Back in December, I highlighted a deal where a bunch of the usual suspects piled into a bank investment:
The OneWest Bank holding company, created a year ago from the assets of failed mortgage lender IndyMac Bank, earlier this month acquired First Federal Bank of California when it failed. The acquisition doubled OneWest’s branches to 72 and increased total assets by a third to $24 billion.There are also former Goldman Sachs players all over the deal.
OneWest’s investors include investment firm J.C. Flowers & Co., hedge fund Paulson & Co., computer mogul Michael Dell’s investment vehicle MSD Capital, and a fund controlled by billionaire investor speculator George Soros.
You just knew these scumbags were into some kind of rape the taxpayer program, and viola they are. Click here for an expose video that is going to make you sick.
Like I have said many times, in government deals,the money bonanza is usually buried in some small paragraph that few understand, but for those who know why it is there it means millions.
The OpenWest money bonanza may just be a little too much in the open than normal. They have been caught. These things usually aren't discovered. A special shout out to ThinkBigWorkSmall.com for uncovering the scam.
Robert,
ReplyDeleteIt's a well done video. I don't doubt the legitimacy of the claims. My issue with the video is that there is no evidence to support their story.
There should be documentation to support the allegations. Without evidence this is nothing more than an internet rumor.
-Craig
This is not exactly the expose of the month. Every bank in the U.S. participates in some form of "rape the taxpayer program..." That is the nature of banking in the U.S., and the world. Goldman sachs, et al are just higher profile than most.
ReplyDeleteAs for evidence, it seems self evident to me but how about (1) every bank, including OneWest has a monopolistic franchise from the FEds or the state which minimizes the risk of competition and is paid for by the taxpayer; (2) every bank, including ONeWest has deposit insurance subsidized by taxpayers which eliminates risk of loss to the depositors.
Whether the particular transaction referenced in the video is exactly accurate is somewhat beside wenzel's point that the taxpayer is being raped. This is simply the normal course of business for banks in present day U.S.