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2/18/2010
Ok, be skeptical. But anarchy can go too far
Just like you, I receive a million emails every day – and just like you, I have to go through some quick, efficient process to decide whether they’re worth reading or not – and then once I read them, whether they’re credible or not.
It’s maddening that so much garbage is out there. Yes, share good info and commentary – but if you’re going to spread it, please check it out first.
One of last week’s big e-mails of the week featured a 5-minute screed claiming taxpayers are supplementing income of a company owned by former Goldman Sachs execs.
The video walks through a series of numbers meant to prove to you that the FDIC is enhancing the profits of OneWest Bank (which the video screamers are sure to tell you is associated with famed financiers George Soros and John Paulson) which purchased the assets of IndyMac, including devalued mortgages.
A number of the “facts” used in the rapid-spreading piece are just plain wrong. The FDIC lists a number of them here.
The FDIC responded to the video Friday.
FDIC Director of Public Affairs Andrew Gray said, "It is unfortunate but necessary to respond to blatantly false claims in a web video that is being circulated about the loss-sharing agreement between the FDIC and OneWest Bank. Here are the facts: OneWest has not been paid one penny by the FDIC in loss-share claims. The loss-share agreement is limited to 7% of the total assets that OneWest services, and OneWest must first take more than $2.5 billion in losses before it can make a loss-share claim on owned assets. In order to be paid through loss share, OneWest must have adhered to the Home Affordable Modification Program (HAMP).
The producers of this video perpetuate other falsehoods. The FDIC has not requested to borrow money from the Treasury Department. Indeed, we continue to be funded by the banking industry through assessments, not by taxpayers as claimed in the video.
This video has no credibility. Regardless of the personal or professional motivations behind its production, there is always a responsibility to be factually correct and transparent. The FDIC made available a fact sheet on the day that the sale of IndyMac was announced that details the terms of the contract. It's too bad that the creators of this video opted to premise it on falsehoods."
Commenters on the video site don’t believe the FDIC. Ok, be skeptical. Challenge government. But suspicion and anarchy can just as easily go too far.
Jo Egelhoff, FoxPolitics.net
COMMENTS
I guess we can take comfort in the old saw that it's not true unless the government denies it first. :-)
Having read only summaries of the video (and denial) it seems the video adds details that may or may not be true, while entirely missing big problems.
Why did the Bush administration and Obama administration establish such programs that sell debt at a discount, but guarantee it at face value? It's not just an FDIC problem, as the Federal Reserve's balance sheet is chock full of such garbage.
Additionally, while the FDIC's insurance kitty is in deficit (meaning: currently empty) it still runs the TLGP program, which puts the taxpayer's wallet behind Wall Street paupers like GE, JPM, B of A, Citi, and Morgan Stanley. Goldman Sachs isn't even in the top five, having issued only $20 billion in taxpayer-guaranteed debt. (I'd share the other balances of the big five, but I don't want to be accused of inciting a run on pitchforks at the hardware store.)
Brian Heyer, CPA (Thu Feb 18 09:46:47 2010)
"Why did they"? Because the robber barons (oops, banks) behind them, told them to. And junk like this has been going on a lot longer than just those two admins.
emily matthews (Thu Feb 18 12:22:00 2010)
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