Wells Fargo pocketed $25 Billion in Bailout cash, and
on that same day bought Wachovia for $12.7 Billion. First the punchline:
a Wells Fargo executive assured Congress his company did not use bailout funds to buy Wachovia.
WTF! and we’re supposed to be stupid enough to believe that?!
and now the backstory:
Here’s how. Last fall, in the span of just six days, Wells Fargo flip-flopped: first rejecting then accepting a deal to buy Wachovia.
What changed so drastically in less than a week? Two things.
First, Treasury Secretary Henry Paulson quietly issued a document revising the tax code, giving enormous benefits to some banks that buy other banks. For Wells Fargo, it could be worth up to $25 billion.
Then, Congress passed the giant bailout that would provide $25 billion in direct funds to Wells Fargo.
The very same day the bailout passed, Wells Fargo announced the surprise turnaround to investors: It would buy Wachovia after all.
It’s worth noting that:
Wells Fargo became one of nine banks to receive bailout money and quickly close deals with other banks.
This is cause for outrage! This is reason enough for an Angry Mob to show up at a Congressperson’s public appearance, and to really let them know how we feel!
Still here? You need more info to inflame your anger? No problem, because there are plenty of reasons.
Eleven giant recipients of your bailout tax dollars – American Express, AIG, Bank of America, Citigroup, General Motors, GMAC, Goldman Sachs, JP Morgan Chase, Merrill Lynch, Morgan Stanley, and Wells Fargo. Together they’ve collected more than $227 billion.
Even as they benefit from tax money, they operate hundreds of subsidiaries in places widely known for helping people evade taxes…
Goldman Sachs has 15 subsidiaries there. Bank of America: 59. Citigroup: 90.
But Morgan Stanley beats them all with at least 158 subsidiaries in the Cayman Islands – seven times the number of hotels.
Why are we giving money to banks so they can hide it in their offshore accounts! Why are we giving them billions so they can buy up their competitors? The government could’ve given homeless veterans $25 billion so they could buy Wachovia.
This is something I have cannot fathom. Angry Dittoheads will tell me that giving money to poor people is communism, socialism and all sorts of other horrible things. But giving billions to banks so they can buy up their competition is somehow perfectly okay?
There is no logic to this. There is no rational explanation why it is good to leave hundreds of thousands homeless on the street while we give TRillions to Wall St. Bankers. Therefore, it serves as a perfect test for your friends and family, can they think for themselves, or are they mindless lemmings that would follow Hannity over a cliff.
Wake up! You’ve been lied to. By the media, and by both parties in DC. Obama is a better speaker than Bush, and he doesn’t make those funny monkey faces, but that’s about it for his “Change”. He is just another phony.
America is now run by what you might call dictatorship by council. (Council of Bankers, Council on Foreign Relations, etc) Obama and Bush are merely the puppets put forth to explain the policies. The ‘partisan battles’ in Congress are nothing more than a dog and pony show.
Note: This is where people say: “It can’t be one big conspiracy man, what are they all in on it? ha ha”
Exactly the point, they don’t have to be all “in on it”, they have to be “Useful Idiots” that are willing to do whatever their ‘advisors’ tell them to do. If they don’t play along, they’re given the boot a la Cynthia McKinney.
For Example, Katherine Harris is no longer a Congresswoman, judging by this clip, she’s probably working at Hooters. But she was a congresswoman… look at this clip, does she have a bleeping clue about anything at all?
Do you really think she was the only idiot in DC, now that she’s gone, we have 435 smart people really trying their best to fix our country? ha ha.
One last bit from CBS news’ Sharyl Attkisson who is their lead Bailout reporter (don’t fly on any small planes Sharyl)
The Bailout Bait and Switch
When Congress passed the $700 billion dollar bailout, the whole idea was to buy failed mortgage assets.
But once the bill became law on October 3, Henry Paulson’s Treasury Department moved quickly on an entirely different front: Give bailout money to select banks to help them buy competitors. It was largely under the public radar, with only anonymous government officials acknowledging the strategy