IndyMac Attack: Did Schumer, Paulson, Soros, and the CRL Kill the Bank and Profit From Its Collapse?

Andrew Mellon
BigGovernment.com
4/22/2010

At the end of 2007, hedge fund billionaire John Paulson invested $15 million in the leftist non-profit, Center for Responsible Lending, their largest single donation ever. Around the same time, Paulson and his employees contributed over $100,000 to the Democratic Senatorial Campaign Committee, headed, at the time, by Sen. Chuck Schumer. Roughly six months later, CRL and Sen. Schumer both launched a highly public attack on the California-based mortgage lender, Indymac. The lender failed, wiping out the investment of thousands of people. Roughly six months after that, John Paulson, in partnership with George Soros, bought up the remnants of Indymac for pennies on the dollar.

It is a drama that no longer surprises us, unfortunately. Wealthy investors use their access to elected officials and their checkbook to advocacy groups for private profit. But this story has a twist; a top executive of CRL when this deal went down, Eric Stein, is now working at the Treasury Department, heading up the proposed Consumer Financial Protection Agency. Mr. Stein will be the chief federal official designing regulations to protect consumers. Right.

This is that story.

…As Activist Cash notes, George Soros’ Open Society Institute has donated at least $100,000 to the CRL. Soros of course seems to be behind almost all of these leftist groups as has been well-documented in numerous articles and in David Horowitz’s 2007 book, The Shadow Party: How George Soros, Hillary Clinton, and Sixties Radicals Seized Control of the Democratic Party. When it comes to Soros’ character and aspirations, it bears noting that Soros willingly confiscated property with the Nazis who slaughtered his own Jewish people during the Holocaust, and was quoted in a damning 2004 Newsmax article as saying that he wanted to “puncture the bubble of American supremacy.” He has also had a penchant for making bundles of money off of collapses resulting from the socialist policies that he so ardently supports. Needless to say that in my view, George Soros is a dangerous and diabolical character…

…Soros’ investing style is to guarantee success by supporting policies that undermine countries and their industries, and profit handsomely off of their failures and at times subsequent bailouts, be it in the case of the British pound or Citigroup.  What is peculiar is how wedded Soros has become to John Paulson, a man whose past I have not found to be checkered with progressivism, but I suppose their profits trump partisanship…

Read the complete article at BigGovernment.com

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