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Open Letter To President Barack Obama

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posted on Feb, 11 2009 @ 05:59 PM
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Dear Mr. President:

As you have pointed out in your recent primetime press conference, our American economy is teetering on the brink of catastrophe. You admitted that financial institutions leveraged themselves beyond responsibility by playing with a dollar as if it were thirty.

The TARP payments have lacked oversight, so it is not clear how the money has been spent, but the unfreezing of credit has not been achieved. All major banks that have received TARP funds should be investigated for existing and previous fraudulent use of consumers' deposits (excessive leveraging) and the misuse of TARP funds (violation of both the requirements and spirit of TARP).

Millions of Americans are currently out of work through no fault of their own and millions more jobs are in jeopardy due to the lack of banking reforms, as well as previous and continuing malpractice.

Your new Treasury Secretary and his plans have not been well received. There is rampant skepticism and doubt among average Americans about whether Treasury plans for errant banks and your stimulus plan will do enough to bring about desperately needed banking reforms and immediate relief to consumers.

What we do know is that the average American continues to suffer from abusive banking practices, namely the Three G's of current consumer banking... Greed, Gimmicks, and Gouging.

Banks are now sending notices to credit card holders, who are current with their payments and not in default, such as the following... "our records indicate that your account may be a high default risk...you may accept our new terms of 29.9% APR or close your account to further purchases thus agreeing to pay down your balance at a rate of 24.9%"

Mr. President, these are usary rates that should be illegal. Americans call on you and the U.S. Congress to immediately discourage these abusive, unjustly punitive rates and instruct banks to cap all existing and new mortgage rates at a maximum of 6.9% (no balloons, no gimmicks) and cap all existing and new credit card rates at a maximum of 12.9%. Capping rates at these points would still give banks plenty of profit during these
hard economic times.

If banks do not agree to these terms, they would be considered to be default risks, required by law to pay back all previously distributed TARP funds plus 29.9% interest immediately or face federal fraud indictments and a freezing of all assets pending investigation of malpractice and fraud.

Further, we urge you, to better represent consumers, to create a blue-ribbon panel of economic advisors who are not recent alumni of Goldman Sachs and/or the Federal Reserve. May I suggest the following persons to participate in your panel of advisors:

Mr. Ross Perot
Congressman Ron Paul
Mr. Ralph Nader
Ms. Catherine Austin Fitts
Mr. Mish Shedlock
Mr. Clark Howard

Thank you very sincerely




posted on Feb, 11 2009 @ 06:04 PM
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I think you would have a better chance writing Santa and getting a response.

Barack doesn't care enough to read his mail, he has orders to follow.

GL Though



posted on Feb, 11 2009 @ 06:41 PM
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Well, of course I don't seriously expect anyone in the White House to read my letter that I've posted here on ATS.

The intention of the letter is to get ideas and opinions from ATS members.

They're admitting that the banking industry committed malpractice through greed, gimmicks and gouging.

All the relief seems to be going to the crooked bankers and not the consumers. In fact, consumers continue to get taken advantage of worse than ever.

I suspect that the banksters are trying to squeeze as much $ out of consumers as fast as possible before any banking reforms stop their greedy shaking down of consumers.

Things are in disarray. The bailouts have been too rushed, no oversight, money stolen from taxpayers without their consent, all bailout plans and the stimulus plan are in doubt because none of this is providing immediate relief to consumers.

I would like to see all banks investigated immediately. Where are the bank examiners?
Where are the indictments? Why is the lone scapegoat this apparent crook Madoff and no one else?

Why are all of the plans and packages in favor of Goldman Sachs?

Why have all the honchos on the scene come from Goldman Sachs or The Fed?

Who is standing up for Average Joe consumer (nobody)?

Why are banks and credit card companies allowed to openly price gouge Americans with absolutely no fear of being shut down?

Is anybody pushing bank reforms through Congress?

I suspect that the problem everyone is avoiding talking about is the real depth of banking debts tied to credit default swaps, a gimmick that totally backfired on the banks. They say "toxic assets" when in fact, these are not assets at all.

Malpractice and fraud throughout the financial services industry should bring strict, severe reforms and investigations of all such institutions immediately.

Someone needs to stand up for consumers. So far, Obama and Geithner are coming off pretty weak at it.



posted on Feb, 11 2009 @ 10:15 PM
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Here's a link that substantiates what I've been talking about...

www.theinternationalforecaster.com...

The TARP initiative and the stimulus plan are plotted and run by people from Goldman Sachs.

In our country today, The Fed and Goldman Sachs are running things. This is entirely unconstitutional.

Fraud has been committed in the leveraging of 40 or 30 to one. That wasn't an innocent mistake. Bankers should be investigated for that and indictments should follow, but all we are hearing is an attitude of sympathy for the banks.

The banks are ripping off the American consumer more and more.

Something or someone has to stop it.



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