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Explosive WSJ Report: Obama Transfers US Wealth from Banks to Progressives

Barack Obama has funneled hundreds of millions perhaps billions of dollars to corporations and lobbyists to enrich its political allies, advance leftist pet projects, and protect its legacy under the guise of “Main Street Relief”, according to a Wall Street Journal report.

For the last several years, the Obama administration has warred against the banking industry using their exaggerated role in the economic crash as a front to extort money to those “organizations and politicians who are working to ensure liberal policy and political victories at every level of government.”

The conduit is the Residential Mortgage-Backed Securities Working Group, comprised of federal and state regulators and prosecutors created in 2012 who, along with the Department of Justice, force every major bank to reach multibillion-dollar settlements and turn that money over to their cronies.

The report states:

The most recent came in April when the Justice Department announced a $5.1 billion settlement with Goldman Sachs. In February Morgan Stanley agreed to a $3.2 billion settlement. Previous targets were Citigroup ($7 billion), J.P. Morgan Chase ($13 billion), and Bank of America, which in 2014 reached the largest civil settlement in American history at $16.65 billion. Smaller deals with other banks have also been announced.

The $11 billion that is diverted into “consumer relief” to benefit homeowners during the recession actually goes to private, nonprofit organizations drawn from a federally approved list. Some groups on the list—Catholic Charities, for instance—are relatively nonpolitical [though they are left-wing and further the cause of open borders]. Others—La Raza, the National Urban League, the National Community Reinvestment Coalition and more.”

They are not what they say they are and are assisting Obama with his open borders, unvetted refugees, voter registration, community organizing, lobbying and other liberal [leftist] policy priorities. They are paid well. They give out grants to other leftists who can’t get them directly from the government.

Read More at the Indipendant Sentinel.