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Obama's Latest No Banker Left Behind Scheme
By Stephen Lendman (about the author) Page 1 of 7 page(s)
For OpEdNews: Stephen Lendman - Writer
On Wall Street, that is. So hyped by advance fanfare, Timothy Geithner unveiled his Public-Private Investment Program (PPIP) on March 23, the latest in a growing alphabet soup of handouts topping $12.5 trillion and counting - so much in so many forms, in "gov-speak" language, with so many changing and moving parts, it's hard for experts to keep up let alone the public, except to sense something is very wrong. They're being fleeced by a finance Ponzi scheme, sheer flimflam, and here's how from what we know:
-- $400 billion in taking over Fannie and Freddie;
-- $42 billion for the auto giants; billions more coming for their suppliers;
-- approaching $200 billion for AIG with more coming on request;
-- $350 billion to Citigroup in handouts and loan guarantees;
-- tens of billions to other banks, including $87 billion to JP Morgan Chase for bad Lehman Brothers trades;
-- $700 billion for TARP I; half the money released under TARP II;
-- over $200 billion and counting for the Term Asset-Backed Securities Loan Facility (TALF) to extend government-guaranteed loans for investors to buy "certain AAA-rated asset-backed securities (as a) component" of the Consumer and Business Lending Initiative (CBLI), established under the Emergency Economic Stabilization Act (EESA) of 2008;
-- the $787 billion stimulus under the American Recovery and Relief Act of 2009 (ARRA);
-- around $300 billion under the Homeowner Affordability and Stability Plan (HASP) - the so-called mortgage bailout plan;
-- $50 billion backing for short-term corporate IOUs held by money market funds - from the Exchange Stabilization Fund (ESF), a vehicle established by a provision in the 1934 Gold Reserve Act for foreign exchange intervention to stabilize the value of the dollar;
-- $500 billion for various credit market rescues;
-- $620 billion for industrial nations' currency swaps;
-- $120 billion for emerging economies' currency swaps;
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