Wednesday, April 1, 2009

Bush Administration Committed Extortion--FOX NEWS

Extortion was committed on many American banks by the Bush Administration, said Fox News' Senior Legal Analyst, former judge Andrew Napolitano.

Tuesday, on Fox's Studio B with Shepard Smith, Napolitano said that banks that did not need the bail-out money, did not want the bail out money, and tried to refuse, were specifically told by the FDIC and the Treasury that if those banks did not take the money they would be subjected to expensive and lengthy audits which the banks themselves would have to pay for.

Napolitano said that Monday night he met with an official of one of those banks who explained how the process had gone down. This official is reported to have told the government to go ahead with the audit because his bank was "clean" as far as its book were concerned. That is when the official was told his bank would have to pay for the audit, and his employees would have to give their time, paid for by the bank, to assist with the audit.

In addition, those banks which were unduly forced to take the money now owe 5% interest on those government "loans". Some banks cut investor dividends at the end of their business cycles in order to pay for the interest owed.

In related news, "Signature Bank of New York said on Tuesday that it had repaid $120 million to the Treasury Department. Old National Bancorp of Indiana returned $100 million, Iberiabank of Louisiana paid back $90 million, and Bank of Marin Bancorp of Novato, Calif., repaid $28 million. All of the banks paid 5 percent interest on the money they had received.

"New restrictions on executive compensation and dividend payouts made such aid less palatable to bank managers." New York Times

More information as it becomes available.

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