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  1. #1 Do you all read "The American Thinker"? 
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    A PUMA board I am a part of has a link to this article about George Soros and Wacovia Bank. Not sure how to take this:

    http://www.americanthinker.com/2008/...soros_hel.html

    September 29, 2008
    How allies of George Soros helped bring down Wachovia Bank
    By Ed Lasky

    Wachovia Bank, a major institution, has seen its stock plummet and its continued viability called into question, as the nation's financial crisis muddles forward. [Update: shortly after publication of this article, Citigroup agreed to purchase Wachovia's banking operations in a deal facilitated by the FDIC.]

    Largely ignored in this crisis is the key role played by Herbert and Marion Sandler, founders of Golden West Financial (GDW), one of the largest savings and loans in the nation. Wachovia purchased GDW for $24 billion dollars in 2006. This was one of the worst merger and acquisition deals of all time for the buyer, and remarkably excellent timing on the part of the seller. In essence, Wachovia bought a financial time bomb ticking away, one that exploded this year, bringing down yet another former financial titan and further wrecking Wall Street.

    How did this transpire and who are the Sandlers?

    Herbert and Marion Sandler, a New York lawyer and Wall Street analyst respectively, bought a small California thrift in 1963 and built it into GDW -- one of the largest thrifts in the nation. The company's business was built on adjustable rate mortgages (ARMs. These were mortgages offered at low "teaser" rates that ratcheted upward as interest rates increased. They were often sold aggressively to unsophisticated home buyers who did not comprehend the vast financial risks they were taking, or who assumed that housing prices would rise high enough to provide a profit to them when they sold their houses. They were targets for lenders peddling mortgages that should have been stamped with a skull and crossbones, for these were among the most seductive and dangerous types of mortgage.

    This book of business is the core reason for Wachovia's current difficulties

    The Sandlers knew their business far better than any other person could. Not only were they the founders and major owners, they famously ran the company as a husband and wife team for all these years.

    So why did they happen to cash out at precisely the right time? Did they see the handwriting on the wall, realizing the massive risks inherent in the mortgages they originated throughout one of the most overheated real estate markets in the nation's history? They are not talking, but when smart people cash in some of their chips, it's rarely a good time to bet against them. Nevertheless, Wachovia bet 24 billion dollars and lost big time.

    The collapse was primarily caused by the GDW purchase, which became an albatross around Wachovia's neck soon after the purchase. "Wachovia found itself in ARM's Way" was the headline of a recent Wall Street Journal article. A huge percentage of these Wachovia ARMs were made to deep subprime borrowers with very poor credit scores. Most of these were "inherited from its ill-timed acquisition of Golden West" at the end of the housing boom in 2006.

    The Sandlers have started to invest their billions of dollars politically, in the manner of George Soros, sugar daddy of many far-left wing groups and an early and prominent supporter of Presidential candidate Barack Obama. Soros has developed an empire of so-called 527 groups, putatively independent political activists groups that have influence within the Democratic Party. These 527 groups include the Center for American Progress, MoveOn.Org, Human Rights Watch, Media Matters and a slew of other like-minded groups .

    This set of political organizations also includes the International Crisis Group, whose foreign policy staff is likely to contain the embryonic future of the State Department in an Obama Administration . Eli Pariser, who heads MoveOn.Org, boasts about his group's role in the Democratic Party:

    "Now it's our party: we bought it, we own it, and we are going to take it back."


    They have already done so, in large measure.

    The top four donors to these 527 groups in the last Presidential election cycle (2004) were Soros, Peter Lewis of Progressive Insurance, Steven Bing, and Herbert and Marion Sandler . Collectively they gave 78 million dollars to left-leaning 527 groups. That was just in 2004. They have become much more ambitious over the last few years.

    Soros, Lewis, and the Sandlers form a core group of billionaire activists and Democrat partisans who have formed a group called The Democracy Alliance. They realized that they could magnify their power by working in unison and tapping other wealthy donors to further their agenda (the superb Boston Globe article "Follow the money" is a good primer on how money and 527 groups have come together to have a huge impact on politics in America).

    The Democracy Alliance is a major avenue to help them achieve their goals. The roster of its growing membership consists of a list of billionaires and mere multi-millionaires who collectively hope to give upwards of 500 million dollars each year to further promote a left-wing agenda. A partial roster of the Democracy Alliance membership can be found here.

