Did Mike Castle Help Funnel Money To Foreign Banks?

   Tens of billions of U.S. dollars have flowed from the U.S. into big foreign banks in France, Germany, Switzerland, Britain and even Canada. And Mike  Castle was a part of making it happen.

  That’s right, due to the TARP bailout money that was approved in 2008 by congress,which Mike Castle voted for, tens of billions of U.S taxpayer dollars have been funneled overseas to bail out foreign banks.

  The foreign banks that benefitted from the TARP money include the French bank, Societe Generale which received $11.9 billion. Another French bank, BNP received $ 4.9billion. The German bank, Deutsche Bank received $11.8 billion.  With billions more going to other banks around the world.

 How did this happen? Well we find out by looking to a Congressional Oversight Panel report that was released on Thursday August the 12th.

  In the report we find that TARP funding and also the stimulus package ,went to failing groups such as AIG. Once AIG received $182 billion dollars, the money began to flow overseas to banks who had investments in AIG.

 Somewhere around half of the eighty-seven banks and investment firms who would have lost billions without the AIG bailout money were headquartered overseas.

 The report seems to suggest that there was no data about where the money was going.

  The report also states that when the U.S. injected hundreds of billions of  TARP dollars to stabilize the U.S. financial system in 2008, it also bailed out more than forty major institutions overseas, that had invested in collateralized debt obligations and mortgaged securities. Since it seems as if the U.S. has spent the bulk of the money for the global bailout , why don’t we look at how much some of our global neighbors, who benefited from TARP, spent within their own borders, of their own money.

  The Oversight Report  states that the TARP money benefited these countries more than their own money. Well paint me shocked! You mean that if someone gives you money it benefits you? How long has this been going on.

  France spent $35 billion in-house and Germany spent $$133 billion of their own money.

  All of this, while the situation that TARP was intended to head off here at home has worsened. Neither TARP, nor the $862 billion dollar stimulus has helped to turn around the failing U.S economy.

 With all economic indicators such as unemployment numbers, the Dow Jones and others showing the real possibility that we could see a double dip recession, is this the best time to be sending money overseas? Let us look at reports such as July’s foreclosure rate, it marked the seventeenth consecutive month when it exceeded 300,000 homes. We have also had near record levels of bank repossession, which increased for eight months in a row. Does this sound like the economic turn around that those who push for and or voted for TARP promised. I think not.

  So did Rep. Mike Castle help to funnel money to foreign banks? Well since he voted for TARP, I would say that his finger prints are all over this.

 Let’s review a few things. The report says that there didn’t seem to be any data on where the TARP money was actually going. Mike Castle still voted for TARP.  Mike Castle voted for a government program that funneled hundreds of billions of taxpayer dollars into the banking industry, which then funneled billions of tax payer dollars overseas.

  All of this while Mike Castle was a ranking member of the House Financial Services Committee, and still he voted for TARP, even though he didn’t know exactly where hundreds of billions of taxpayer dollars were going.

  So once more, he voted for TARP, which resulted in taxpayer money going to the banking industry. But it didn’t do what they said it would. In fact it may have worsened the recession as many leading economist believe, and lead to the record number of foreclosures and repossessions. This could explain why Mr. Castle’s campaign financial report is populated by so, so many donations from those within both the banking industry and the bankruptcy law sector.

  I suggest those interested, should go to http://www.opensecrets.org/politicians/contrib.php?cycle=2010&type=I&cid=N00009775&newMem=N&recs=20 and check out just the top ten contributors. You will find names like,”Young, Conaway et al”,  “Richards, Layton & Finger”,  “Morris, Nichols et al”, ” Ernst & Young” .

 I suggest you google these names and see just what type of law they practice.

  So in  a nut shell, Mike Castle voted for TARP sending billions into the banking industry(AROUND THE WORLD IT WOULD SEEM), while adding to the number of bankruptcies, while receiving donations to his campaign from banks and Law firms that operate within the financial sector, all while being a ranking member of the House Financial Services Committee. Okay, you decide.


3 Responses to “Did Mike Castle Help Funnel Money To Foreign Banks?”

  1. Boot Mike Castle» Blog Archive » Did Mike Castle Help Funnel Money Into Foreign Banks ? Says:

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  3. Boot Mike Castle» Blog Archive » TARP Recipient Contributes Thousands Of Dollars To Castle Campaigns Says:

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