Kucinich gettin fired up

[cornflake_31]

On C-SPAN right now. He has Kashkari in his sights. Gettin good.

[bdamomma]

1. is this a Committee hearing on the financial mess.

Welcome to DU!!

[cornflake_31]

3. Yes, Oversight Subcommitee

Issa jumping his ass now.

[malaise]

2. Damn I missed him

Watching now. Issa up now.

[bdamomma]

4. I would love it if Dennis said we were ripped off.

[slipslidingaway]

5. Thanks, this link has some background on why this hearing

was scheduled.

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=4441774&mesg_id=4441774

"House Judiciary Committee Chairman John Conyers, Jr. (D-MI) and Government Oversight Subcommittee Chairman Dennis Kucinich (D-OH) today expressed alarm that the $700 billon from the Troubled Asset Relief Program has apparently not yet been used to make loans to businesses and consumers. Recent media reports suggest the banking industry will not use these funds to facilitate lending, but will instead use them to facilitate mergers.

“It is very troubling to learn that the $700 billion rescue package sold to the American consumer as necessary ensure to continue loans to small businesses and consumers, is apparently being used instead to squeeze smaller banks out of the market,” said Conyers. “I’m concerned about the federal government using these funds to take sides in mergers and to promote consolidation within the financial markets instead of reviving our economy.”

“It seems evident that bailout funds are being used in unintended and objectionable ways,” said Kucinich, a leader in opposition to the bailout. “Nowhere is this more clear than in my district in Ohio, where National City was recently purchased by PNC; a bank that did not receive bailout money was purchased by a bank that did. Federal money should not be used to subsidize consolidation of the banking industry.”

[malaise]

6. Can you still add hearings to your headline

This is very interesting.

[slipslidingaway]

7. Kucinich up again asking about National City Bank n/t

[bdamomma]

8. Dennis is up now

http://www.cspan.org/Watch/C-SPAN_wm.aspx

Dennis is smacking this guy. Love Dennis he wants some answers.

[malaise]

9. Watching Dennis

Love him.

[Gin]

11. he is on fire...taking it to the witness

[Myrina]

10. I LOVE Dennis!!

"I just want to know where you're walking me before you start talking"


Go git' him!!!!! :applause:


:patriot:

[malaise]

12. He's tearing him a new one

Go Dennis!

[bdamomma]

13. kick

[Eyerish]

14. Kick

GOD DAMN do I love Kucinich!!:woohoo: :applause: :applause:

[slipslidingaway]

15. PNC to buy National City bank - Uses bailout funds for deal

http://www.washingtontimes.com/news/2008/oct/25/pnc-to-buy-national-city-bank/


"NEW YORK | PNC Financial Services Group Inc. said Friday that it is acquiring National City Corp. for $5.58 billion, the first bank to use fresh investments from a federal bailout program to make an acquisition.

The deal comes within hours of PNC Financial receiving approval for $7.7 billion in cash from the government under the $750 billion government program aimed at relieving the ongoing credit crisis.

The agreement is the latest deal in the rapidly consolidating banking industry. It combines Pittsburgh-based PNC, which has weathered the ongoing credit crisis better than most regional banks, with National City, a large, Cleveland-based regional bank weighed down by high-risk mortgage loans.

This is by far PNC's largest acquisition -- National City's deposit base is larger than that of PNCs. Since the early 1990s, PNC has acquired more than a dozen smaller banks as it expanded its operations and grew its retail banking business...

PNC's acquisition is the first in what analysts expect could be a chain of deals at the regional bank level, after a consolidation among the major national banks -- with JPMorgan Chase & Co. snapping up the bank assets of failed Washington Mutual Inc. and Wells Fargo & Co. agreeing to acquire Wachovia Corp..."

[TahitiNut]

27. We should remain alert to the deceptive rhetoric.

Apologists for corporate welfare will quibble and evade when questioned about the "use of bailout funds to acquire..." a failing bank. They'll argue or quibble over whether there's a DIRECT use of such funds or whether such funds were employed in another (inferred to be unrelated) way in the receiving/acquiring corporation. This, of course, ignores the fungible nature of such funding - capital. If they get such funds at all, it clearly results in their ability to shift funds around and budget differently.

