Protest Federal Reserve Theft of Your Tax Dollars

Fed giving $29B of your tax money to JP Morgan

What follows is the text of the message I have faxed to every member of the
Senate Banking Committee (names, phone-, and fax-numbers below). I invite you
to familiarize yourself with this issue and make your voice heard. I believe
this to be among the most important financial events of our time, and one that
will heavily influence the portion of the emerging financial burden that will
be borne by American taxpayers without their consent or consideration.
 
    Dear _________:
     
    Much has been speculated regarding the Federal Reserve-orchestrated bailout of
    Bear Stearns at taxpayer expense. Additional information is coming to light
    which is more and more worrisome.

    I refer specifically to a letter of 17 March 2008 from Treasury Secretary Henry
    M. Paulson, Jr. to Federal Reserve Bank of New York President Timothy F.
    Geithner which states, "...if any loss arises out of the special facility
    extended by the FRBNY to JPMCB, the loss will be treated by the FRBNY as an
    expense that may reduce the net earnings transferred by the FRBNY to the
    Treasury general fund." In other words, up to $29 billion has effectively been
    diverted from the US Treasury to J.P.Morgan Chase Bank, WITHOUT the approval of
    Congress. This seems to me to be not only wholly inappropriate, but
    unconstitutional as well. Had such action been debated by Congress, I am sure
    the so-called loan transfers losses from Bear Stearns bond- and share-holders
    to US taxpayers would have been more carefully considered. This is a dangerous
    precedent not only because it allows access to taxpayer money without the
    consent of Congress, but foreshadows a willingness by this Congress to extend
    to unelected officials the power to suspend the constitution for whatever
    "emergency" purposes arise. 

    The media is now reporting that the Federal Reserve is refusing to provide
    details to Congress about the collateral used to secure the so-called loan. I
    find this behavior reprehensible and can not believe the Federal Reserve is
    acting in the best interests of the American people. 

    Please show us by your actions this week that Congress controls the Federal
    Reserve, and not the other way around.

    Sincerely,
     
    Eric Hanson

 
r_first      |  r_last    |  r_phone       |  r_fax         |  rep_state
-----------------------------------------------------------------
Richard      |  Shelby    |  202-224-5744  |  202-224-3416  |  AL
Wayne        |  Allard    |  202-224-5941  |  202-224-6471  |  CO
Christopher  |  Dodd      |  202-224-2823  |  202-224-1083  |  CT
Tom          |  Carper    |  202-224-2441  |  202-228-2190  |  DE
Mel          |  Martinez  |  202-224-3041  |  202-228-5171  |  FL
Daniel       |  Akaka     |  202-224-6361  |  202-224-2126  |  HI
Evan         |  Bayh      |  202-224-5623  |  202-228-1377  |  IN
Jim          |  Bunning   |  202-224-4343  |  202-228-1373  |  KY
Jon          |  Tester    |  202-224-2644  |  202-224-8594  |  MT
Elizabeth    |  Dole      |  202-224-6342  |  202-224-1100  |  NC
Chuck        |  Hagel     |  202-224-4224  |  202-224-5213  |  NE
Robert       |  Menendez  |  202-224-4744  |  202-228-2197  |  NJ
Charles      |  Schumer   |  202-224-6542  |  202-228-3027  |  NY
Sherrod      |  Brown     |  202-224-2315  |  202-228-6321  |  OH
Tim          |  Johnson   |  202-224-5842  |  202-228-5765  |  SD
Bob          |  Corker    |  202-224-3344  |  202-228-0566  |  TN
Robert       |  Bennett   |  202-224-5444  |  202-228-1168  |  UT
Michael      |  Enzi      |  202-224-3424  |  202-228-0359  |  WY