The Federal Reserve has spent over $2 TRILLION to “bailout” numerous industries, and there is no clear accounting of what has been loaned to whom, on what terms, and with what collateral. Among the known benefactors is Citibank.
Consumers are feeling the lash of Credit Lawsuits, especially from Citibank, feeling the same crunch that many of these Creditors are feeling, thanks to the selling of bad credit to third parties who often use unscrupulous methods to fool consumers into not KNOWING what their rights are, using loopholes in State laws that give default judgment to a credit in civil court without requiring an actual Hearing be scheduled UNLESS the consumer ASKS for a hearing, a FACT that few consumers are aware of.
Citibank, which has received over $25 Billion in unaccounted bailout money from the Federal Reserve, tried to use that money to BUY Wachovia, a plan under threat by rival Well Fargo with the backing of Warren Buffet’s investing firm, is notorious for its harassment of credit customers, piling on fees, and adding high interest to debt.
The Democrats, who now control Congress and the White House, receive 56% of the total $6.8 million in campaign contributions from Credit Companies and around 53% of the $5.38 Million donated by Mortgage banks and lenders.
From the start, US COMPANIES have been competing for bailout money and even foreign banks are in on the deal as the bailout bill, rushed through the Senate after being rejected first by the House, which alone has authority to initiate spending bills, as an Amendment to an unrelated Bill in a shallow attempt to cover up the Senate’s circumvention of the Constitution, allows for what many consider to be a loose interpretation of the Bill’s provisions.
These bailouts are being paid for by issuing Securities, such as Treasury Bills, basically debt issued on the good faith and credit of the Federal Government. The issuing of these Securities, whether short term or long term, constitutes DEBT which must be paid for by the US Taxpayer in one shape or fashion. Although Treasury Secretary Paulson promised prior to the passage of the Bailout Bill to abide by the highest standards of transparency, the Treasury Department and the Federal Reserve have refused to provide details on what was loaned to whom, under what terms, and with what collateral.
The American Freedomist is working to uncover the individual contributions of of leading politicians on both sides of the ally in an ongoing effort to track who is investing in what firm and whether that firm is benefiting from the bailout.