Shocker: Democrat Senator Got Bank He Founded/Is Invested In A Nice, Fat Federal Bailout
I’m telling you folks, we’re not citizens. We’re supplicants. It’s the political elites world. We have to get their permission to live in it.
Sen. Daniel K. Inouye’s staff contacted federal regulators last fall to ask about the bailout application of an ailing Hawaii bank that he had helped to establish and where he has invested the bulk of his personal wealth.
The bank, Central Pacific Financial, was an unlikely candidate for a program designed by the Treasury Department to bolster healthy banks. The firm’s losses were depleting its capital reserves. Its primary regulator, the Federal Deposit Insurance Corp., already had decided that it didn’t meet the criteria for receiving a favorable recommendation and had forwarded the application to a council that reviewed marginal cases, according to agency documents.
Two weeks after the inquiry from Inouye’s office, Central Pacific announced that the Treasury would inject $135 million.
Many lawmakers have worked to help home-state banks get federal money since the Treasury announced in October that it would invest up to $250 billion in healthy financial firms. But the Inouye inquiry stands apart because of the senator’s ties to Central Pacific.
This is exactly what the politicians want. They want all the power. They want the power to decide which banks succeed. Which companies succeed. Which people get health care, and how much health care and when. And then they not only want to be able to use that power to benefit themselves, they want us to line up and supplicate them to get them to exercise their power in our favor.
