What does welfare for the rich look like? Rolling Stone author Matt Tabbi found out. In a recent article, Tabbi talks about the real rape and pillage that’s been going down on Wall Street. Forget secret bank accounts in faraway places. This money comes from our pockets and goes to fill bigger ones. Below is an excerpt from Rolling Stones Magazine April 28th article – which I strongly suggest everyone read:
Most Americans know about that budget. What they don’t know is that there is another budget of roughly equal heft, traditionally maintained in complete secrecy. After the financial crash of 2008, it grew to monstrous dimensions, as the government attempted to unfreeze the credit markets by handing out trillions to banks and hedge funds. And thanks to a whole galaxy of obscure, acronym-laden bailout programs, it eventually rivaled the “official” budget in size — a huge roaring river of cash flowing out of the Federal Reserve to destinations neither chosen by the president nor reviewed by Congress, but instead handed out by fiat by unelected Fed officials using a seemingly nonsensical and apparently unknowable methodology.
One of the shadow budgets that Matt talks in his article goes by the name Waterfall TALK Opportunity. At first glance, Waterfall’s haul doesn’t seem all that huge — just nine loans totaling some $220 million, made through a Fed bailout program. That doesn’t seem like a whole lot, considering that Goldman Sachs alone received roughly $800 billion in loans from the Fed. But upon closer inspection, Waterfall TALF Opportunity boasts a couple of interesting names among its chief investors: Christy Mack and Susan Karches.
Christy is the wife of John Mack who happens to be the chairman of Morgan Stanley. Susan, poor thing, is the widow of Peter Karches who died from being a Wall Street Fat cat. Despite having no business experience, except for their roles for as philanthropists and husband-fuckers, these women received $250 million from the federal government.
Wow. It really warms my heart to know that my tax dollars are funding lippy-plumped tanorexics and their Louis Vuitton bags. Forget the ASPCA or your neighbor who just lost his house. If you’ve got two dimes to rub together – give proudly to the FMFSFRP: Free Money For Super Fucking Rich People. Because really rich people need really rich things that people like us can’t afford.
I don’t know about you, but it’s time to get James Brown on Wall Street: