CRAZY BARRY’S IS HAVING A HALF-OFF SALE! “Bank of America gets half off its Justice Dept. settlement…by giving millions of dollars to liberal groups approved by the Obama administration:”
The bank has wiped about $194 million off its record $16.6 billion 2014 mortgage settlement by donating to nonprofits and legal groups. Thanks to little-known provisions in the settlement, the bank only had to make $84 million in donations to do that.
The bank wasn’t exploiting any loophole. It’s a key part of the deal the Justice Department offered to get it to settle in the first place. For every dollar the bank has given the nonprofits — none of which were victims of fraud themselves — it has claimed at least two dollars off the settlement. The deal ensured the Obama administration that a certain part of the settlement funds would go to friendly liberal groups, bypassing the normal congressional appropriations.
Among the groups receiving the money were Hispanic civil rights group the National Council of La Raza ($1.5 million), the National Urban League ($1.1 million) and the Neighborhood Assistance Corporation of America ($750,000).
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“This is nothing short of a shakedown and another example of how the Obama administration is rigging the system to benefit their political allies. Instead of directing settlements directly to victims or returning the money to the U.S. Treasury, President Obama set up a slush fund for community organizers and other liberal activists. This is outrageous,” said Rep. Sean Duffy, R-Wis., chairman of the Financial Services Committee’s Oversight and Investigations Subcommittee.
It’s quite a racket – the 2008 financial crisis was caused by the Clinton administration massively expanding Jimmy Carter’s Community Reinvestment Act, forcing banks to give high-risk loans to those who had no business owning a home, in a textbook example of Reynolds’ Law run amok. Now in its wreckage, Bank of America is shaken down for billions by the same party that created the CRIA. And of course, no one in the MSM will ask Hillary about her husband’s involvement in the debacle – instead, as this NewsBusters headline today notes, “NY Mag Writer Begs Media to ‘Stop Bugging Hillary Clinton!’”
As Michael Walsh would say, “think of the Democratic Party as what it really is: a criminal organization masquerading as a political party,” and you won’t go far wrong. Not to mention how all of the above is another marker on the road to “The Coming Middle-Class Anarchy,” if sufficient voters begin to realize how corrupt Beltway elites have rigged the system to benefit themselves and their cronies.