Incestual Banking Relationships
The following comes to us from B.J. Lawson, a recent candidate for congress from North Carolina’s 4th district:
Just this morning, you’ll be pleased to know that our corporate welfare system has given Bank of America $138 billion in capital injections and guarantees as it pulls an Enron following its purchase of Merrill Lynch. Keep in mind that Bank of America’s total market capitalization is about $40 billion — therefore, you’d expect that such a dramatic rescue would completely wipe out existing stockholders, bondholders, and present management to prevent moral hazard and demonstrate the consequences of corporate irresponsibility.But that’s not the way the world works. Bank of America, Citi, Goldman Sachs, and other recipients of government largesse will continue to profit from the illusion that their existence makes the world a better place. Did you know that we gave Goldman Sachs $10 billion in taxpayer money in 2008, while Goldman Sachs gave out $11 billion in bonuses? Our national debt and budget deficits are going vertical as we borrow money from the banksters to give it back to the banksters… while we shoulder the endlessly compounding burden of interest. Folks, this math doesn’t work.
As the assault on our country, its economy, and our future becomes increasingly brazen, it is important that we stay involved. I will continue to blog at http://www.unitedliberty.com, but the most important involvement is in the real world.