Question: Why did the Obama administration hire a firm to help cover-up its monstrous bailouts and stimulus program records from Americans?
This recent article and/or blog post reveals that the Obama Administration has hired Phacil to keep critical information about its monstrous bailouts and stimulus programs from Americans. This firm has given tens of thousands of dollars to Democratic candidates and recently won a small-business award that was celebrated in a Rose Garden event with the president-Is this the transparency we were promised?-You Decide:
Transparency? Treasury Secretary hires firm to help coverup records–Posted on Canada Free Press-By Jim Kouri-On November 6, 2010:
These are pertinent excerpts from this article and/or blog post:
“Following a political tsunami that gave control of the House of Representatives, increased GOP members of the U.S. Senate, and increased the number of Republican governors nationwide, President Barack Obama will be leaving the U.S. behind to schmooze with officials in a country that actually likes him.
One result of this upcoming trip is a “battle of op-eds” regarding the cost of Obama’s lavish trip to places such as Mumbai, India. One estimate being touted is $200,000,000 per day. While Obama’s defenders say that figure is wrong, they claim for national security reasons the White House will not release the amount of money to be spent on the President’s trip.
Using that rationale, they disclosing the costs of the Iraq and Afghanistan wars, the price tags of big-ticket weapons programs, and other costs associated with national security should not be disclosed. Apparently, running the most transparent administration in history was just a catchy campaign slogan for Barack Obama.
While the U.S. government doles out trillions of taxpayer dollars for bank bailouts and economic stimulus, the administration that promised unprecedented transparency has hired a private company to keep information about the exorbitant handouts secret, according to officials for a Washington, DC watchdog group.
According to officials at Judicial Watch, U.S. Treasury Secretary Tim Geithner enlisted a consulting firm to screen public records requested through the federal law known as the Freedom of Information Act (FOIA).
Analysts who will handle Treasury FOIA requests will have experience in the use of “exemptions to withhold information from release to the public.”
To keep crucial Treasury records secret, the Obama Administration picked a firm (Phacil) that has given tens of thousands of dollars to Democratic candidates and not a dime to Republicans. Earlier this year Phacil won a small-business award that was celebrated in a Rose Garden event with the president.
This marks the latest of many efforts by the administration to keep critical information about its monstrous bailouts and stimulus programs from Americans. For more than a year, the Treasury Department has blown off a news agency’s request to identify $301 billion of Citigroup securities that the government agreed to guarantee. The media group requested the information on the grounds that taxpayers should know how their money is being used.
Since 2008, Judicial Watch has pursued documents regarding the unprecedented explosion in government’s size and reach through its $24 trillion bank rescues, bailouts and fraud-infested economic stimulus plan. Judicial Watch has dozens of FOIA requests and lawsuits pending against the Treasury Department for failing to produce documents in several cases, including the scandalous $200 billion taxpayer bailout of Fannie Mae and Freddie Mac and meetings between top Treasury officials and CEOs of major banks.
Last month Judicial Watch uncovered Treasury Department documents that revealed President Obama’s “Special Master for TARP Executive Compensation” received a $120,830 annual salary to establish executive pay at companies bailed out by the federal government, even though the administration had assured the pay czar wouldn’t be compensated for his work. It’s a perfect example supporting the need to obtain records rather than take the word of government bureaucrats, Tom Fitton of Judicial Watch pointed out in a press statement.
- Jim Kouri, Vice-president of the National Association of Chiefs of Police. Jim writes for many police and crime magazines including Chief of Police, Police Times, The Narc Officer, Campus Law Enforcement Journal, and others.
