The Injustice of it all!
Well everybody, you may be aware of the economic recession, the mortgage crisis, and the subsequent $700 billion dollar quick payday loans bailout that we as taxpayers get to foot the bill for, but, and this is a BIG but, did you know that yesterday the feds designated $20 billion dollars of this bailout bill to Citigroup, once the nation’s largest credit lender. Taxpayers will also be responsible for $306 billion in quick payday loans to the company. This is all in addition to the $25 billion invested in the company by the US Treasury Department.
Behold your hinus Prince Alaweed. The latest recipient of your tax dollars.
Wait, It Gets Even worse
Citigroup, as it turns out was largely responsible for its own demise and its major share holder is Suadi Arabian prince Alwaleed bin Talal–the nephew of Saudi King Abdullah. Alwaleed also has major stakes in Fox News, Time Warner (parent company of Time and CNN) as well as The Walt Disney Company.
Alaweed was listed as one of the most powerful people in the world in 2008 and bailed out Citibank in the mid 90’s when no one else would.
His website Kingdom.com quotes the following:
“Perhaps no single transaction has catapulted Prince Alwaleed to the world’s financial stage in as spectacular a fashion as did his acquisition in 1991 of Citibank (subsequently, Citigroup) stocks.”
“Few people could then imagine that a Saudi Arabian, and a royal at that, would burst onto the international scene, seemingly out of nowhere, to invest so heavily in one of the major banks of the world and to help restore it to such health that it would become the leading financial institution in the world.”
Prince Alwaleed is referred to as the “Warren Buffet of the Gulf” and lives in a $100 million dollar 317 room palace.
Your American Tax Dollars Are Hard At Work. Overseas That Is!
Isn’t it nice to know that your hard earned tax dollars will go to help bailout a rich Saudi prince. The fact that our government is providing these quick payday loans bailout funds to foreign investors should make you at the very least somewhat suspicious of the whole matter.
Whether you’re a Democrat or Republican you may like to know before you start pointing fingers that both the president, George W. Bush and the president elect Barack Obama worked closely together on the outcome.
The justification for the bailout of many of the nation’s largest banks, despite their less than kosher activities, has echoed that a further failing economy would be the result if they didn’t bail out the banks.
What if instead of taking money out of the taxpayers’ pockets to bail these giants out of their self-induced mistakes, we gave the money to the people of America and made provisions in the law that the receivers of these funds pay down their mortgages and or pay off their existing creditors. Naturally, this would provide relief to the American people as well as the American economy because these funds would flow back to the banks as creditors are payed off and homes are payed down. Consumer spending would then increase as people could now afford more. It seems as if it might just work.
Rest assured you and I and our concerns are at the top of the feds priority list… or is it our pocketbook?
The American Taxpayer as become the free quick payday loans source for the bad decisions of the financial elite.
I for one am amazed that our tax dollars that are supposed to getting our country out of the crisis its under are going elsewhere. I’m amazed, but I guess I’m not too surprised. They really should be using that bailout money to help those that are the most in debt. If the money starts flowing in from the bottom up, that will stimulate the market more than going from the top down.
Furthermore, everyone will be amazed how those funds are then allocated after these foreign investors are bailed out.
We have a Saudi roommate, who is currently a student. Last week the Prince of Saudi Arabia came and made an appearance at NYU, where approx. 400 Saudi students came to see the prince. Each Saudi student, simply for coming to the appearance received $10,000. All other Saudi students throughout the United States received $3,000 from their embassy.
I’m still waiting on my stimulus check!
This is another blatant attempt at sensationalism which ignores the facts. All the money that the taxpayers are injecting into the banks is actually reducing existing shareholders wealth, not increasing it.