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KARL ROVE~GEORGE BUSH JR TARP BAILOUT PONZI SCHEME$=U.S.POLITICO ADS THIS ELECTION CYCLE !

by LAWYERS FOR POOR AMERICANS Tuesday, Aug. 31, 2010 at 11:31 AM

THEY STOLE BILLION$ IN U.S.TAXPAYERS TARP BAILOUT PONZI SCHEME MONIES & NOW CAN EVEN BE LEGAL TO BUY POLITICAL AD$ WITH THI$ STOLEN ~ BORROWED TAXPAYERS $...

THE PEOPLES AMERICAN CONGRESS HAS NEVER ENACTED CURRENT LEGISLATION PREVENTING THESE BILLIONS OF GEORGE BUSH JR~KARL ROVE LOST~ STOLEN U.S.TAXPAYERS TARP BAILOUT PONZI SCHEME $$ FROM BEING USED TO BUY ADS FOR CERTAIN POLITICO'S IN OUR CURRENT & FUTURE ELECTION CYCLE'S !!!

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Bailoutsleuth's general and daily news stories.

TARP money helped bail out the world, oversight panel says

by Ryan Holeywell | August 12, 2010 4:40 PM

More bailout money flowed from the United States to other nations than vice versa, and the Treasury Department has failed to take adequate steps to determine the exact figures, the Congressional Oversight Panel said in its August report.



The flow of funds abroad, from the Troubled Asset Relief Program and other rescue efforts, is due largely to foreign companies that were counterparties to bailed-out business like Amercan International Group Inc. In addition, many U.S. businesses that got government money have significant operations abroad.



Because Treasury didn't gather data on where the bailout money ended up, it's impossible to know the extent of the disparity, the oversight panel said in its report released Thursday. But, it added, "U.S. money had more impact on non-U.S. institutions and economies than non-U.S. rescue funds had on the United States, even after adjusting for the relative size of the various jurisdictions' rescues."



The trend may prompt other countries to be "free riders" the next time a financial crisis snarls the globe, the panel noted, since they may expect other nations like the U.S. to provide the bulk of rescue funding rather than take action themselves.



"If the costs of financial rescue efforts are realized by home countries but benefits are distributed among foreign economies, countries may engage in a 'race to inaction,'" the report said.



COP Chair Elizabeth Warren highlighted the divergent bailout approaches in a video introducing this month's report, noting that while the U.S. provided more than 700 banks with capital, the other G8 countries combined to aid fewer than 50.



"The result appears to be that America's rescue had a much greater impact on other nations than their rescue programs had on the United States," Warren said.

The trend may also encourage companies to locate their headquarters in the countries most likely to offer rescue aid, while putting their risk-prone operations in countries less likely to do so, the COP wrote. "Ultimately, basic governance principles may be disrupted when the government of one country asks its citizens to subsidize the economy of another country," the panel said in its report.



The panel listed 14 companies receiving U.S. aid that have sizable overseas operations. That is significant, its report said, because they are likely to allocate a greater portion of their rescue aid for international purposes. Because Treasury did not monitor how companies spent bailout money, there is no way to know the extent to which that is happening.



About .6 billion of TARP and other U.S aid for AIG went to foreign institutions and governments, according to the report. Bailed-out U.S. companies with the greatest portion of their revenue coming from abroad include AIG (48 percent), Goldman Sachs Group Inc. (44 percent), Citigroup Inc. (41 percent), State Street Corp. (41 percent), Morgan Stanley (38 percent), General Motors Corp. (35 percent), Merrill Lynch & Co. (34 percent), American Express Corp. (33 percent) and Bank of New York Mellon Corp. (30 percent).



The panel urged Treasury to start tracking more data about the impact that TARP and other rescue funds are having abroad.



And in addition to calling for greater data collection, the report said the United States should have more coordination with other nations in addressing future financial crises. Even though the legislation that created TARP required Treasury to coordinate its programs with rescues by foreign government, the global response to the financial crisis was conducted on an "ad hoc, informal, country by-country basis," the panel wrote.



"If the U.S. government had gathered more information about which countries' institutions would most benefit from some of its actions, it might have been able to ask those countries to share the pain of rescue," the panel wrote.



It noted that French and German banks were among the biggest beneficiaries of the U.S. efforts to rescue AIG, yet the United States bore the entire billion cost -- and risk -- of injecting AIG with capital.



The U.S. share of shoring up AIG was double the size of France's entire billion rescue, and half the size of Germany's 3 billion rescue.



The panel identified 87 entities that benefitted indirectly from the U.S. government's assistance to AIG. Forty-three of them were foreign.



In the future, Warren said, the international community needs more information to identify vulnerabilities in the economy, and also must take greater steps to plan for its response to a crisis before one takes shape.

Had that information been available, regulators across the world could have done a better job coordinating their response. "Although these ad hoc actions ultimately restored a measure of stability to the international system ... there is no doubt that international cooperation could be improved," the report said.

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LAWYERS FOR POOR AMERICANS IS A INDEPENDENT VOLUNTEER WWW LOBBY THAT SINGS OUT LOUD & CLEAR 4 OUR MIDDLE~CLASS & WORKING POOR AMERICANS.

**WE ARE FOUND WITH ANY & ALL WEB SEARCH ENGINES BY OUR NAME,TELEPHONE NUMBER OR E MAIL ADDRESS.

** GOOGLE, YAHOO, AOL, MSN & BING ALL CARRY VARIOUS & DIFFERENT LISTINGS OF OUR PREVIOUS WRITTEN COMMENTARY STUFF.





lawyersforporoeramericans@gmail.com

424-247-2013

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