Taypayer Handouts and Ripoffs

Homeland Security Secretary Can’t Say If Illegal Aliens Will Get Stimulus Money

April 10, 2009

CNSNews - Napolitano could not say whether $100-million in funding for a program that helps hungry and homeless people throughout the United States would be used to provide services to people who are in the country illegally...

Obama’s Latest No Banker Left Behind Scheme

March 27, 2009

Global Research - 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...

Postal Service Asks Congress for Bailout

March 26, 2009

Associated Press - Postmaster General John Potter said Wednesday the financially strapped U.S. Postal Service will run out of money this year without help from Congress...

Who Got AIG's Bailout Billions?

March 8, 2009

Reuters – Where, oh where, did AIG's bailout billions go? That question may reverberate even louder through the halls of government in the week ahead now that a partial list of beneficiaries has been published.

The Wall Street Journal reported on Friday that about $50 billion of more than $173 billion that the U.S. government has poured into American International Group Inc since last fall has been paid to at least two dozen U.S. and foreign financial institutions.

The newspaper reported that some of the banks paid by AIG since the insurer started getting taxpayer funds were: Goldman Sachs Group Inc, Deutsche Bank AG, Merrill Lynch, Societe Generale, Calyon, Barclays Plc, Rabobank, Danske, HSBC, Royal Bank of Scotland, Banco Santander, Morgan Stanley, Wachovia, Bank of America, and Lloyds Banking Group.



Morgan Stanley and Goldman Sachs declined to comment when contacted by Reuters. Bank of America, Calyon, and Wells Fargo, which has absorbed Wachovia, could not be reached for comment.

The U.S. Federal Reserve has refused to publicize a list of AIG's derivative counterparties and what they have been paid since the bailout, riling the U.S. Senate Banking Committee...

Fed Refuses to Release Bank Data, Insists on Secrecy

March 4, 2009

Bloomberg - The Fed yesterday to disclose the names of the borrowers and the loans, alleging that it would cast “a stigma” on recipients of more than $1.9 trillion of emergency credit from U.S. taxpayers and the assets the central bank is accepting as collateral...

U.S. Taxpayers to Give AIG Another $30 Billion

March 2, 2009

AP - The government on Monday unveiled a revamped rescue package to insurance giant American International Group and will provide the troubled company another $30 billion on an "as needed" basis. The new package comes as the company has burned through cash and has been unable to find buyers for pieces of its company that it hoped to sell to repay the government on its existing aid package, which totals some $150 billion.

In an interview on NBC's "Today" show Monday morning, AIG's chairman and chief executive Edward Liddy, said: "We're going to be able to pay back the Federal Reserve. The new $30 billion is a standby line. It's not necessarily something that we think we'll have to draw on right away."

The announcement came as AIG, once the world's largest insurer, reported Monday it lost $61.7 billion in the fourth quarter, the biggest quarterly loss in U.S. corporate history. Under the new package, the Federal Reserve will take stakes in two international units. Instead of paying back $38 billion in cash with interest that it has used from a Federal Reserve credit line, AIG now will repay that amount with equity stakes in Asia-based American International Assurance Co. and American Life Insurance Co., which operates in 50 countries...