Hey JEB! What's wrong with FREE STUFF?

[Octafish]

43. Hypocrisy, once exposed, really stands out.

Jebthro's "dog whistle" to those who think "Welfare Queens" cash in their food stamps and welfare checks for vodka at the local supermarket shows the more enlightened beings what kind of corrupted mind Caligula's second son possesses.

Many know about Neil's big payday during the S&L crisis, but few know Jebthro's cha-ching:

A Savings and Loan Bailout, and Bush's Son Jeb

By JEFF GERTH, Special to The New York Times
Published: October 14, 1990

After Jeb Bush, a son of the President, and a partner bought a Miami office building using money an associate had borrowed from a local savings and loan, the Federal Government wound up repaying most of the loan.

The savings institution became insolvent, and the Government paid more than $4 million to make good the loan as part of the bailout of the savings industry. Mr. Bush and his partner negotiated a settlement with regulators in which they repaid $505,000 and retained control of the building. While they still have a $7 million mortgage to pay on that property, the settlement with the Government lifted from their backs a $4.565 million second mortgage.

SNIP...

Making Good on Bad Loans

While the complex loan arrangement does not involve allegations of criminal behavior, it stands as an illustration of the poor lending practices of savings institutions that led the industry into desperate straits. The deal also illustrates how the Government has had to absorb a large portion of the thousands of bad loans that were made by savings institutions that failed in 1988. The rescue of these institutions will cost $70 billion.

The Government's repayment of the loan used by Mr. Bush and his partner was part of the bailout program approved by Congress, in which the Government guaranteed buyers of ailing institutions that it would make good on bad loans that had been made by those institutions. Had the Government not made such guarantees, it would have had trouble finding buyers for the institutions and would have had to pay off the depositors.

The loan was made by Broward Federal Savings and Loan in Sunrise, Fla., which became insolvent in 1988 because of what regulators said were poor lending practices on commercial loans in the mid-1980's. The cost of cleaning up Broward Federal has been estimated at $285 million.

SNIP...

According to the lawsuit, the loan transaction goes back to 1983, when Mr. Codina, a developer, obtained an option to buy a building at 1390 Brickell Avenue, the center of Miami's downtown financial district. Mr. Codina later assigned the option to a partnership, 1390 Brickell, of which he owned 80 percent and Mr. Bush the rest.

CONTINUED...

http://query.nytimes.com/gst/fullpage.html?res=9D0CE0D81E3BF937A25753C1A966958260

Free money is the BEST free stuff there is.



Here in Detroit, we're good at seeing the hypocrisy of such as Jebthro and his ilk. It lies all around us.

PS: You are most welcome, niyad! Thank you for grokking the real picture.