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ProSense

(116,464 posts) Thu Apr 3, 2014, 01:56 PM Apr 2014

Kochs go to bat for hedge fund speculators with yet another bogus ad

Kochs go to bat for hedge fund speculators with yet another bogus ad

by David Nir

Mark Binker of WRAL dives deep into the issues behind that strange new Koch brothers ad attacking Democratic Sen. Kay Hagan (among others) over a plan to reform Fannie Mae and Freddie Mac.

<...>

It's complicated, but here's the essence of Binker's exposé: Thanks to the financial crisis of 2008, investors in the two mortgage giants were mostly wiped out. Fannie and Freddie were then taken over by the federal government, and big hedge funds swept in to scoop up the companies' depressed stock, "essentially placing a bet that the companies would rebound under federal protection," as Binker puts it.

The proposed reform legislation (which his bipartisan support and the backing of the White House) would let the courts decide what should happen to those current investors, and their bet may not pay off. The Koch ad makes it seem like ordinary folks with their modest pension funds would be at risk, but as Binker explains, those sorts of people no longer have any exposure. They took a serious hit in 2007 and 2008, when Fannie and Freddie collapsed, but their investment funds have long since sold off that stock. The current owners are now those large institutional investors who, again, made a speculative play when the two companies hit rock bottom.

And yes, those guys could get screwed (oh, the humanity!), but teachers and firefighters are not among their numbers, despite what the Koch ad claims. When the spot first came out, we didn't have the benefit of Binker's detailed analysis, but we did say "it's a safe bet" that the Koch brothers' "personal financial interests are at stake." Now we know that that's almost certainly the case. When it comes to the Kochs, it's almost always a sure thing that they're peddling b.s. in furtherance of their own private agenda.

http://www.dailykos.com/story/2014/04/03/1289388/-Kochs-go-to-bat-for-hedge-fund-speculators-with-yet-another-bogus-ad

Holy shit, they're getting desperate.

Charles Koch whines in WSJ op-ed
http://www.democraticunderground.com/10024774266

THE CRI DE KOCH - By Charles P. Pierce
http://www.democraticunderground.com/10024774814

3 replies

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Highlight:

Kochs go to bat for hedge fund speculators with yet another bogus ad (Original Post) ProSense Apr 2014 OP

k and rec SwampG8r Apr 2014 #1

Thanks. n/t ProSense Apr 2014 #2

The Plutocrats are working hard to protect their interests Agony Apr 2014 #3

SwampG8r

(10,287 posts)

1. k and rec

Reply to ProSense (Original post)

Thu Apr 3, 2014, 02:14 PM

Apr 2014

I stopped posting a while back. so I don't say anything about Charlie crist and his faking being a democrat.
it has given me a perspective on your posts I didn't have before
I notice when you put something that has a lot of substance like this it doesn't get replied to
I have noticed this of a lot of us here on du
substance sinks and ....whatever else it is seems to sell
good piece though

ProSense

(116,464 posts)

2. Thanks. n/t

Reply to SwampG8r (Reply #1)

Thu Apr 3, 2014, 06:03 PM

Apr 2014

Agony

(2,605 posts)

3. The Plutocrats are working hard to protect their interests

Reply to ProSense (Original post)

Thu Apr 3, 2014, 06:57 PM

Apr 2014

"""
The 60 Plus Association is urging Banking Committee members — three Democrats and four Republicans — "don't bring Obamacare to the mortgage industry." The seniors group says it worries that changes to Fannie and Freddie could hurt retirees, whose investments include bonds sold through the mortgage giants.

"First it was Obamacare. Millions of Americans saw their health plans canceled," says one ad running against Sen. Kay Hagan, the North Carolina Democrat facing a tough re-election bid.

"Now, Kay Hagan is teaming up with Barack Obama to take over the mortgage industry," the ad continues, trying to build voters' frustration with the national health care law.

In addition to Hagan, the group is running ads against Sen. Joe Manchin of West Virginia and Sen. Mark Warner of Virginia — both Democrats.
"""
Read more here: http://www.ledger-enquirer.com/2014/03/31/3033105/conservatives-buy-ads-critical.html#storylink=cpy

The 60 Plus Association.

"""
The group is a 501(c)(4), which means it does not have to reveal its donors. However, it has been tied to the conservative political spending network bankrolled by billionaires David and Charles Koch and their allies.
...
Sanders agreed that average retirees who are invested in 401(k) plans and pensions have little to worry about from the Senate bill. Asked if saying "ordinary investors – teachers, police officers, firefighters – could lose retirement savings" was overstating the case, Sanders said, "absolutely."
...
In prior fact checks, we've said it's nearly impossible to write a 30-second spot about the complex topic of health insurance reform that would get a green light on our fact-checking scale. That goes double for any ad that tries to merge health care with another hugely complex topic such as the mortgage industry inside of a half-minute spot.

More directly, this ad is clearly built to give viewers the impression that their retirement savings may be at risk as a result of this bill. Our experts say that assertion is at best an overstatement and at worst "fear mongering." This ad gets a a red light.
"""
http://www.wral.com/fact-check-does-mortgage-industry-bill-cost-average-investors-retirement-savings-/13530785/

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