ebworthen

Bailouts: Unfair to Non-Bailees

AMEN


On Nov 30 08:18 PM John77 wrote:

> As a taxpayer who pays about $300,000 per year to the U.S. Treasury,
> I am furious about the actions of banks that have received MY money.
>
> Firstly, Goldman Sachs is planning a FDIC-insured euro debt issue.
> If I am going to be insuring their debt issues, it better be to U.S.
> interests! Furthermore, the banks are profiting from issuance of
> FDIC-insured corporate bonds. If I am going to take on the FULL risks
> of issuing these bonds, I want the FULL profit the interest brings.
> The banks can keep the origination fees. Goldman is also in the bidding
> for a stake in a German power grid project worth 1 billion Euros.
> This is after Goldman got $10 billion of OUR money under the TARP.
> Is that MY money going for this foreign infrastructure project?
>
> Secondly, Morgan Stanley just spent 200 million Chinese Yuan to buy
> a 19.9% stake in a Chinese Trust Bank. I want to know, did MY capital
> injection of $10 billion dollars into Morgan Stanley help pay for
> this? If this bank is hurting for capital so much that it needs OUR
> money, why is that money being spent to buy stakes in foreign banks?
>
> Finally, and perhaps most egregiously, Goldman Sachs, Citigroup,
> and JP Morgan Chase are among banks now profiting from credit-recovery
> swaps, which are bets on the amount investors may recover from bonds
> after borrowers go bankrupt. Among the borrowers being bet against
> is the ailing General Motors.
> Why do we as taxpayers dole out TRILLIONS of OUR dollars to these
> banks just so that they can increase THEIR profit margins? The automotive
> industry is forced to undergo body cavity searches for a measly $25
> billion, and we continue to dole out TRILLIONS to these banks with
> no strings attached. DISGUSTING!!
> John
> American Taxpayer