Stop Foreign Bank Taxypayer Bailouts

by: the american conservative union | published: 08 21, 2010

Buried as tiny stories in just a few newspapers in the last week was an admission by Harry Reid’s appointed Congressional Oversight Panel Chair, Elizabeth Warren, that U.S. taxpayer dollars in the bank bailout went to foreign countries.

That’s right.  Taxpayer money from the TARP so-called bank bailout went into foreign country banks.

While our U.S. economy struggles to recover, while Obama/Pelosi/Reid have tripled our national deficit in just one year – money we as U.S. citizens must pay back – our money from the bank bailout was flowing overseas.

ACU argued the bank bailout should have never happened.  Now we must demand that our money get returned and that this never happens again.

Send a Message Here, Now.  Tell the Obama Administration to Stop Using Taxpayer Dollars in Foreign Bank Bailouts.  Sign the Petition. 

In a tiny story the Associated Press reported that Elizabeth Warren, who is currently under consideration by Obama to head a new federal agency, and her panel admitted that money from TARP had flowed to overseas banks.

The AP reported, “Billions of dollars in U.S. rescue funds wound up in big banks in France, Germany and other nations.”

Our taxpayer money, hard at work … for foreign banks.

The reason Warren explained, "There were no data about where this money was going.”

Send a Message Here, Now.  Tell the Obama Administration to Stop Using Taxpayer Dollars in Foreign Bank Bailouts.  Sign the Petition. 

ABC News also reported on the story, writing on their blog:  “The most egregious case? AIG, naturally, where tens of billions of US taxpayer dollars went to Deutsche Bank and Societe Generale, among others.”

According to the report, 43 of the 87 financial institutions that benefited from the AIG portion of the TARP program were foreign – that is 49%.

So while German and French banks benefited from the cash, U.S. taxpayers are left holding the bill.

Send a Message Here, Now.  Tell the Obama Administration to Stop Using Taxpayer Dollars in Foreign Bank Bailouts.  Sign the Petition.  

You would think that the President of our country would show concern – even be dismayed at the thought of our money flowing into the pockets of overseas bankers.

However, the President’s Treasury department issued this response:  spokesman Mark Paustenbach said the report "shows that Treasury worked effectively with its overseas partners in a number of ways to address the global financial crisis."

“Worked effectively”… that is all the Obama administration had to say as U.S. taxpayer dollars flowed right into the welcoming hands of foreign banks.

Send a Message Here, Now.  Tell the Obama Administration to Stop Using Taxpayer Dollars in Foreign Bank Bailouts.  Sign the Petition.

Don’t allow this issue to get overlooked as Americans think about vacations and summer activities in August.

Last August we helped change American by showing our anger at Town Hall Meetings across the country.

Sign the petition, here now and show that Americans do not want our money flowing into foreign banks. 

Thank you for all you do for America.

comments

• Reply to this comment

  Gunny G

  Joe L,

  One, typical of you unhinged moonbats to start off uncivil. How liberal of you.

  Two, if Bush 43 STARTED it, then why did Obysmal CONTINUE IT?

  Three, YOUR party had milked the Fannie/Freddie cash cow for decades and finally crashed it. Oh, and Chris Dodd and Barney Frank were running it, as was Gorelick and Raines, whle Bush 43 was calling for reform.

  Lastly, your party ran the Congress since 2007 and amassed TRILLIONS in debt. Who you gonna blame THAT on?

  
  

• Reply to this comment

  Joe L

  Hey Asshole, the AIG Bailout was authorized by George W. Bush, one of your right wing friends who was the real reason this country was ruined. Stop trying to twist around the facts and actually try learning them for a change.

  
  

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