What Do We Have Here? Bank of America Will Accept California’s IOUs
What a surprise! Bank of America, now owned mostly by taxpayers will be accepting California’s IOUs.
California, one of the most solvent states is of course good for their debts/sarc.
This really should have been expected – a state-run bank accepting an insolvent, soon-to-be-bailed-out-state. Seems like monopoly money to me! This is similar to a false economy, where government interference and regulation make free markets anything but FREE/REAL.
Ponzi scheme has become my favorite catch phrase. It effectively seems as though California is issuing it’s own fake currency called IOUs, although it is already insolvent, to pay back at a later date – of which, will never happen. Bank of America is already suffering and got into trouble the last time it bought a toxic company and toxic assets, as did many others – but here it is doing the same thing again. Insanity = Doing the same thing over and over again, expecting different results.
Bank of America Corp. says it will accept warrants issued by California’s state government through July 10.
BofA says the state’s budget crisis prompted its decision.
“To support our customers, while giving the state legislature additional time to pass a budget, we will accept California state-registered warrants — or IOUs — from existing customers and clients,” Charlotte-based BofA (NYSE:BAC) says in a written statement.
It is always important to ask “Why” in these very odd and overwhelming times.
Why would Bank of America, who is already in financial trouble and dire straights, accept California IOUs, which it will probably never see? Why does this seem incredibly like the forced situation of Merrill Lynch? Is Bank of America doing this as a favor to the US government? Should I assume that Bank of America will get more bailout dollars if it accepts such a risky investment?
My biggest “beef” with this scenario: who is supporting Bank of America? The government! And where does the government get its money? The taxpayers! It’s not ok by me, that my money is being used to help bailout California due to its liberal/progressive policies that it enacted on the state.
“It is impossible to introduce into society a greater change and a greater evil than this: the conversion of the law into an instrument of plunder.” ~ Frédéric Bastiat 1801-1850 “The Law”
Al Franken Wins – Add Another Clown to the 3-Ringed Circus; Congress
This is the person who will be representing Minnesota. Great job Minnesotans we can really take your state seriously!
He’ll fit right in with the rest of the circus; elephants, asses, weenies, trapeze artists & clowns…
And in case you were wondering – he hasn’t paid taxes either:
Last April, the California Tax Franchise Board revealed that Franken owed the state $5,800 in taxes, fines, and penalties because he did not file returns in 2003 through 2007. Franken then admitted that he owed more than $50,000 in back taxes to 17 states.
Franken blamed everything on his accountant of 18 years, saying he failed to report the income from the comedian’s celebrity appearances and speeches in those states where he made money outside of Minnesota and New York, where he lives. Franken claimed he overpaid taxes in those two states and will file for refunds.
But the accountant, Allen Chanzis, has not verified Franken’s account. In fact, he has said he was told not to talk to the press. Nor has Franken released any documentation to show that he overpaid taxes in two states.
Democrat Wives Have Their Hands in the Cookie Jar
William Jefferson, who was found with cash bribes in his freezer and was convicted of 16 counts of corruption on June 4, 2007 by a federal grand jury, is currently awaiting trial in Virginia after losing re-election.
It would come as no surprise that a wife, living with a man hording cash in his freezer and taking bribes left and right, would be in the dark about her husband’s shady activities.
Investigators had the same sentiments and upon further invesigtations found that she did in fact play a part in Jefferson’s scandals.
A firm owned by the wife of former U.S. Rep. William Jefferson, D-La., earned thousands of dollars but incurred no business expenses, an accountant said.
Jack Swetland, a New Orleans accountant who had worked with the Jeffersons since 1982, testified Monday at William Jefferson’s bribery and fraud trial in Alexandria, Va., The (New Orleans) Times-Picayune reported Tuesday.
Prosecutors allege Andrea Jefferson’s ANJ consulting firm was a shell company that accepted payments from companies who had sought William Jefferson’s help in brokering deals in West Africa.
John Conyers, head of the House Judiciary Committee, is having some family troubles. His wife pleaded guilty to corruption and bribery charges last week. We reported on the allegations earlier – here.
