“First they ignore you, then they ridicule you, then they fight you, then you win.” – Mahatma Gandhi

Friday, February 6, 2009

And we think they can handle really big money???

We've already watched our government fritter away billions and billions of dollars with nary a dent in this "recession". Now they want us to believe they're going to be able to deal with a trillion or more? Are they nuts? Are we nuts? We need an uprising. We need to take back our government. We gave it away thanks to millions who didn't have a clue who or what they were voting for. Now we need to get off our duffs and take it back. Come on folks, get busy or we're going to lose our country completely.

Don't let them pass this stimulus, scamulus, porkulus bill!!!!!

AIG, Citi deals gave US Treasury least value-report
By David Lawder WASHINGTON, Feb 6 (Reuters) - The U.S. Treasury Department bank bailout program received the least value from its investments in the most troubled surviving institutions -- American International Group and Citigroup, a new report from a watchdog panel showed on Friday. The Congressional Oversight Panel report said the Treasury overpaid financial institutions by about $78 billion in its capital injections last year through the Troubled Asset Relief Program. It paid $254 billion in 2008 in return for stocks and warrants worth $176 billion under the Troubled Asset Relief Program. This conclusion was first disclosed on Thursday by the panel's chairwoman, Elizabeth Warren, in U.S. Senate testimony. But the new report provided more details on the methodology and it also concluded that the U.S. government received far less value than private investors did in recent major transactions in the financial sector. The report showed that the Treasury got the worst deal on second-round investments in American International Group for $40 billion and Citigroup for $20 billion under special aid programs tailored for the two institutions. For each $100 spent on these two companies. the Treasury received securities worth $41,
http://www.cnbc.com/id/29045660/site/14081545/for/cnbc/

Panel: Bailout Overpaid $78B For Stocks
A government watchdog group says the federal government overpaid for stocks and other assets from financial institutions under its $700 billion rescue program.

Treasury Overpaid for TARP Bank Assets, Report Says
Treasury overpaid for financial-sector assets in TARP, a new report says.

Here's my favorite (bias showing guys???? Bush did it??? Uh huh, he personally wrote those checks. They are right, though, it was his administration...):

Bush overpaid banks in bailout, watchdog says
The Bush administration overpaid tens of billions of dollars for stocks and other assets in its massive bailout last year of Wall Street banks and financial institutions, a new study by a government watchdog says.

- AB

1 comment:

Shane Vander Hart said...

AAAAAAAAAHHHHHHHHHHHHHHHHHHHHHHH!!!!!!!!!!!!!!!!!!

Sorry had to get that off my chest.