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<\/a>\nWASHINGTON, D.C. \u2013 A careful analysis of the Treasury Department\u2019s \u201cAgency Financial Report for Fiscal Year 2013\u201d<\/a> provides evidence the Obama administration stole from Fannie and Freddie investors to fund Obamacare.<\/strong><\/p>\n
Guided by a CPA, who worked for two years for a major U.S. accounting firm as an outside auditor for Freddie Mac, Infowars.com has documented in the Treasury Department\u2019s 2013 financial reports how the Obama administration diverted into Obamacare billions of dollars that Treasury confiscated from Freddie and Fannie earnings.<\/p>\n
On Aug. 17, 2012, the Obama administration finalized the amendment of the Treasury Department\u2019s Senior Preferred Stock Agreements with Fannie and Freddie that deprived private and institutional investors of their legally due dividend payments.<\/p>\n
This enabled the Obama Treasury Department to confiscate billions of dollars in Fannie and Freddie earnings, in what is known as the \u201cNet Worth Sweep,\u201d or NWS.<\/p>\n
The analysis begins with a table entitled \u201cSummary Financial Information,\u201d presented on page 26 of the Treasury Department\u2019s \u201cAgency Financial Report for Fiscal Year 2013.\u201d<\/p>\n
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Note the line item \u201cGSEs Non-Entity Costs (Revenue)\u201d that records the flow into Treasury of the funds confiscated by the Obama administration in the NWS: recorded in 2012 as a cost to the treasury of $5.3 billion.<\/p>\n
This line item dramatically reverses in 2013 to reflect the NWS revenue inflow from the two Government Sponsored Entities, GSEs, amounting in 2013 to $126 billion.<\/p>\n
Treasury also revised their 2013 internal estimate of GSE liabilities from a liability of $288.7 billion in 2012, to a much-reduced liability of $9 billion in 2013 \u2014 a difference explained entirely by the Net Worth Sweep.<\/p>\n
The second paragraph of the \u201cFinancial Overview\u201d below the chart leaves no doubt, reading as follows:<\/p>\n
\u201cAdditionally, the Department amended its Senior Preferred Stock Purchase Agreements (SPSPAs) with Fannie Mae and Freddie Mac \u2013 two Government-Sponsored Enterprises (GSEs) \u2013 in 2012, which changed, among other things, the basis for determining quarterly dividends that are paid by the GSEs to the U.S. government commencing with the quarter ending March 31, 2013. As a result of the amended SPSPAs, coupled with the GSEs\u2019 long-term financial forecasts within a specific time horizon, the Department reduced its contingent liability associated with the GSE program by $9.0 billion and $288.7 billion at the end of fiscal year 2013 and 2012, respectively, via a reduction in expense.\u201d<\/p>\n
The $126.6 billion that Treasury received from the Fannie and Freddie NWS is also noted in the \u201cConsolidated Statements of Net Cost for the Fiscal Years Ended Sept. 30, 2013 and 2012\u201d that the report publishes on page 50.<\/p>\n
The explanation of the $126.6 billion in Treasury revenue received from the GSEs is further elaborated in the following paragraph that appears on page 29 of the report:<\/p>\n
\u201cGSE Non-Entity Revenue <\/b>totaled $126.6 billion for 2013 compared to net cost of $5.3 billion for 2012. The revenue in 2013 was primarily driven by a $77.3 billion increase in preferred stock dividends, coupled with a $30.9 billion valuation gain on GSE investments in 2013 compared to a $42.3 billion loss in 2012. These increases primarily stemmed from federal income tax benefits and other improvements in the GSEs\u2019 financial performance in 2013.\u201d<\/p>\n
On page 94, the report provides a chart detailing that the $126.6 billion in GSE revenue came from preferred stock dividends and from the market fair value gain on the preferred stock Treasury held in Fannie and Freddie, as seen here:<\/p>\n
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A table presented on page 113, entitled \u201cTransfers to the General Fund and Other\u201d makes clear Treasury transferred the NWS revenue from Fannie and Freddie to the Treasury \u201cGeneral Fund,\u201d where the revenue was accounted as available for Treasury reallocation.<\/p>\n
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The analysis of how the Treasury Department spent the NWS receipts deposited into the General Fund derives from an analysis of the month-by-month analysis of \u201cTable 9: Summary of Receipts by Source, and Outlays by Function of the U.S. Government,\u201d found in the Monthly Treasury Statement of Receipts and Outlays of the U.S. Government<\/a>.<\/p>\n With the assistance of the accounting expert mentioned above, Infowars.com constructed a spreadsheet to summarize findings from an analysis of the Table 9 entries for calendar year 2013.<\/p>\n As seen in the above excel spreadsheet, analysis of the line items in Table 9 for the months of calendar year 2013 revealed that the amounts Treasury received in GSE revenue corresponded to decreases in the \u201cCommerce and Housing\u201d line item, and to increases in the line items \u201cHealth\u201d and \u201cMedicare.\u201d<\/p>\n This strongly suggests Treasury used the \u201cCommerce and Housing\u201d line item to record receipts in GSE revenue that were reallocated in subsequent months as debits out of \u201cCommerce and Housing\u201d that corresponded to increases in \u201cHealth\u201d and increases in \u201cMedicare.\u201d<\/p>\n Note the first NWS payment was received by Treasury at the end of March 2013.<\/p>\n During that month, the Treasury accounting debited \u201cCommerce and Housing\u201d by $23.770 billion, establishing a pattern where the amounts credited to \u201cHealth\u201d and to \u201cMedicare\u201d increased for each of the next two months.<\/p>\n<\/p>\n