- Jim can be reached at: firstname.lastname@example.org”
Note: The following articles and/or blog posts relate to and/or support the above article and/or blog post-You Decide:
Audit of the Federal Reserve Reveals $16 Trillion in Secret Bailouts!–Posted on The Patriot Update-By Ann-Marie Murrell-On July 25, 2011:
These are pertinent excerpts from this article and/or blog post:
“The Federal Reserve has recently had a complete audit and according to Vermont Senator Bernie Sander’s website, one of the big surprises found was the fact that the “U.S. provided $16 trillion in secret loans to bail out American and foreign banks and businesses during the worst economic crisis since the Great Depression.”
Senator Sanders created an amendment to the Wall Street reform law a year ago which directed the
Government Accountability Office to conduct the audit.
“As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world,” said Sanders. “This is a clear case of socialism for the rich and rugged, you’re-on-your-own individualism for everyone else.”
Included in the audit findings, the Fed provided trillions of dollars in financial aid from South Korea to Scotland.
“No agency of the United States government should be allowed to bailout a foreign bank or corporation without the direct approval of Congress and the president,” Sanders said.
The audit also discovered that the Fed “lacks a comprehensive system to deal with conflicts of interest, despite the serious potential for abuse” and provides “conflict of interest waivers to employees and private contractors so they could keep investments in the same financial institutions and corporations that were given emergency loans.”
An example Senator Sanders gives is that the CEO of JP Morgan Chase served on the New York Fed’s board of directors “at the same time his bank received more than $390 billion in financial assistance from the Fed.” Also, JP Morgan Chase “served as one of the clearing banks for the Fed’s emergency lending programs.”
Another “surprise” discovered in the audit is that, according to the GAO report, on Sept. 19, 2008, William Dudley, president of the New York Fed, was given a waiver allowing him to keep his investments in AIG and General Electric “at the same time AIG and GE were given bailout funds”. According to the audit, one of the reasons Dudley didn’t have to sell his holdings is because it might have “created the appearance of a conflict of interest.”
“No one who works for a firm receiving direct financial assistance from the Fed should be allowed to sit on the Fed’s board of directors or be employed by the Fed,” Sanders said.
Other information revealed by the audit is that the Fed outsourced most of its emergency lending programs to private contractors, “many of which also were recipients of extremely low-interest and then-secret loans.”
“The Fed outsourced virtually all of the operations of their emergency lending programs to private contractors like JP Morgan Chase, Morgan Stanley, and Wells Fargo,” Senator Sanders posted on his writes. “The same firms also received trillions of dollars in Fed loans at near-zero interest rates. Altogether some two-thirds of the contracts that the Fed awarded to manage its emergency lending programs were no-bid contracts. Morgan Stanley was given the largest no-bid contract worth $108.4 million to help manage the Fed bailout of AIG.”
Another more detailed GAO investigation into potential conflicts of interest at the Fed is due on October 18.
As Sanders says, “The Federal Reserve must be reformed to serve the needs of working families, not just CEOs on Wall Street.”
To read the GAO report, click here.”
Where Did All The Obama Stimulus Money Go?-Posted on Western Journalism-By DANIEL NOE-On July 18, 2012:
O’Keefe Exposes Union Corruption Behind ‘Shovel Ready Green Jobs’!–Posted on Western Journalism-By DANIEL NOE-On July 18, 2012:
UNION BOSSES OKAY DIGGING UP–THEN FILLING BACK IN–DITCHES ON TAXPAYERS’ DIME!–Posted on Big Government-By BEN SHAPIRO-On July 18, 2012:
Obama Stimulus Dollars Funded Soros Empire!-Posted on Soros Files-By Tina Trent on 16 April 2012:
The Television Commercial About The National Debt That Is Being Banned By Major Networks–Posted on The American Dream-On November 2, 2010:
These are pertinent excerpts from this article and/or blog post:
“A new television ad about the U.S. national debt produced by Citizens Against Government Waste has been deemed “too controversial” by major networks including ABC, A&E and The History Channel and will not be shown on those channels. The commercial is a homage to a 1986 ad that was entitled “The Deficit Trials” that was also banned by the major networks. Apparently telling the truth about the national debt is a little too “hot” for the major networks to handle.
