We just discussed Obama taking control of financial institutions with our tax dollars realizing how that power was used. In a follow-up we discovered that was just the tip of the iceberg.
Soon after receiving government bailout funds Obama and his liberal army were demanding the banks… publicize how they spent the money. They were attacked for sports sponsorships, corporate jets, company conferences in locations such as Las Vegas, scolded and told to change their ways. In fact as Obama flew from city to city on his White House super carrier he told his audiences about this waste and recommended against Vegas as a meeting location.
The restrictions imposed had consequences on our economy which in turn affected employment. Business with the private sector was halted. So what happened to the money?
SignOnSanDiego 8/31/10: “The 10 banks that received the most bailout aid during the financial crisis spent over $16 million on lobbying efforts in the first half of 2010, as the debate over financial regulatory reform reached its height.
Disclosure reports show that the banks that got the most government help in late 2008 and early 2009 also invested the most to influence members of Congress, the White House, the Federal Reserve , Treasury Department and a long list of federal agencies as new rules were enacted governing Wall Street and the nation’s financial system. …
The sweeping law signed by President Barack Obama in July topped 2,300 pages, and outlined broad rules for issues ranging from derivatives trading to the fees merchants are charged for processing credit and debit card transactions. It also covered the creation of a consumer financial protection bureau. Banks are continuing efforts to try to shape many of the new rules that are still being finalized.
The $16.32 million spent in the first half of 2010 was 26 percent higher than the combined $12.94 million they spent in the first half of 2009.”
Financial Reform is reforming lobbying contributions to the DNC. Similar to all of the previous legislation, taxpayer funds are not being invested in our private economy but wasted in non-productive government efforts to reelect more politicians to carry on the same. The banks simply serve as another outlet to funnel spending, increase the deficit, and ultimately gain control.