Thread: WTP Files Federal Lawsuit To Stop AIG Bailout

WTP Brings Federal Lawsuit to Stop AIG Bailout

U.S. Lacks Constitutional Authority for Loan

On the day following the 221st anniversary of the signing of the U.S. Constitution, WTP Chairman and constitutional activist Robert Schulz today filed a federal lawsuit in United States District Court in Albany seeking to halt the execution of the emergency bailout of American International Group, Inc. (AIG) by the United States Government and the Federal Reserve.

The lawsuit asserts that the commitment of public funds and credit for the direct benefit of privately owned AIG is an ultra vires action by the United States Government and Federal Reserve, i.e., beyond the limited legal authority granted by the Constitution. The lawsuit asks for a "show cause" hearing demanding that the Government produce evidence of its legal authority to commit public funds for such a purpose, as well as emergency and permanent injunctions halting the bailout transaction.

Beyond the Constitutional deficiencies, the bailout establishes a dangerous precedent enabling the Fed and/or Government to nationalize virtually any business or property within the United States without legal authority or congressional approval.

The defendants include the Federal Reserve System, Fed Chairman Ben Bernanki, the U.S. Treasury, Treasury Secretary Hank Paulson Jr. and the United States Government.

The WTP Foundation today issued a press release citing Schulz:

"Beyond the moral hazard and dangerous precedent established by this action, it is of vital importance that the American people recognize that the present financial crisis is a direct and predictable result of decades of constitutional violations by the Federal Government. Through a long-standing policy of disinformation and collusion with the Federal Reserve and Wall Street financial elite, the United States Federal Government has denied public access to information about the secretive operations of the privately owned and operated Federal Reserve and its monopoly control of America’s money system.

"This monopoly control of our currency by a private banking cartel has resulted in increasing distortion, volatility and cyclical (boom and bust) economic conditions in the U.S. and abroad. America’s fiat currency (produced from thin air) is manipulated by the Federal Reserve for the benefit of its owners, major Wall Street financial institutions and the Federal Government and is not unaccountable to the taxpayers. These abuses of the Constitution have taken our financial system to edge of the abyss. The chickens have come home to roost."

Click here to read the Complaint, the Memorandum of Law supporting the TRO, and Schulz's Declaration which includes several recent articles from the New York Times.

http://www.wethepeoplefoundation.org/Up ... -09-18.htm

IF TAXPAYERS HAVE TO PAY TO BAIL OUT ANY COMPANY, THEY SHOULD COLLECTIVELY OWN A STAKE IN THE COMPANY. ONCE A BAIL OUT TAKES PLACE, TAXPAYERS SHOULD GET PART OF THE PROFITS THAT THE COMPANY MAKES AFTER THE BAIL OUT. THEY SHOULD GET REGULAR PAYMENTS. THEY HAVE PAID INTO THE COMPANY, SO THEY SHOULD OWN PART OF THE COMPANY.

AND TAXPAYERS SHOULD BE THE ONES TO DECIDE IF THE BAIL OUT TAKES PLACE AT ALL. IT IS TAXPAYER MONEY, NOT GOVERNMENT MONEY. THE GOVERNMENT HAS NO MONEY.

Thank God! Someone with some sense and fight in them!

Anyone heard of this group WTP before?

W

Originally Posted by ALIPAC

Thank God! Someone with some sense and fight in them!

Anyone heard of this group WTP before?

W

I HAVE HEARD OF THEM I THINK. BUT IN LOOKING FOR A SITE FOR THEM, I NOTICE THAT THERE ARE SEVERAL WITH SIMILAR NAMES. SO I AM NOT SURE WHICH ONE IS ACTUALLY INVOLVED IN THE SUIT. BUT I LOVE IT THAT THEY ARE DOING THIS.

OK NOW I SEE. THIS IS WE THE PEOPLE FOUNDATION. THERE ARE SEVERAL WITH SIMILAR NAMES.

I receive their automatic email updates since I signed the petition for redress of grievance that was sent to members of congress in July. A lot of RP supporters are members.