Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsWaPo Glenn Kessler is a big dolt and GOP shill!
Bidens 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 elementdocuments from the Federal Deposit Insurance Corp. that were obtained under the Freedom of Information Act. The documents are certainly interesting, demonstrating some of the Romneys hardball tactics to obtain a favorable outcome, including threatening to drain the companys 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 FDICs 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: Thats 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
Posted by Glenn Kessler
The Facts
The Rolling Stone article, headlined The Federal Bailout That Saved Mitt Romney, has one new elementdocuments from the Federal Deposit Insurance Corp. that were obtained under the Freedom of Information Act. The documents are certainly interesting, demonstrating some of the Romneys hardball tactics to obtain a favorable outcome, including threatening to drain the companys 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 FDICs 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: Thats 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 FDICs 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 FDICs 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
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 Feds 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
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? Cmon, 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!
InfoView thread info, including edit history
TrashPut this thread in your Trash Can (My DU » Trash Can)
BookmarkAdd this thread to your Bookmarks (My DU » Bookmarks)
4 replies, 1121 views
ShareGet links to this post and/or share on social media
AlertAlert this post for a rule violation
PowersThere are no powers you can use on this post
EditCannot edit other people's posts
ReplyReply to this post
EditCannot edit other people's posts
Rec (1)
ReplyReply to this post
4 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
WaPo Glenn Kessler is a big dolt and GOP shill! (Original Post)
ProSense
Sep 2012
OP
librechik
(30,676 posts)1. Go Away, Kessler, and take the rest of the WaPo fishwrap staff with you. n/t
ProSense
(116,464 posts)4. He needs to be called out. n/t
MariaM83
(233 posts)2. Agree. Kessler's fact checks are the least reliable. nt
ProSense
(116,464 posts)3. He approves of lying.
He is in fact questioning why people would call out Ryan on his lies.
The guy is a fraud.