    Half a billion dollars a year can purchase a great deal of influence.

    The Sandlers certainly know quite a bit about leverage from their savings and loan days.

    Among the beneficiaries of their largesse: Air America, ACORN (a group that has very close and long lasting ties to Barack Obama and has a long history of engaging in voter fraud. Citizens for Responsibility and Ethics in Washington (basically a private detective group focused on the private faults and foibles of Republicans), Media Matters, a media watchdog group that engages in harsh partisan attacks against media figures and articles it considers supportive of Republicans). The list goes on and on.

    They are not merely out to elect Democrats, but to also permanently realign U.S. politics and shift our society and culture in a far-left wing direction.

    One of the steps the Sandlers have taken on their own is to start ProPublica with a 10 million dollar donation, a sum which they promise to replenish annually. This is an outfit that will engage in investigative journalism and will provide its "findings" to larger media outlets for greater impact at no cost. American Thinker was among the first outlets to express wariness over ProPublica and the approach it would take given the ideology of its founding couple. Even Jane Mayer of the New Yorker described the Sandlers as hard-core partisans. Other publications shared our concern about ProPublica. Investor's Business Daily commented in an editorial:

    Could a couple of left-wing billionaires really be sincere about creating a "nonpartisan," "non-ideological" center for investigative reporting? Or is the pair just paying more to drive the media agenda further left?

    One problem: The Sandlers fund both leftist causes and the Democratic Party. In fact, they rank in the top tier of donors. In 2004 they gave MoveOn.org $2.5 million, or as much money as their philanthropic ally, George Soros.

    Along with Soros and billionaire Peter Lewis, the Sandlers fund some of the most important players of what is now known as the "progressive" left. In 2003, the three together funded about a third of the Center for American Progress think tank, which has close staff ties to Hillary Clinton.

    Now if this enterprise were called a "progressive" nonprofit, as other projects are, it wouldn't be news. But given the chairmanship of Herbert Sandler, and Steiger's claim that ProPublica will be run according to the "strictest standards of journalistic impartiality and fairness," there's reason to wonder if this isn't a new bid to drive the political agenda leftward under media disguise.

    "We will look hard at the critical functions of business and government, the two biggest centers of power, in areas ranging from product safety to securities fraud, from flaws in our system of criminal justice to practices that undermine fair elections," its Web site says.


    I would be very surprised indeed if the malfeasance of ACORN will ever be investigated by Publica, for its undermining of fair elections.

    Unsurprisingly, though, ProPublica has already shown that agenda-driven journalism is its founding principle. One of its first pieces of "investigative journalism" was an attack on the oil and gas industry for developing the Marcellus Shale (a vast natural gas reservoir located in northeast America). ProPublica reported that developing this domestic energy source would damage the environment and advocated that these resources not be developed.

    Maybe the Sandlers are helping their political ally George Soros, a hedge fund manager who runs an offshore fund whose investors may well include some of the world's wealthiest and most anti-American petrocats....But perhaps more than a few of them would look askance at expedited development of our own energy resources. We would be less dependent on petrodollar rich abroad, and the price of oil and gas would weaken, should domestic energy resources like the Marcellus Shale be developed.

    While the Sandlers personally made 2.4 billion dollars on the 24 billion dollar sale of Golden West Financial to Wachovia, the employees (including their own former employees) and shareholders of Wachovia, including those who have invested their retirement money and children's college funds in Wachovia stock and bonds, are not doing nearly so well. Communities where Wachovia has branches that may be closed as a cost-saving measure will also suffer. But worst hurt of all will be the homeowners who were sold mortgages that they should have never been offered, by a lender far more sophisticated than they were...
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  2. #2  
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    i read it every day. My Mother was invested in Wachovia and HATES Soros so I sent this to her last week.

    this also has bearing on Saturday Night Live

    A "Saturday Night Live" sketch that aired over the weekend centered on a fake news conference with some of the major players involved in Washington's financial rescue bill. But NBC has pulled the original skit from its Web site and replaced it with an edited version because a husband and wife portrayed in the sketch as mortgage deadbeats are real people.

    The Los Angeles Times reports Herb and Marion Sandler are prominent supporters of liberal and Democratic causes but also made billions selling subprime loans before the market collapsed.