But perhaps it is time to tell the American people the truth.
In 1986, the U.S. national debt was around 2 trillion dollars. Today, it is rapidly approaching 14 trillion dollars. The American Dream is being ripped apart right in front of our eyes, but apparently some of the major networks don’t want the American people to really understand what is going on.
The truth is that the ad does not even have anything in it that should be offensive. The commercial is set in the year 2030, and the main character is a Chinese professor that is seen lecturing his students on the fall of great empires. As images of the United States are shown on a screen behind him, the Chinese professor tells his students the following about the behavior of great empires: “They all make the same mistakes. Turning their backs on the principles that made them great. America tried to spend and tax itself out of a great recession. Enormous so-called “stimulus” spending, massive changes to health care, government takeover of private industries, and crushing debt.”
Perhaps it is what the Chinese Professor says next that is alarming the big television networks: “Of course, we owned most of their debt, so now they work for us”.
So is this television commercial offensive? Watch it below and decide for yourself….
Does this ad not make some great points?
Month after month, thousands of jobs and billions of dollars gets transferred permanently from the United States to China.
The Chinese government has accumulated hundreds of billions of excess dollars, and U.S. government officials now regularly make trips over there to beg them to keep lending more money to our government so that we can continue to go on living far beyond our means.
But the borrower always ends up as the servant of the lender, and we are rapidly becoming the servants of the Chinese.
But it did not have to be this way.
We did not have to merge the U.S. economy into a globalized one-world economy where U.S. workers are put in direct competition for jobs with millions of Chinese workers that make less than a dollar per hour.
Factories, wealth and jobs are leaving the United States at a blinding pace. Since 2001, approximately 42,400 American factories have closed their doors.
America is being deindustrialized, and the sad thing is that most Americans do not even realize that it is a major problem.
As of the end of 2009, less than 12 million Americans worked in manufacturing. The last time that less than 12 million Americans were employed in manufacturing was in 1941.
Does that sound like progress to you?
Today, the United States spends about $3.90 on Chinese goods for every $1 that China spends on goods from the United States.
China is accomplishing this by openly manipulating currency rates, by allowing their population to be paid slave labor wages and by putting up unfair barriers to U.S. goods.
And our politicians are letting them get away with it.
So China is winning and we are losing. In fact, one prominent economist is now projecting that the Chinese economy will be three times largerthan the U.S. economy by the year 2040.
Meanwhile, formerly great American manufacturing cities such as Detroit now look like post-apocalyptic war zones.”
Is Anything Real? Trillions in Secret Fed Payments Revealed–Posted on RushLinbaugh.com-On December 2, 2010:
Managing the Federal Debt–Posted on National Affaris-By JASON THOMAS-On Fall 2010 Issue:
Our taxpayer dollars at work shrinking the private sector–Posted on The Daily Caller-By Cherylyn Harley LeBon-On November 5, 2010:
Note: The above articles and/or blog posts and videos relate to and/or support my following blog posts-You Decide:
Is the Fed’s concept of buying $600 billion of Treasuries just a smokescreen?
U.S. Debt to Hit $20 Trillion in 10 Years!
Was the Economic Crisis Manufactured?
Who or what caused the economic crisis that propelled President Obama into office?
ACORN-The Community Reinvestment Act (CRA)-Automaker Labor Unions!
Massive Voter Fraud-Again!
Powerful men who meet secretly and plan how to run our country!
Who owns our supposedly fair and balanced airwaves and news outlets?
What Happened to Free Speech?
Nearly 80 percent don’t trust the government!
Where Is America Today?
Were We Forewarned About What to Expect If President Obama Got Elected?
The Russian View of What Has Been Happening In America!
Is it time to call for Obama’s resignation!
Washington Times Calls for Obama’s Impeachment!
A Nation Adrift Theme and Disclaimer:
“Food For Thought”
“God Bless & Keep Our USA Safe”