Open Letter to Protect Taxpayers and Events
0 views
Skip to first unread message
People's Forum
Apr 23, 2009, 7:52:29 AM4/23/09
to thepeopleforum
Black on Black Crime, Inc.'s Second Annual Awards Banquet
Saturday, May 2, 2009,
from 7 to Midnight
at
The Redeemer on the Avenue
15901 St. Clair Avenue
Cleveland, Ohio
Donation is $35.
Call 990.0679 for tickets
------------------------------------------------------------------
.Friends of peace through nonviolence. .. As many of you know
longtime peace activist Louis Vitale will be speaking in Cleveland
[Love Your Enemies: Transforming Us vs. Them Thinking] as part of a
nationwide tour on: Wednesday evening May 6th at 7:30 pm at St.
Paul's Community Church [corner of West 45th and Franklin Blvd]. Here
is a link to an interview of Louie by Democracy Now's Amy Goodman from
last week in San Francisco. http://www.democrac ynow.org/
2009/4/14/ peace_activists_ arrested_ after_protesting _us In
addition - the Los Angeles Times featured a very positive article on
Louie last week - please click on: http://www.commondr eams.org/
headline/ 2009/04/09- 7 PLEASE help us get the word out! This event
is sponsored by the Cleveland Network of Spiritual Peace Activists
along with many co-sponsors. Thank you very much. Bring your
friends - enemies too - we'll make 'em friends. Tim Musser
------------------------------------------
OPEN LETTER TO OHIO US FEDERAL ELECTED OFFICIALS: PROTECT TAXPAYERS BY
ENFORCING THE FEDERAL PROMPT CORRECTIVE ACTION LAW
Many of the largest banks in the nation are effectively insolvent.
They continue in existence only because they have received hundreds of
billions of taxpayer dollars. The proposed FY 2010 federal budget
contains upwards of $750 billion to bailout insolvent banks and other
financial institutions. This is in addition to the $700 billion in
emergency funding approved by Congress last year plus another $3.3
trillion the executive branch approved in loans and leverages.
The Prompt Corrective Action Law (Title 12, Chapter 16, Section 1831o)
was created following the bailout of the savings and loan crisis to
protect taxpayers. The law mandates that severely undercapitalized
banks be promptly put into receivership (i.e., nationalized or
democratized).
William K. Black, former senior regulator during the 1980’s savings
and loan crisis and current Associate Professor of Economics and Law
at the University of Missouri, asserts that both the Bush and Obama
administrations have consciously and deliberately violated this law by
not taking over insolvent banks. By not doing so, the US continues to
pour billions of taxpayer dollars down the bank bailout drain.
We ask that you call on the Obama Administration to enforce the Prompt
Corrective Action Law. We ask that you communicate this message
through your legislative powers — write a letter, speak out on the
floor of Congress, call or organize a congressional hearing, and/or
introduce legislation.
Earlier this week, Neil Barofsky, the Inspector General of the
Troubled Asset Relief Program (TARP) concluded that federal bank
bailout program is “tilted in favor of private investors.” Taxpayers
are the losers.
JP Morgan Chase, Bank of America, Citibank, Goldman Sachs, and Wells
Fargo Wachovia, the five major US-based banking corporations, hold the
vast majority of all known toxic assets. Their speculative financial
gambles have imperiled the overall economy, citizens and taxpayers.
The Prompt Corrective Action Law should be applied first and foremost
to any or all these banks if they are proven to be insolvent.
Present US taxpayers and their descendents cannot afford to bailout
insolvent banks. Our federal budget priorities demand that our tax
dollars be spent helping the real economy and real people through
investments in jobs, health care, education, alternative energy, and
infrastructure.
Laws meant to protect our institutions and society in general should
be enforced, not ignored. That includes the Prompt Corrective Action
Law.
22. April. 2009
---------------------------------------------------------------
The American Friends Service Committee is a Quaker social action
organization which educates, advocates and organizes for peace,
justice and democracy issues.
Saturday, May 2, 2009,
from 7 to Midnight
at
The Redeemer on the Avenue
15901 St. Clair Avenue
Cleveland, Ohio
Donation is $35.
Call 990.0679 for tickets
------------------------------------------------------------------
.Friends of peace through nonviolence. .. As many of you know
longtime peace activist Louis Vitale will be speaking in Cleveland
[Love Your Enemies: Transforming Us vs. Them Thinking] as part of a
nationwide tour on: Wednesday evening May 6th at 7:30 pm at St.
Paul's Community Church [corner of West 45th and Franklin Blvd]. Here
is a link to an interview of Louie by Democracy Now's Amy Goodman from
last week in San Francisco. http://www.democrac ynow.org/
2009/4/14/ peace_activists_ arrested_ after_protesting _us In
addition - the Los Angeles Times featured a very positive article on
Louie last week - please click on: http://www.commondr eams.org/
headline/ 2009/04/09- 7 PLEASE help us get the word out! This event
is sponsored by the Cleveland Network of Spiritual Peace Activists
along with many co-sponsors. Thank you very much. Bring your
friends - enemies too - we'll make 'em friends. Tim Musser
------------------------------------------
OPEN LETTER TO OHIO US FEDERAL ELECTED OFFICIALS: PROTECT TAXPAYERS BY
ENFORCING THE FEDERAL PROMPT CORRECTIVE ACTION LAW
Many of the largest banks in the nation are effectively insolvent.
They continue in existence only because they have received hundreds of
billions of taxpayer dollars. The proposed FY 2010 federal budget
contains upwards of $750 billion to bailout insolvent banks and other
financial institutions. This is in addition to the $700 billion in
emergency funding approved by Congress last year plus another $3.3
trillion the executive branch approved in loans and leverages.
The Prompt Corrective Action Law (Title 12, Chapter 16, Section 1831o)
was created following the bailout of the savings and loan crisis to
protect taxpayers. The law mandates that severely undercapitalized
banks be promptly put into receivership (i.e., nationalized or
democratized).
William K. Black, former senior regulator during the 1980’s savings
and loan crisis and current Associate Professor of Economics and Law
at the University of Missouri, asserts that both the Bush and Obama
administrations have consciously and deliberately violated this law by
not taking over insolvent banks. By not doing so, the US continues to
pour billions of taxpayer dollars down the bank bailout drain.
We ask that you call on the Obama Administration to enforce the Prompt
Corrective Action Law. We ask that you communicate this message
through your legislative powers — write a letter, speak out on the
floor of Congress, call or organize a congressional hearing, and/or
introduce legislation.
Earlier this week, Neil Barofsky, the Inspector General of the
Troubled Asset Relief Program (TARP) concluded that federal bank
bailout program is “tilted in favor of private investors.” Taxpayers
are the losers.
JP Morgan Chase, Bank of America, Citibank, Goldman Sachs, and Wells
Fargo Wachovia, the five major US-based banking corporations, hold the
vast majority of all known toxic assets. Their speculative financial
gambles have imperiled the overall economy, citizens and taxpayers.
The Prompt Corrective Action Law should be applied first and foremost
to any or all these banks if they are proven to be insolvent.
Present US taxpayers and their descendents cannot afford to bailout
insolvent banks. Our federal budget priorities demand that our tax
dollars be spent helping the real economy and real people through
investments in jobs, health care, education, alternative energy, and
infrastructure.
Laws meant to protect our institutions and society in general should
be enforced, not ignored. That includes the Prompt Corrective Action
Law.
22. April. 2009
---------------------------------------------------------------
The American Friends Service Committee is a Quaker social action
organization which educates, advocates and organizes for peace,
justice and democracy issues.
Reply all
Reply to author
Forward
0 new messages