.

On Jan. 13, 2009, Brookly McLaughlin, then-Treasury Department deputy assistant secretary for public affairs, e-mailed her shock at Waters’ apparent conflict of interest regarding OneUnited: “Further to email below, WSJ (Wall Street Journal) tells me: …Apparently this bank is the only one that has gotten money through section 103-6 of the EESA law. And Maxine Waters’ husband is on the board of the bank. ??????” (emphasis added)

When all of this information came to light, House Democrats scrambled to snuff out the investigation by any means possible, including firing the two lead attorneys working on the Waters investigation.  Thus, an independent attorney was hired to sort out this mess, and yet we see some of the same type of denial in holding the people who perpetuated this farce of  a cover-up originally, continuing.  Witness the recent statements in regards to this investigation and the six committee members who recused themselves, yet refused to admit their part in this charade of injustice:

1- Current Ethics Committee Chairman Joe Bonner sends a letter to Speaker Boehner announcing that 6 members are recusing themselves. ( and jumping off the sinking ship to avoid being held accountable) In that letter, Bonner goes out of his way to say no one did anything wrong. “The record should note that these recusal requests are not based on any indication of wrongdoing or inappropriate partisanship by the Members,” Bonner’s letter stated. If there was no wrongdoing, then these six members should simply be fired for refusing to do their jobs on the Ethics Committee.

2- Martin told the committee that he reviewed “tens of thousands of pages” of documents and interviewed current and former committee members and staffers, but one necessary witness who is not currently with the committee refused to testify when subpoenaed and it has prevented the completion of the due process review.

3- “While Mr. Martin had advised that the most appropriate time to present his recommendations regarding recusal would be upon the completion of the due process review, he has now counseled the Committee to advance that timing,” Bonner’s letter said.

So what happened the very day after this letter was delivered to House leadership in which lead counsel is now advising the Ethics Committee to get this trail started?  Maxine Waters was caught on video tape, having a major meltdown, and calling House Republicans ‘Demons” and making other hateful comments about them. This is what happens when self-serving members of Congress are told that they will be held accountable (finally after almost 2 long years of  the disgusting Democratic party’s obstruction of justice)

Yes America, there was a reason for Maxine Water’s most recent meltdown. She refuses to accept the fact that she will be held accountable for her obvious TARP fraud in securing money for a bank that her husband had investments in, and on which he sat on the board of directors. If any of your representatives are on the Ethics-less committee, call them up and demand real justice, not the slap on the wrist that career income tax dodger Charlie Rangel got for his proven felony income tax evasion. As for the six Ethics Committee members who have now recused themselves, including Chairman Bonner, and whom are refusing to take responsibility for their parts in this debacle?  Fire them all! Kick them off of the “Ethics Committee” for proving to have a complete lack of anything resembling true ethics. It is time to end this charade once and for all.

 

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!]