(CitizensOutpost) Jerome Corsi has published an article on Infowars.com that has provided substantial evidence through careful analysis of the “Agency Financial Report for Fiscal Year 2013” that the Treasury Department has confiscated billions of dollars in earnings from the Government Sponsored Enterprises (GSE) Fannie Mae and Freddie Mac due to an amendment of the Department’s Senior Preferred Stock Agreements on August 17, 2012.
The $126.6 billion in GSE preferred stock dividends was then transferred to the Treasury “General Fund”. Analysis of Table 9 for the months of calendar year 2013 reveals:
that the amounts Treasury received in GSE revenue corresponded to decreases in the “Commerce and Housing” line item, and to increases in the line items “Health” and “Medicare.”
This strongly suggests Treasury used the “Commerce and Housing” line item to record receipts in GSE revenue that were reallocated in subsequent months as debits out of “Commerce and Housing” that corresponded to increases in “Health” and increases in “Medicare.”
From the end of March 2013 through December, patterns of the Treasury debiting from “Commerce and Housing” and credits to “Health” and to “Medicare” emerged.
The $133 billion in Net Worth Sweep (NWS) Treasury receipts for 2013 correspond interestingly to a comment made by Joshua Rosner, managing director of the independent research firm Graham Fisher & Co.
Rosner is a widely-recognized authority on Fannie Mae and Freddie Mac, known for co-authoring with Pulitzer Prize-winning business reporter Gretchen Morgenson the 2011 best-selling book entitled Reckless Endangerment: How Outsized Ambition, Greed and Corruption Led to Economic Armageddon – an analysis of Fannie Mae’s role in the sub-prime mortgage crisis that led to the economic crisis of 2008/2009.
“In 2013 alone, Treasury swept over $130 billion dollars in GSE profits in the form of dividends via the Net Worth Sweep,” he wrote in a paper entitled “Former White House Officials Involved in GSE Scandal,” published May 23, 2016.
The section of the Affordable Healthcare Act that was in desperate need of funding was 1402 – the part that defined insurer subsidies. Congress was unable to get funding for this portion and at the risk of bankrupting insurance companies the Obama administration tried to find another way to divert funds. This coincides with the aforementioned appropriations of the Fannie and Freddie dividends:
“For the last six years, the Obama administration has been frustrated by its inability to get Congress to support more funding for a number of its less-popular objectives under the ACA,” Miller commented. “It keeps trying to stretch appropriations law and administrative guidance to spend money without necessary consent or authority.”
In a report issued in March 2016, the Congressional Budget Office estimated the cost for providing Section 1402 subsidies over the next ten years (2016-2026) was estimated to be $130 billion – the amount referenced by Rosner in the quotation above.
These numbers provide ample evidence that the Obama administration stole from Fannie Mae and Freddie Mac investors to fund the parts of Obamacare that were struggling appropriate funds.
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