Secret emails show Obama Administration targeted legal businesses with punitive financial tactics to drive them out of business

Sunday, December 14, 2014
By Paul Martin

by: J. D. Heyes
Sunday, December 14, 2014

Top officials with the Federal Deposit Insurance Corporation, or FDIC, were looking to crack down on legal businesses that the Obama White House, or the officials themselves, believed to be morally objectionable, according to a new congressional report.

The 20-page report by the House Oversight and Government Reform Committee contained details about how the FDIC worked closely with the U.S. Department of Justice to implement “Operation Choke Point,” which was a largely secretive program that sought to cut off financial livelihoods of businesses and other industries which the administration simply does not like, such as payday lenders.

The FDIC is the lead agency responsible for the regulation and auditing of some 4,500 U.S. banks.

Investigators uncovered emails indicating that regulatory officials had schemed in order to influence decisions by some banks to stop doing business with certain firms and shops deemed “reputational risks,” ensuring that banks “get the message” about companies and even products that regulators and the administration do not like. The regulators pressed banks to cut off credit to such firms or close their accounts outright, which then effectively drove them out of business.

“It’s appalling”

The Rest…HERE

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