Jun 13, 2009

Senate Banking Committee members bailed out their own holdings!

Those Capitol Hill toffs, what cards they are!

As if no one would ever notice that members of the Senate Banking Committee that oversees TARP funds actually hold stocks in the government-assisted companies they bailed out - while bailing out their own investments. Skunks!

Here's an article from The Hill which highlights the Democrats on the Senate Banking Committee who have stocks in the corporate-welfared industry, whilst playing down the names of Republicans on the panel who also hold stocks or have quickly sold them, written with such qualifiers as:

"Few Republicans on the Committee have significant holdings in companies that have received federal bailout money." Tres subtle, but not subtle enough.

The article then lists senators like David Vitter (R-La), Kay Bailey Hutchison (R-TX - "small amounts" including holdings in Zions Bancorporation of Salt Lake City), Mel Martinez (R-FL - he sold 3 dozen investments - wonder who bought them?), and Bob Corker (R-TN), and details companies/banks in which they're shareholders, and a few approximate valuations of some of their holdings...an incomplete list, one assumes.

Click the link to read the Democrats' names which include the big fishes, Christopher Dodd and Chuck Schumer. Quelle surprise, eh?

It's a veritable Who's Who of Washington back-washers washing their own backs...with champagne, paid for by the American taxpayers they've so grievously scammed and let down.

And it's as good an example as any of what I've been calling 'bailout betrayal.'

Remember August 2008?

As Capitol Hill Theater Productions go, their Rescue-the-Republic mime was very badly acted as disingenuously, they all rushed back to Washington - McCain suspended his (sham of a) presidential campaign - to 'save the US financial system' - guffaw!

Or at least it would be amusing if it were a comedy.
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