WE THE PEOPLE DEMAND ACCOUNTABILITY

WE THE PEOPLE DEMAND ACCOUNTABILITY

To: our Representatives Members of Congress

WHEREAS our country's current financial crisis was caused by a $1.5 trillion fraudulent mortgage "liar loan" Ponzi scheme involving borrowers, lenders, real estate agents and complicit politicians who were supposed to protect taxpayers;

WHEREAS "liar loans" were facilitated by unscrupulous lenders and real estate agents churning commissions on knowingly over-inflated home values;

WHEREAS now defunct subprime lenders, such as Countrywide, IndyMac, New Century, Washington Mutual and others, would knowingly loan money to people who did not qualify for traditional loans;

WHEREAS "liar loans" were knowingly collected and bought at inflated prices by mow defunct Wall street firms, such as Bear Stearns, Lehman Brothers, Merrill Lynch and others, who would later sell these securities to their clients;

WHEREAS in order to protect themselves from the risks of "liar loans", default insurance was purchased from companies such as American International Group (AIG) who knowing of problems in valuing derivative contracts knowingly retained inadequate capital to cover defaults and needed to borrow money from the government;

WHEREAS knowing of valuation problems rating agencies such as Standard and Poors and Moodys provided tripple-A ratings to enable selling worthless leveraged products;

WHEREAS knowing of valuation problems the Federal Reserve spoke of irrational exhuberence but fueled that exhuberence by reducing interest rates;

WHEREAS when home prices collapsed and Wall street firms would have to write off massive amounts of debt with inadequate capital, they faced bankruptcy and needed to borrow money from the government;

WHEREAS the government has bailed out the financial industry's risk taking at the expense of taxpayers, with no end in sight;

WHEREAS banks and creditors are concerned with saving money to pay off their bad loans, rather than loan out money to businesses and consumers that would be able to put that money to good use;

WHEREAS politicians sitting on various oversight commissions did absolutely nothing when the lending problems at Freddie Mac and Fanny May were brought to light in 2004;

WHEREAS California's career politicians Barbra Boxer, Dianne Feinstein, and David Dreier and others did nothing to warn us and were busy with other complicit politicians collecting millions in campaign donations from the financial services, insurance and real estate industry;

WHEREAS presidential candidates Barack Obama took $22.5 million and John McCain took $19.6 million in campaign contributions. See Los Angeles Times 9/23/08 "Financial industry campaign donations;

WHEREAS Congressional oversight committee members Dodd, Shelby, Schumer, Barney Frank, Bacchus and others also collected millions. See USA Today 9/25/08 "Lobbyist in feeding frenzy";

WHEREAS it is obvious that our politicians are working for the special interests and not for us taxpayers who will be paying for the $700 billion and other bailout plans in order to save our economy, our retirement plans, stocks, 401k plans, our homes and our jobs;

WHEREAS having received campaign donations from the financial industry complicit members of Congress are silent and reluctant to have an investigation made of their support;

WHEREAS this petition is submitted to Congress by each petitioner linking this Demand for Accounability to an email with petitioner's name, address and date, and sending the email link to their congressional representative(s),

NOW THEREFORE WE THE PEOPLE DEMAND ACCOUNTABILITY by means of an investigation independent of Congress and conducted by an independent investigator and special prosecutor that will be appointed by a vote by a majority of Congress; and we further demand that Congress exclude votes of members who received campaign contributions from the special interests being investigated.

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