Barack Obama was a huge beneficiary of donations coming from operators of hedge funds (eclipsing Connecticut Senator Christopher Dodd’s record as the number one beneficiary of donations from those funds-many hedge funds are headquartered in his state and he chairs the Senate Banking Committee); see also Obama the Hedge Fund Candidate.
Now that the rescue plan for banks has finally been released, it appears to be full of loopholes that will benefit those very same types of hedge funds. Taxpayer money flowing to donors-it is the Chicago way. This plan comes with an added kicker-enormous risks are being transferred to taxpayers while much of the gain will flow to hedge fund operators. John Hinderaker of Power Line posts an example provided by a reader of one way sharp operators (the kind who helped get us in this mess) can use Geithner’s plans to shift the odds of making oodles of money in their favor.
Business Week gives us more scenarios that will allow hedge fund operators to use taxpayer dollars to possibly reap rich rewards in an article in the current issue of Business Week, Geithner’s Plan: Loopholes Galore. So it took months to come up with this plan by the best and the brightest (well, supposedly-though you do not hear that description used much anymore by the journalist-propagandists who touted the Obama presidency) and it is a hunk of Swiss cheese?
George Soros, a major donor to the Center for American Progress -- a group that has populated the administration with its staffers -- was a very early supporter of Barack Obama’s. He has already benefited from the devastation that America has suffered from (he made over a billion dollars last year and has announced plans to invest in the same type of assets that will be coming up for sale via Geithner’s plans); now he will get another chance to reap a windfall, courtesy of you and me and his friend in the Oval Office