Biden Gang Executed Hostile Takeover of FDIC – Now FDIC Bails Out SVB and Signature Bank

March 16, 2023 — bunkerville

One has to wonder whether the plan for taking over the banking industry started with the takeover of the FDIC. One can speculate whether the default of a bank by Directors who at most earned their seats on the Board merely by being BFF of Obama and Biden. An interesting “connect the dots” that Gateway Pundit strung together.

This post follows yesterday’s post that raised the question. Who was minding the store and did anyone really care?

Marxist Fed Reserve Chair Daly of San Francisco, Former High School Drop Out, Oversaw Bank That Failed

Mary Daly, the Federal Reserve Bank of San Francisco chief who failed to see major red flags at failed Silicon Valley Bank, was inspired by Marxian economist Gene Wagner, who she said “has mentored me my whole life” Talk about moral hazards: The lesbian activist protege of Biden Treasury Secretary Janet Yellen was more concerned with regulating culture than regulating banks. Also a BLM activist.

One year ago the FDIC suffered a hostile takeover from the Biden gang.  A year later the FDIC is bailing out banks with a significant number of Chinese venture capital accounts.  

In February of 2022 President Trump’s FDIC Director resigned after what she claimed was a hostile takeover by the Biden regime.  She was appalled with the actions taken by those close to Biden.

McWilliams was appointed to the position in 2018 by President Donald Trump.

“When I immigrated to this country 30 years ago, I did so with a firm belief in the American system of government. During my tenure at the Federal Reserve Board of Governors, the United States Senate, and the FDIC, I have developed a deep appreciation for these venerable institutions and their traditions. It has been a tremendous honor to serve this nation, and I did not take a single day for granted. Throughout my public service, I have been constantly reminded how blessed we are to live in the United States of America,” the letter stated.

In December, McWilliams published an op-ed in the Wall Street Journal titled, “A Hostile Takeover of the FDIC.”

“The Federal Deposit Insurance Corporation is led by a five-member board, which for decades has delegated day-to-day operations to its chairman, who by statute serves a five-year term. This structure was designed to ensure independence from changing political administrations and has led to a long legacy of collegiality. For 88 years the chairman has controlled the board agenda and worked collaboratively with other board members.

That all changed on Oct. 31, when board member Rohit Chopra presented me with a draft request for information on bank mergers. Two-and-a-half weeks earlier, Mr. Chopra had been sworn in as director of the Consumer Financial Protection Bureau, a position entitling him to a seat on the FDIC board.

“Of the 20 chairmen who preceded me at the FDIC, nine faced a majority of the board members from the opposing party, including Mr. Gruenberg as chairman under President Trump until I replaced him as chairman in 2018,” McWilliams wrote. “Never before has a majority of the board attempted to circumvent the chairman to pursue their own agenda.”

 

 

A year later two banks fail that were run by woke liberals who donated to the Democrats.  Silicon Valley Bank had a large number of deposits that were related to Chinese venture capitalists.  Barney Frank was on the board of the other bank bailed out by Biden, Signature Bank.

Read more Gateway Pundit

Senator JD Vance says that community banks will take the fall for the bailouts of SVB and Signature Bank failures.

Vance was on with the War Room and he shared that over 90% of SVB deposits were uninsured deposits.

What we basically did is we’re going to charge community banks higher fees to put more money into Silicon Valley Bank to bail out depositors.  I think that’s a catastrophic decision.

 
 

Other than that its a swell time in the swamp.

Posted in Deep State. Tags: , , , . 38 Comments »

Dodd’s Bank Bill- It’s Nationalization worse than Obamacare

May 11, 2010 — bunkerville

While Obama wows us with his Alinsky method of keeping us jumping from one  upsetting issue to the next and off stride, the most damning piece of Obama’s handiwork will come in the form of the Dodd bill.  It will give the ultimate power to the executive branch to nationalize our entire economy.

To put it bluntly but absolutely accurately, this bill sets up a mechanism for the Treasury Secretary, the Federal Reserve, and the Federal Deposit Insurance Corporation to nationalize virtually any business they deem to be a threat to American “financial stability.”

Among its horrors are a massive new consumer agency with the power to track virtually every financial transaction to share with other big agencies like the IRS, onerous new restrictions on angel investors and venture capital that greatly delay funding promising startup firms, proxy access provisions that would federalize state incorporation laws and empower unions and other progressive shareholders to wage director campaigns at the company and other shareholders’ expense, and no attempted reform of the government-sponsored enterprises Fannie Mae and Freddie Mac at the center of the financial mess.

It is clear that the bill’s “orderly liquidation authority” would facilitate outright government seizure of a wide variety of firms with very limited judicial review.

 The first clue of what the bill would do in this regard comes from one of the bill’s architects. House Financial Services Committee Chairman Barney Frank, author of the similar financial bill that passed the House in December, has freely used the term “death panels” to describe the new powers the bills give the government over firms. In response to charges of “death panels“ in the health care bill, Frank responded that the panels were in the wrong bill. “Yes, we have death panels, but they got the death panels in the wrong bill,” Frank said on the House floor. “The death panels are in this bill.”

Defending against charges that the bills’ new mechanism to wind down firm will lead to taxpayer bailouts, Frankwrote in the Huffington Post that under this authority, “Shareholders are wiped out, unsecured creditors are out of luck, management and every employee that is not required to shut down the company is fired.” What Frank and other of the bills’ architects don’t say — not even in liberal venues like the Huffington Post — is that the bills also give the government these same powers to take over firms not seeking any kind of government aid.

Section 203 of Title II of the bill empowers the Secretary of Treasury, with a two-thirds vote from the Federal Reserve and the Federal Deposit Insurance Corporation, to take into government “receivership” any “financial company” whose failure he determines “would have serious adverse effects on financial stability in the United States. “

Once the Treasury Secretary puts the company into “receivership” of the FDIC, the government may — under Section 210 — “take over the assets of and operate the covered financial company with all of the powers of the members or shareholders, the directors, and the officers of the covered financial company, and conduct all business of the covered financial company,” “perform all functions of the covered financial company, in the name of the covered financial company,” and “ provide for the exercise of any function by any member or stockholder, director, or officer of any covered financial com1pany for which the Corporation has been appointed as receiver under this title.” http://biggovernment.com/jberlau/2010/05/11/dodds-bank-bill-worse-than-obamacare-its-the-nationalization-stupid/ It wasn’t enought that Dodd and his buddy Barney Frank required Fannie and Freddie Mac to cover loans to those who could never pay. Let’s finish private enterprise once and for all.

Posted in Federal Reserve, Government. Tags: , , , , , , , , , , , , , , , , . 1 Comment »