    An NBC spokesman explained the video was pulled because there were certain elements that didn't meet its standards. One of those changes was removing a graphic beneath the actors portraying the Sandlers that labeled them as "People who should be shot."
    http://www.foxnews.com/story/0,2933,434747,00.html
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  3. #3  
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    Yes. I actually posted a link to someone's downloaded copy: http://tinypic.com/usermedia.php?uo=...0jniZexw%3D%3D

    But reading this article has started to put the pieces in place. Why is Soros hijacking our government?
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  4. #4  
    Senior Member Zeus's Avatar
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    Interesting article. I do have a problem with Wachovia Bank blaming their problems on the acquisition of Golden West Financial. GDW was an originator of loans, once the loans were secured and closed they were sold on the secondary Mkt. GDW thereby shifted the risks of those loans off their shoulders. Therefore Wachovia Bank did not inherit any of that risk when they acquired GDW. They more than likely purchased shares of securitized loans from Fannie Mae or a hedge fund.
    The 21st century. The age of Smart phones and Stupid people.

    It is said that branches draw their life from the vine. Each is separate yet all are one as they share one life giving stem . The Bible tells us we are called to a similar union in life, our lives with the life of God. We are incorporated into him; made sharers in his life. Apart from this union we can do nothing.
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  5. #5  
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    Quote Originally Posted by Zeus View Post
    Interesting article. I do have a problem with Wachovia Bank blaming their problems on the acquisition of Golden West Financial. GDW was an originator of loans, once the loans were secured and closed they were sold on the secondary Mkt. GDW thereby shifted the risks of those loans off their shoulders. Therefore Wachovia Bank did not inherit any of that risk when they acquired GDW. They more than likely purchased shares of securitized loans from Fannie Mae or a hedge fund.
    Interesting. There should be a record of that somewhere.
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  6. #6  
    An Adversary of Linda #'s
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    Quote Originally Posted by Elspeth View Post
    Yes. I actually posted a link to someone's downloaded copy: http://tinypic.com/usermedia.php?uo=...0jniZexw%3D%3D

    But reading this article has started to put the pieces in place. Why is Soros hijacking our government?
    "Be Afraid, Be Very Afraid of This Man !"

    snip
    In December of 2006, Obama, who by then was contemplating a run for the presidency, met in New York with billionaire financier George Soros, who previously had hosted a fundraiser for Obama during the latter’s 2004 campaign for the U.S. Senate.
    ..............................
    One of the most powerful men on earth, Soros is a hedge fund manager who has amassed a personal fortune estimated at about $7.2 billion. His management company controls billions more in investor assets. Since 1979, Soros’ foundation network -- whose flagship is the Open Society Institute (OSI) -- has dispensed more than $5 billion to a multitude of organizations whose objectives can be summarized as follows:
    .................................
    promoting the view that America is institutionally an oppressive nation

    promoting the election of leftist political candidates throughout the United States

    opposing virtually all post-9/11 national security measures enacted by U.S. government, particularly the Patriot Act
    depicting American military actions as unjust, unwarranted, and immoral

    promoting open borders, mass immigration, and a watering down of current immigration laws

    promoting a dramatic expansion of social welfare programs funded by ever-escalating taxes

    promoting social welfare benefits and amnesty for illegal aliens

    defending suspected anti-American terrorists and their abetters

    financing the recruitment and training of future activist leaders of the political Left

    advocating America’s unilateral disarmament and/or a steep reduction in its military spending

    opposing the death penalty in all circumstances

    promoting socialized medicine in the United States

    promoting the tenets of radical environmentalism, whose ultimate goal, as writer Michael Berliner has explained, is “not clean air and clean water, [but] rather ... the demolition of technological/industrial civilization”

    bringing American foreign policy under the control of the United Nations

    promoting racial and ethnic preferences in academia and the business world alike.

    snip

    http://www.discoverthenetworks.org/p...asp?indid=1511
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  7. #7  
    noonwitch
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    My mom also has money invested in Wachovia. I didn't have any suspicions about the company in general, just about the agent she went to, who just happens to be the son of her creepy boyfriend.

    He talked her into pulling her money out of a safe set-up that she had, into something riskier. I don't know the specifics, but the whole thing sounded fishy to me.
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  8. #8  
    Senior Member GrumpyOldLady's Avatar
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    If leftists didn't have double standards, they'd have no standards at all.
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  9. #9  
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    Soros is heavily invested in MoveOn.org:

    http://www.larouchepac.com/news/2008...ation-oba.html

    My, my... ;)
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