Freddie Mac

Treasury Secretary Confirms Obamacare Looting Scheme

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Jerome Corsi – Treasury Secretary Steven Mnuchin confirmed Infowars.com reporting was correct in an interview with Maria Bartiromo televised by Fox Business on Monday morning, May 1, 2017.

freddieIn response to a direct question, Mnuchin acknowledged it was true President Obama did engineer the “Net Worth Sweep” (NWS) in August 2012 to divert funds from the two Government Sponsored Entities (GSEs) to pay for Obamacare, after Congress refused to fund the low-income insurance subsidies critical to keep afloat the Affordable Care Act (ACA).

“There is a Twitter conversation going on, and it has been going on for some time, about how President Obama needed money for Obamacare and he took from Fannie and Freddie. Is that true?” Bartiromo asked Mnuchin.

“It is true,” Mnuchin replied.

“They [the Obama administration] used the profits of Fannie and Freddie to pay for other parts of the government while they kept taxpayers at risk,” Mnuchin answered.

On March 13, 2017, Infowars.com reported a careful analysis of the Treasury Department’s balance sheet for Fiscal Year 2013 documenting how the Obama administration diverted into Obamacare billions of dollars that Treasury confiscated from Freddie and Fannie earnings.

On Aug. 17, 2012, the Obama administration finalized the amendment of the Treasury Department’s Senior Preferred Stock Agreements with Fannie and Freddie that deprived private and institutional investors of their legally due dividend payments.

This enabled the Obama Treasury Department to confiscate billions of dollars in Fannie and Freddie earnings, in what is known as the “Net Worth Sweep,” or NWS.

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Who Owns The Federal Reserve?

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Global Research January 29 2012

NY Federal Reserve Building

The Fed is privately owned. Its shareholders are private banks

“Some people think that the Federal Reserve Banks are United States Government institutions. They are private monopolies which prey upon the people of these United States for the benefit of themselves and their foreign customers; foreign and domestic speculators and swindlers; and rich and predatory money lenders.” – The Honorable Louis McFadden, Chairman of the House Banking and Currency Committee in the 1930s

The Federal Reserve (or Fed) has assumed sweeping new powers in the last year. In an unprecedented move in March 2008, the New York Fed advanced the funds for JPMorgan Chase Bank to buy investment bank Bear Stearns for pennies on the dollar. The deal was particularly controversial because Jamie Dimon, CEO of JPMorgan, sits on the board of the New York Fed and participated in the secret weekend negotiations.1 In September 2008, the Federal Reserve did something even more unprecedented, when it bought the world’s largest insurance company. The Fed announced on September 16 that it was giving an $85 billion loan to American International Group (AIG) for a nearly 80% stake in the mega-insurer. The Associated Press called it a “government takeover,” but this was no ordinary nationalization. Unlike the U.S. Treasury, which took over Fannie Mae and Freddie Mac the week before, the Fed is not a government-owned agency. Also unprecedented was the way the deal was funded. The Associated Press reported:

“The Treasury Department, for the first time in its history, said it would begin selling bonds for the Federal Reserve in an effort to help the central bank deal with its unprecedented borrowing needs.”2

This is extraordinary. Why is the Treasury issuing U.S. government bonds (or debt) to fund the Fed, which is itself supposedly “the lender of last resort” created to fund the banks and the federal government? Yahoo Finance reported on September 17:

“The Treasury is setting up a temporary financing program at the Fed’s request. The program will auction Treasury bills to raise cash for the Fed’s use. The initiative aims to help the Fed manage its balance sheet following its efforts to enhance its liquidity facilities over the previous few quarters.”

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