In the last decade, the financial industry’s $5 billion investment in campaign contributions and lobbyists resulted in deregulation, which generated trillions for executives. And when the bubble burst, there was another boatload of free money! By Bloomberg News’ account, $12.8 trillion worth of taxpayer loans, grants and guarantees – all to Wall Street!
The Associated Press this week reports that “companies that spent hundreds of millions lobbying successfully for a tax break enacted in 2004 got a 22,000-percent return on that investment” – $100 billion in all.
For example, the banking industry recently paid Rahm Emanuel $16 million for about two years of work. That investment was recently paid back when, as President Obama’s chief of staff, Emanuel led the January campaign to release another $350 billion in bank bailout funds. Turning a $16 million down payment into a $350 billion payout – that’s huge! (Source.)
Reprise: We’ve noted this before, but it’s worth repeating every time they assert it: The Federal Reserve doesn’t have to tell the US taxpayer how it spent $2 trillion of public money because it is a private bank. As such it has no obligation to tell the public anything at all about what does with our money.