Obama Exposed Extending His Race War Against American Business to Extorting Billions Out of the Auto Lending Industry; Where Has the Money Gone?

Re-posted by Nicholas Stix

[See my VDARE report:

“Obama Wages Racial Socialist War on White-Owned Corporations, Taxpayers.”]
 

What I want to know is, how can “Obama” extort billions out of American businesses per year, borrow trillions from Red China, and yet we still have $500 million to $1,000,000,000,000 deficits each year? Where is the money going? In case I sound too subtle, I believe that Barack and Madame Michelle have been stealing billions of dollars from America’s white net taxpayers.
 

Obama Extorting Auto Lenders, CFPB Memos Prove
September 21, 2015, 6:53 P.M. ET
Investor’s Business Daily

Politics: If any doubts remain that the Obama administration is shaking down auto lenders, newly uncovered Consumer Financial Protection memos put them to rest.
It's time for Congress to step in and stop this federal extortion.

In a series of internal documents obtained by American Banker magazine, Consumer Financial Protection Bureau officials acknowledge that the "disparate impact" and "proxy" methodology used to investigate car lenders for racial bias hypes the evidence. Yet they say they prefer that to underestimating bias.

The documents reveal that agency prosecutors [wait a minute--CFPB has its own prosecutors? How can that be legal?] overstated discrimination in probes of Ally Bank, Honda and other defendants in the $900 billion auto finance industry. At least eight other banks, including Fifth Third and JPMorgan Chase, are under investigation. Outrageously, the head of the CFPB's Office of Fair Lending is quoted in one memo as saying that overestimating discrimination — and, in effect, framing defendants — was better than the risk of missing potential liability.

"Although there may be some risk of overestimating disparities, the alternative presents an equal (and perhaps greater) risk of underestimating disparities and thus consumer harm," stated CFPB Assistant Director Patrice Ficklin, a former civil-rights activist, in an April 2013 memo to agency officials.

The CFPB claims to have "statistical evidence" showing car lenders and dealers marking up loan prices for minorities vs. whites. But lenders and dealers insist that neutral factors such as credit history and rate-shopping explain any racial disparities in loan pricing.

But recently uncovered documents show that the assumptions that Obama's race bullies make while sifting through the limited auto loan data are even wilder than the ones they make against mortgage lenders, which already have forked over $100 billion to the government.

However, the auto data don't even include the applicant's race. So investigators use surnames to identify their ethnicity. Such "proxies" are notoriously unreliable and lead to overcounting of "victims."

Not only does CFPB guess about the qualifications of the applicants they're comparing, it also makes faulty assumptions about the actual race of those applicants.

That's a lot of speculation for something as serious as racism. Lacking hard evidence to support their discrimination claims, they show no concern about charging people with something that they didn't necessarily do.