Non-profits running wild, and making big bucks

Ann Kane
Two articles which deal directly with the financial reform legislation coming up for a vote next week in the Senate hit on the deceitful practices of non-profit, self help organizations.  The excerpts give a synopsis of what's going on behind the scenes.  According to one of the articles, the effects of a new Consumer Financial Protection Agency will be more disastrous than Obamacare.  This is truly frightening.  The CFPA will do everything but protect citizens from fraud. 

From libertychick blog:

[...]behind the scenes, certain lobbyists are quietly but aggressively scurrying about, pushing hard for the passage of the CFPA in a power grab by the Executive Branch that would dwarf the Health Care Reform bill and the Patriot Act. And with the passage of the proposed CFPA, one man [Eric Stein] in particular with a history tied to some of the deepest tentacles in the financial crisis - and to the Community Reinvestment Act changes of 1995 - would gain the power to selectively manipulate the entire landscape of the financial, small business and housing markets.

From conservativeblogwatch.com:
  • John Paulson is the largest single donor to the Center for Responsible Lending.  Paulson owns one of the world's largest hedge funds, and most recently, the SEC has alleged "that Paulson & Co. paid Goldman Sachs to structure a transaction in which Paulson & Co. could take short positions against mortgage securities chosen by Paulson & Co. based on a belief that the securities would experience credit events."
  • Herb and Marion Sandler are the second largest donors to CRL, and together with Paulson appear to comprise the majority of the organization's funding.  The couple owned Golden West Financial/World Savings bank, before selling it for over $2 billion to Wachovia, which tanked shortly thereafter
  • Eric Stein, who once worked for Fannie Mae (an institution currently exempt from regulation in the financial reform bill), was also the longtime leader of CRL and Sr. Vice President of CCSH.  Today, Stein sits in Obama's Treasury Department in charge of crafting the current financial reform legislation and the new Consumer Financial Protection Agency (CFPA).
The agency with Eric Stein at its head will most likely manufacture economic crises which will in turn pad the pockets of him and his hedge fund pals.  Using the guise of a non-profit, scammers like Stein take funding from "philanthropists" in addition to taxpayer money in the form of grants, to keep the ruse going, all the while playing a dual role as an investor who bet against the inevitable failure of the very poor people whom they purport to help.

Also, follow libertychick on biggovernment.com as she continues her search for the connections in this web of deceit.  Just discovered:

I thought it might be a productive exercise to start looking into some of Self-Help's individual properties.

So, I started with Barr Building, LLC, a Self-Help investment registered under its affiliate Self Help Ventures Fund.  The property is located at 910 17th Street NW, Washington, DC.

And wouldn't you know, it happens to be home to one of our most frequent subjects:

The Service Employees International Union (SEIU).

The sordid picture becomes clearer every day, yet those on Capitol Hill keep trying to play nice with the administration.

 

Two articles which deal directly with the financial reform legislation coming up for a vote next week in the Senate hit on the deceitful practices of non-profit, self help organizations.  The excerpts give a synopsis of what's going on behind the scenes.  According to one of the articles, the effects of a new Consumer Financial Protection Agency will be more disastrous than Obamacare.  This is truly frightening.  The CFPA will do everything but protect citizens from fraud. 

From libertychick blog:

[...]behind the scenes, certain lobbyists are quietly but aggressively scurrying about, pushing hard for the passage of the CFPA in a power grab by the Executive Branch that would dwarf the Health Care Reform bill and the Patriot Act. And with the passage of the proposed CFPA, one man [Eric Stein] in particular with a history tied to some of the deepest tentacles in the financial crisis - and to the Community Reinvestment Act changes of 1995 - would gain the power to selectively manipulate the entire landscape of the financial, small business and housing markets.

From conservativeblogwatch.com:
  • John Paulson is the largest single donor to the Center for Responsible Lending.  Paulson owns one of the world's largest hedge funds, and most recently, the SEC has alleged "that Paulson & Co. paid Goldman Sachs to structure a transaction in which Paulson & Co. could take short positions against mortgage securities chosen by Paulson & Co. based on a belief that the securities would experience credit events."
  • Herb and Marion Sandler are the second largest donors to CRL, and together with Paulson appear to comprise the majority of the organization's funding.  The couple owned Golden West Financial/World Savings bank, before selling it for over $2 billion to Wachovia, which tanked shortly thereafter
  • Eric Stein, who once worked for Fannie Mae (an institution currently exempt from regulation in the financial reform bill), was also the longtime leader of CRL and Sr. Vice President of CCSH.  Today, Stein sits in Obama's Treasury Department in charge of crafting the current financial reform legislation and the new Consumer Financial Protection Agency (CFPA).
The agency with Eric Stein at its head will most likely manufacture economic crises which will in turn pad the pockets of him and his hedge fund pals.  Using the guise of a non-profit, scammers like Stein take funding from "philanthropists" in addition to taxpayer money in the form of grants, to keep the ruse going, all the while playing a dual role as an investor who bet against the inevitable failure of the very poor people whom they purport to help.

Also, follow libertychick on biggovernment.com as she continues her search for the connections in this web of deceit.  Just discovered:

I thought it might be a productive exercise to start looking into some of Self-Help's individual properties.

So, I started with Barr Building, LLC, a Self-Help investment registered under its affiliate Self Help Ventures Fund.  The property is located at 910 17th Street NW, Washington, DC.

And wouldn't you know, it happens to be home to one of our most frequent subjects:

The Service Employees International Union (SEIU).

The sordid picture becomes clearer every day, yet those on Capitol Hill keep trying to play nice with the administration.