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ProSense

(116,464 posts)
Tue Sep 4, 2012, 02:17 PM Sep 2012

WaPo Glenn Kessler is a big dolt and GOP shill!

Biden’s incorrect claim that a Bain ‘bailout’ cost American taxpayers

Posted by Glenn Kessler

The Facts

The Rolling Stone article, headlined “The Federal Bailout That Saved Mitt Romney,” has one new element—documents from the Federal Deposit Insurance Corp. that were obtained under the Freedom of Information Act. The documents are certainly interesting, demonstrating some of the Romney’s hardball tactics to obtain a favorable outcome, including threatening to drain the company’s cash position by paying out bonuses if a deal was not reached.

But though Rolling Stone repeatedly uses the phrase “bailout,” as we explained before this did not involve taxpayer funds or government fund.

At issue was a $38 million loan made to Bain by a failed bank, the Bank of New England, and the FDIC’s efforts to collect on the loan. Ultimately, the loan was reduced by $10 million but the money was made up through assessments on FDIC-member banks.

As we noted: “That’s right — no taxpayer money is involved. The FDIC prides itself on not taking taxpayer funds.”

- more -

http://www.washingtonpost.com/blogs/fact-checker/post/bidens-incorrect-claim-that-a-bain-bailout-cost-american-taxpayers/2012/09/03/b349eab8-f5db-11e1-8b93-c4f4ab1c8d13_blog.html

Fees paid to the FDIC are government funds you fucking dolt!

That's like claiming that TARP wasn't a federal bailout.

Here is information about the Wall Street reform law that directly contracdicts Kessler's idiotic opinion.

In addition to the legal proceedings, Bair has made the following remark, which spoke to the FDIC’s lack of statutory authority pre Dodd-Frank. In a response to the Inspector General for the TARP program, Bair remarked, "We were told by the New York Fed that problems would occur in the global markets if Citi were to fail. We didn't have our own information to verify this statement, so I didn't want to dispute that with them." In 2008, the FDIC did not have the legal authority to put large holding companies into its bank receivership process and little authority to access information outside of the insured institutions. Since these were holding companies, and not banks, the FDIC had to rely on information from other regulators. That is no longer the case. In 2010, the Dodd-Frank Act was enacted, expressly prohibiting bank bailouts by extending the FDIC’s resolution authority to close the largest financial firms and make their shareholders and creditors bear the losses without creating a systemic disruption. Dodd-Frank also gave the FDIC new authority to directly access information from large bank holding companies which are not in sound condition.13] [14]

http://en.wikipedia.org/wiki/Sheila_Bair#Criticism


Ends Too Big to Fail Bailouts: Ends the possibility that taxpayers will be asked to write a check to bail out financial firms that threaten the economy by: creating a safe way to liquidate failed financial firms; imposing tough new capital and leverage requirements that make it undesirable to get too big; updating the Fed’s authority to allow system-wide support but no longer prop up individual firms; and establishing rigorous standards and supervision to protect the economy and American consumers, investors and businesses.

http://banking.senate.gov/public/_files/070110_Dodd_Frank_Wall_Street_Reform_comprehensive_summary_Final.pdf


The fascinating thing is that Kessler decided to call out Biden on his FDIC claim, but on Ryan's convention speech, which was chock full of lies, Kessler says:

The truth? C’mon, this is a political convention
http://www.washingtonpost.com/blogs/fact-checker/post/the-truth-cmon-this-is-a-political-convention/2012/08/31/88550120-f3c0-11e1-892d-bc92fee603a7_blog.html

Here is a post about Kessler making up shit to protect Romney:

Brad DeLong: Is This the Silliest Thing Glenn Kessler of the Washington Post Has Ever Written?
http://www.democraticunderground.com/1002942909

Here is Kessler backtracking:

Romney loses WaPo fact checker Glenn Kessler
http://www.democraticunderground.com/1002980717

Pushing opinions as fact is not fact checking. Speculation without evidence is not fact checking. Taking Romney's word for his lies is not fact checking.

Glenn, you're a dolt!

4 replies = new reply since forum marked as read
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WaPo Glenn Kessler is a big dolt and GOP shill! (Original Post) ProSense Sep 2012 OP
Go Away, Kessler, and take the rest of the WaPo fishwrap staff with you. n/t librechik Sep 2012 #1
He needs to be called out. n/t ProSense Sep 2012 #4
Agree. Kessler's fact checks are the least reliable. nt MariaM83 Sep 2012 #2
He approves of lying. ProSense Sep 2012 #3

ProSense

(116,464 posts)
3. He approves of lying.
Tue Sep 4, 2012, 03:21 PM
Sep 2012

He is in fact questioning why people would call out Ryan on his lies.

The guy is a fraud.

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