What is Congress and the Fed allowing Wall Street to do with taxpayer money? Anything they want. Yes Wall St, There is a Santa Claus.
The Bush Administration past records of deception suckered Congress again, an easy mark, for sure. Why are we still putting up with this lack of oversight, secrecy, lack of transparency, arrogrance?
Congress did not do its job in protecting us. How do we get out of this mess and receive full disclosure?
Where is our government? What will Congress now do to right this wrong?
From Huffington Post blogger Gail Vida Hamburg, "You Morons, What Have You Done With Our Money?"
I expected Congress to hold Paulson's feet to the fire and spell out in no uncertain terms that this was not business as usual -- that this was not an entitlement program to reward shareholders, or capital for solvent companies to make new business acquisitions. I hoped Congress would remind Paulson that there's nothing that would make American taxpayers more angry -- after Bush's illegal and expensive war -- than hearing about bailout funds spent on million dollar bonuses for TARP company executives and beachfront corporate retreats.
Was it too much to ask Congress to examine this unprecedented government intervention in the free market critically, microscopically, quantitatively, and numerically, before authorizing the Paulson-Kashkari/Goldman Sachs alum transfer of US taxpayer dollars to benefit, surprise, surprise, the finance and banking sector, including solvent companies?
http://www.huffingtonpost.com/...
Where'd the bailout money go? Shhhh, it's a secret
By MATT APUZZO, Associated Press Writer
After receiving billions in aid from U.S. taxpayers, the nation's largest banks say they can't track exactly how they're spending it.
http://www.sfgate.com/...
From Huffington Post blogger:
even Fox News is suing the White House to get some information about how that $350 billion was spent, and George Bush is refusing to release any details. BFFs no longer? Fox sues Bush Administration. Rupert Murdoch's Fox Business Network has filed a lawsuit against the United States Treasury Department, alleging that Treasury has failed to respond to two Freedom of Information Act requests. The network sought information about how the money distributed to A.I.G., the Bank of New York Mellon and Citigroup as part of the $700 billion bailout has been used.
http://www.salon.com/...
Jim Cramer, Show Me the Bailout Money! Government Gone Wild.
Are you this angry? Yes, I am!
Video http://www.msnbc.msn.com/...
Now CIT to Get a $2.33 Billion Bailout another "NEW" Bank.
The CIT Group, the commercial lender, received preliminary approval on Tuesday to receive $2.33 billion under the government’s $700 billion financial bailout program.
http://www.nytimes.com/...
Update on Dec 22 from Speaker Pelosi - Congress Will Protect Taxpayers and Require Greater Transparency Before Releasing Additional TARP Funds- by Speaker Pelosi, December 22nd, 2008
Several recent news reports highlight the failure of the Bush Administration to protect the taxpayers as Congress intended when we wrote tough accountability in the Troubled Asset Relief Program. It is unacceptable to Congress and to taxpayers that the Treasury Department cannot guarantee that financial institutions are properly using taxpayer assistance to ease the credit crunch. And it is outrageous that those institutions cannot – or will not – provide information on how they are spending billions of taxpayer dollars. I have asked Financial Services Committee Chairman Barney Frank to develop legislation to strengthen accountability, ensure that TARP funds are used to free up credit for consumers, and provide mortgage relief so more homeowners can stay in their homes. To protect taxpayers and require greater transparency, Congress will consider that legislation before releasing additional TARP funds. This legislation will be one step in a number we will take, together with the Obama Administration, in our efforts to eliminate waste and fraud from federal spending.
----
December 2008
TROUBLED ASSET RELIEF PROGRAM
Additional Actions Needed to Better Ensure Integrity, Accountability, and Transparency- Highlights of GAO-09-161, a report to congressional committees
On October 3, 2008, the Emergency Economic Stabilization Act was signed into law. The act established the Office of Financial Stability (OFS) within the Department of the Treasury (Treasury) and authorized the
Troubled Asset Relief Program (TARP). Every 60 days, the U.S. Comptroller General is required to report on a variety of areas associated with oversight of TARP.
This report reviews (1) the activities that have been undertaken through TARP as of November 25, 2008; (2) the structure of OFS, its use of contractors, and its system of internal controls; and (3) preliminary indicators of TARP’s performance. GAO reviewed documents related to TARP, including contracts, agreements, guidance, and rules. GAO also met with OFS, contractors, federal agencies, and officials from some participating institutions. GAO plans to continue to monitor these and other issues including future and ongoing capital purchases, other transactions undertaken as part of TARP (e.g., capital purchases in Citigroup and American International Group), and the status of other aspects of TARP.
GAO TROUBLED ASSET RELIEF PROGRAM What GAO Recommends:
To view HIghlights of report:
http://www.gao.gov/...
Full report to Congressional Committees
RE: Additional Actions Needed to Better Ensure Integrity, Accountability, and Transparency.
http://www.gao.gov/...