Tuesday, May 24, 2016
Turns out the Department of Justice under former Attorney General Eric Holder used the power of government to force settlements on Bank of America, Citicorps and other financial industry titans that required them to make millions of dollars in contributions to “community groups,” including many that are political favorites of President Obama and advocates for more government regulation.
Richard Pollock of the Daily Caller News Foundation Investigative Group reports on a briefing Friday by the Cause of Action Institute and Rep. Sean Duffy, the Wisconsin Republican who is chairman of the House Financial Services subcommittee on oversight and investigations. It’s bad enough that these big banks routinely collude with the government on regulation; here they are found submitting themselves and their abundant resources to serve the liberal political agenda.
“Among the political activist groups favored favored by the settlements is La Raza, the nation’s largest Hispanic activist organization that routinely supports Democratic candidates and causes. Cecilia Munoz, a La Raza senior vice president, was appointed by Obama in 2012 to head the White House Domestic Policy Council.
“La Raza is flush with money, reporting in 2013 to the IRS assets of $55 million. Janet Murguia, the group’s president and CEO was paid $417,000 that year, according to the group’s IRS tax return. Even so, La Raza is slated to receive at least $1 million from the Bank of America settlement and $500,000 from the Citigroup settlement,” according to Pollock.
There is more here to this story, much, much more, and all of it is worth reading. Just be careful to keep some nitro pills handy in case you have a weak heart because this stuff will make your blood boil. This is a story of liberal politicians using the power of government to divert millions of dollars slated for folks suffering in 2008′s housing meltdown to political groups, all to advance their personal and political agendas.