It was pretty clear that Paulson's toady was squirming and quibbling in this manner. He was trying his utmost to deny that the funds given to PNC were used ('directly) to acquire National City ... when National City was itself DENIED ('discouraged) such funds. Supposedly, if National City wasn't deemed a good risk for such funding then it's clearly questionable that such funding is wisely employed indirectly. That, then, opens the whole can of worms ... are the fat cats using the public funds to expand rather than improve solvency? Does that mean they're NOT at risk of failing? Does that mean the whole thing is a fraud? Does that mean that separate agencies of the federal government are acting in a collusive fashion to pillage the Treasury?

The whole thing stinks like a pile of rotten fish.

PNC's acquisition of National City almost solely enriches the M&A consultancy class and the fat cats. It does virtually NOTHING to provide any kind of relief to mortgage holders, consumers, or working class folks. The underlying systemic issues are exacerbated and the grass roots continue to rot away.

[slipslidingaway]

30. Excellent post and very well stated. From day one the M&A

activity that took place, using the taxpayer's money, served to consolidate the money and power into fewer hands.

As you said...

"...The underlying systemic issues are exacerbated and the grass roots continue to rot away."

Totally agree!

[bdamomma]

16. god what a mess this is.

oh, this is such BS, where is that money? alot of people have their hands out on this, and it is not ours.

[Roland99]

17. What is Dennis asking and what is Kaskari responding with?

[slipslidingaway]

19. Specifically asking about PNC buying National City - see #15

Who picks the winners and losers???

Now moved on to helping homeowners...

[slipslidingaway]

18. Kucinich 'Are you concerned you are increasing market

concentration?'

[MadrasT]

20. Issa: forming a bank?

Was he being snarky???

[aquart]

21. Another bullet-headed cadaverous bald guy.

Does Bush have a fetish?

I cannot believe these arrogant bastards have the nerve to defend those outrageous bonuses on the grounds of wanting to keep employees. I HOPE those idiots quit.

[JJ]

22. Wow

"My question Mr. Kashkari, is who you are working for?"

I hope Kucinich run for Voinovich's seat next go-round.

[JDPriestly]

23. Kucinich was fantastic.

I hope everyone watches that. One of the problems on DU is that really important threads like this one and other threads on this topic do not get read as much as they should.

[Roland99]

24. Kinda hard to get many readers when there's a big lack of detail on what was said

not everyone reading DU can watch C-SPAN at the moment.

[JDPriestly]

35. Sorry. Even I did not see the whole thing.

Someone posted a little of the hearing. Hopefully, it will be available at the website of the committee soon.

[orleans]

25. just tuned in. n/t

[Greyhound]

26. Kicking in the hopes for more information. n/t

:kick: & R

[slipslidingaway]

28. Panel II list...

http://domesticpolicy.oversight.house.gov/story.asp?ID=2273

PANEL II

Mr. Michael Barr
Former Deputy Assistant Secretary for Community Development, Department of Treasury
University of Michigan Law School & Center for American Progress
Mr. Anthony B. Sanders
W.P. Carey School of Business, Arizona State University
Ms. Alys Cohen
National Consumer Law Center
Mr. Larry Litton
Litton Loan Servicing LP
Mr. Stephen Kudenholdt
Thacher Proffitt & Wood
Mr. Thomas Deutsch
American Securitization Forum

[MadrasT]

29. Argh... Sanders:

"we have no clue what these things are worth" (CDS). :banghead:

[slipslidingaway]

31. Kucinich - "We're seeing a massive transfer of wealth and

apparently the government is helping..."

[Pastiche423]

32. K&R!

[DU GrovelBot]

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[happydreams]

34. RUN EM' TO GROUND KOOCH!!! Chase their sorry asses until ...

they lead you to those offshore accounts. There are trillions out there waiting to be recovered.