We are finally getting people calling fraud and unlawful on the actions of the government.
IT IS ABOUT **** TIME.
Specifically:
Administration Seeks an Out on Bailout Rules for Firms - washingtonpost.com
Yet as the Treasury has readied other programs, it has increasingly turned to creating the special entities. Legal experts said the Treasury's plan to bypass the restrictions may be unlawful.
"They are basically trying to launder the money to avoid complying with the plain language of the law," said David Zaring, a former Justice Department attorney who defended the government from lawsuits involving related legal issues. "They are trying to create a loophole to ignore Congress, and I think the courts will think that it's ridiculous."
That's the government's intent (Treasury) to circumvent the intent and effort of Congress to, for example, limit executive compensation.
I thought the Democrats said that President Bush was the one ignoring the Constitution?
WELL DEMOCRATS, HOW ABOUT YOUR PRESIDENT OBAMA WHO IS NOW DOING THE SAME **** THING?
Then we have the Bill Moyer's show this weekend. Watch it - it is really good:
Bill Moyers Journal . Watch & Listen | PBS
BILL MOYERS: Our financial system...
WILLIAM K. BLACK: Became a Ponzi scheme. Everybody was buying a pig in the poke. But they were buying a pig in the poke with a pretty pink ribbon, and the pink ribbon said, "Triple-A."
BILL MOYERS: Is there a law against liars' loans?
WILLIAM K. BLACK: Not directly, but there, of course, many laws against fraud, and liars' loans are fraudulent.....
BILL MOYERS: To hear you say this is unusual because you supported Barack Obama, during the campaign. But you're seeming disillusioned now.
WILLIAM K. BLACK: Well, certainly in the financial sphere, I am. I think, first, the policies are substantively bad. Second, I think they completely lack integrity. Third, they violate the rule of law. This is being done just like Secretary Paulson did it. In violation of the law. We adopted a law after the Savings and Loan crisis, called the Prompt Corrective Action Law. And it requires them to close these institutions. And they're refusing to obey the law.
It gets better.
.....Under Secretary Geithner and under Secretary Paulson before him... we took $5 billion dollars, for example, in U.S. taxpayer money. And sent it to a huge Swiss Bank called UBS. At the same time that that bank was defrauding the taxpayers of America. And we were bringing a criminal case against them. We eventually get them to pay a $780 million fine, but wait, we gave them $5 billion. So, the taxpayers of America paid the fine of a Swiss Bank. And why are we bailing out somebody who that is defrauding us?
Ding ding ding ding.
Gee, President Obama.....
Gee, Congress.
Gee, anyone who cares to listen?
It may be two years late, but the "mainstream media", and a liberally-biased outlet for it at that - PBS - is now finally reporting the truth.
A truth that I've been writing about for more than two years, and others such as Mish Shedlock along with me.
Better late than never, but now the obvious question becomes this:
Will CONGRESS do their job, or will the looting and fraud continue until we the people are finally forced to do something about it, and if the latter, will that occur before or after our nation collapses?
