Financial Bailout Massive Fraud
by Ginny from Key West, Florida USA
Regarding Financial Bailout Massive Fraud: I would call the Emergency Economic Stabilization Act of 2008, the financial bailout plan, a massive fraud perpetrated on the American taxpayer and the rest of the world. This is being done by an administration that for the past eight years has catered to power brokers in the financial markets, ever since they entered the White House and while they were the dominant party in the Congress and the Senate.
First, there is the added “pork” to the tune of about one hundred forty billion dollars, all of which has absolutely nothing to do with helping to stem the current crisis. Then they are allowing a second loan to AIG, after learning that the company has spent almost half a million dollars of taxpayer’s money to send their executives to a luxury retreat.
Americans should not forget that because of deregulation, venal, greedy executives sucked the life out of formerly successful companies. They walked off with millions of undeserved dollars while leaving other employees and shareholders with empty pockets.
No regulation and poor oversight by the SEC allowed these same type persons to sell mortgages by fraud and lies to undeserving home buyers, most of whom could not know that some of the people selling them these mortgages were crooks and felons.
This administration put into trusted Treasury and Finance positions those same executives from companies that went under because of their own bad decisions, but who selfishly took their golden parachutes with them.
Massive fraud is what I’d call the financial bailout plan. --Ginny from Key West
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