Following the money
Which network is the most notoriously pro-Obama?
MSNBC/NBC by a mile.
Who owns MSNBC and NBC?
General Electric.
Which company turns out to be the biggest recipient of government’s “bank rescue” program, in spite of not even being a bank?
General Electric.
The Washington Post explains…
The company did not initially qualify for the program, under which the government sought to unfreeze credit markets by guaranteeing debt sold by banking firms. But regulators soon loosened the eligibility requirements, in part because of behind-the-scenes appeals from GE.
As a result, GE has joined major banks collectively saving billions of dollars by raising money for their operations at lower interest rates. Public records show that GE Capital, the company's massive financing arm, has issued nearly a quarter of the $340 billion in debt backed by the program, which is known as the Temporary Liquidity Guarantee Program, or TLGP. The government's actions have been "powerful and helpful" to the company, GE chief executive Jeffrey Immelt acknowledged in December.
GE's finance arm is not classified as a bank. Rather, it worked its way into the rescue program by owning two relatively small Utah banking institutions, illustrating how the loopholes in the U.S. regulatory system are manifest in the government's historic intervention in the financial crisis….
Unlike other major lenders participating in the debt guarantee program, including Bank of America, Citigroup and J.P. Morgan Chase, GE has never been subject to the Fed's stress tests or its rules for limiting risk. Also unlike firms that have received bailout money in the Troubled Assets Relief Program, or TARP, GE is not subject to restrictions such as limits on executive compensation.
Explains a lot doesn’t it.
Remember when we actually had a free press? Yep, those were the good ole days. But no more. Now we have media giants on the take, selling out to whichever corrupt politicians can funnel enough money to their parent company.
Posted by Danny Carlton at June 30, 2009 8:10 AM