Monica Conyers, the wife of the powerful chairman of the House Judiciary Committee, Rep. John Conyers, D-Mich., pleaded guilty to one count of bribery in a federal court in Detroit, this morning.
According to court documents, in late 2007, Mrs. Conyers, president pro tem of the Detroit City Council, twice accepted envelopes filled with cash, once in the parking lot of a Detroit McDonalds.
Mrs. Conyers faces up to 5 year in prison, three years supervised release and/or a $250,000 fine. Calls to an attorney for Mrs. Conyers were not immediately returned.
Wouldn’t you think that John Conyers, who recently said he would not investigate the corrupt activities of ACORN, due to the powers that be (which were him), should step down? If a man’s wife is facing the possibility of up to 5 years in prison and has had to resign from the Detroit City Council, I do not believe that he should be anywhere near a Judiciary Committee.
The corruption is just astounding. Big Government truly does breed Big Corruption!
More Obama Cover-Ups, At This Point What’s New?
Obama has become quite good at covering up incidents, but I guess you have to be good if you want to be engaged in the Chicago Political MachineMafia… That’s why the latest cover-up by the EPA for recent emails regarding some interesting findings regarding GloBull Warming, and the latest Obama administration cover-up of the canning of the bio-ethics panel for embryonic stem cell research, come as no surprise.
The EPA must be aware that something fishy is going on with the global warming alarmism. Why else would they cover up recent emails, found by the Competitive Enterprise Institute, that voiced the opposite concerns of what Democrats, the UN, and the EPA would have you believe?
CEI is submitting a set of four EPA emails, dated March 12-17, 2009, which indicate that a significant internal critique of EPA’s position on Endangerment was essentially put under wraps and concealed. The study was barred from being circulated within EPA, it was never disclosed to the public, and it was not placed in the docket of this proceeding. The emails further show that the study was treated in this manner not because of any problem with its quality, but for political reasons.
CEI hereby requests that EPA make this study public, place it into the docket, and either extend or reopen the comment period to allow public response to this new study. We also request that EPA publicly declare that it will engage in no reprisals against the author of the study, who has worked at EPA for over 35 years.
The emails, attached hereto, consist of the following:
1) a March 12 email from Al McGartland, Office Director of EPA’s National Center for Environmental Economics (NCEE), to Alan Carlin, Senior Operations Research Analyst at NCEE, forbidding him from speaking to anyone outside NCEE on endangerment issues;
2) a March 16 email from Mr. Carlin to another NCEE economist, with a cc to Mr. McGartland and two other NCEE staffers, requesting that his study be forwarded to EPA’s Office of Air and Radiation, which directs EPA’s climate change program. The email notes the quantity of peer-reviewed references in the study, and defends its inclusion of new research as well. It states Mr. Carlin’s view that “the critical attribute of good science is its correspondence to observable data rather than where it appears in
the technical literature.” It goes on to point out that the new studies “explain much of the observational data that have been collected which cannot be explained by the IPCC models.” (Emphases added); [Read More Here.]
This data will never reach the media, and even if it did, most far left media outlets will not disclose the information anyway. Nobody wants to destroy the scheme that has been built up over the last few years. The jig is up Democrats, but they have too much money to make from cap and tax and passing Green legislation. They would rather pad their pockets than release this information to the American public.
The latest firing and cover-up happens to involve the bio-ethics panel for embryonic stem cell research. Bush implemented this panel for opposing views and ethics regarding that specific type of research. The panel expired in September and only had one other meeting before that time, however, Obama fired he panel before allowing them to expire appropriately when their time was up. This sounds very familiar to the IGs who happened to disagree with Obama or were investigating his cronies. He fired those IGs and now this panel before their contracts expired. I’m not sure why Obama feels it so difficult to allow the law to reign supreme and just not renew the contracts when time is up. There is something extremely suspicious about all of this.
The White House has dismissed the members of the President’s US Council on Bioethics just a few months before their mandate expires, indicating their services are no longer required by the President and that he is looking for a more “practical” advisory board.
So, if you don’t agree with Obama and his agenda count yourself on the enemy list – you are bound to get fired or savaged by his media minions.
