[ originally crossposted on ProgressiveBlue.com ]
Where'd the bailout money go? Shhhh, it's a secret
By Matt Apuzzo - Dec 22, 2008
The Associated Press contacted 21 banks that received at least $1 billion in government money and asked four questions:
- How much has been spent?
- What was it spent on?
- How much is being held in savings? and
- What's the plan for the rest?
None of the banks provided specific answers.
...
Some banks said they simply didn't know where the money was going.
Didn't know ????
Perhaps those Bankers think that -- We The People, "Can't Handle the Truth?"
[Continuing ...]
The [non] answers highlight the secrecy surrounding the Troubled Asset Relief Program [TARP], which earmarked $700 billion — about the size of the Netherlands' economy — to help rescue the financial industry. The Treasury Department has been using the money to buy stock in U.S. banks, hoping that the sudden inflow of cash will get banks to start lending money.
...
There has been no accounting of how banks spend that money.
(emphasis added)
http://www.google.com/...
Could it be that those 21 Billion-Dollar-Banks "are taking the 5th", because they have something to Hide?
Haven't we seen this Movie before?
Where'd the Bank Bailout Billions Go? [AP Report]
http://www.youtube.com/...
Wow, accord to Rep Scott Garrett [R-NJ], in that clip, in his critique of Bank Bailout program:
"It's like a 1000 'Bridges to Nowhere'"
[since that infamous Bridge cost $100 Million]
Well, actually it's more like 7000 such Bridges!!
$700,000,000,000 / $100,000,000 = 7000
OR
The Banks Bailout is like 50 Auto "Bridge Loan" Bailout Plans!
$700,000,000,000 / $15,000,000,000 = 46.6
SOOOO, with SO much money being handed out like Candy, to SO many Bankers -- IS ANYONE going to "hold their Feet to the Fire"?
Well, a few people are trying to step up, and "Get to the Truth".
[whether Paulson and Bankers, think we can handle it or not!]
These watchdogs could use our support, I bet:
Congress moves to crack down on bailout recipients
By Laurie Kellman -- Dec 23, 2008
...
None of the banks provided specific answers and most refused to explain why they are keeping the information secret.
Nearly every bank AP questioned — including Citigroup Inc. and Bank of America Corp., two of the largest recipients of bailout money — responded with generic public relations statements explaining that the money was being used to strengthen balance sheets and continue making loans to ease the credit crisis.
"It is outrageous that those institutions cannot — or will not — provide information on how they are spending billions of taxpayer dollars," House Speaker Nancy Pelosi said in a statement Monday.
Pelosi said she has asked House Financial Services Chairman Barney Frank, D-Mass., to draft legislation that would ensure government funds are used for more lending to consumers.
Congress will consider that legislation before it votes on whether to release the second $350 billion in bailout money, Pelosi said.
(emphasis added)
http://www.google.com/...
And there is also the Congressional Watchdog Panel overseeing the financial bailout, They are stepping up too, with some tough accountability questions. As Chairwomen Elizabeth Warren puts it:
"It is entirely appropriate for the American people to know how their taxpayer dollars are being spent in private industry"
In other words, The People have a Right to Know -- how their Tax Dollars are being spent:
Elizabeth Warren Introduces the First Report of the Congressional Oversight Panel (COP)
http://www.youtube.com/...
Questions: About the $700 Billion Emergency Economic Stabilization Funds (Report pdf)
The First Report of the Congressional Oversight Panel for Economic Stabilization
December 10, 2008
In the months to come the Congressional Oversight Panel – COP – will do its best to guarantee that public actions are built on robust foundations that will strengthen the real economy. The American people have an important role to play in this process. As we continue our work on behalf of Congress and the American people, we will issue monthly reports. But we will always return to the American people, searching for answers and asking more questions.
TEN QUESTIONS FROM COP (Congressional Oversight Panel)
- What is Treasury’s Strategy?
- Is the Strategy Working to Stabilize Markets?
- Is the Strategy Helping to Reduce Foreclosures?
- What Have Financial Institutions Done with the Taxpayers’ Money Received So Far?
- Is the Public Receiving a Fair Deal?
- What is Treasury Doing to Help the American Family?
- Is Treasury Imposing Reforms on Financial Institutions that are
taking Taxpayer Money?
...
Has Treasury required banks receiving aid to:
* Present a viable business plan;
* Replace failed executives and/or directors;
* Undertake internal reforms to prevent future crises, to increase oversight, and to ensure better accounting and transparency;
* Undertake any other operational reforms?
- How is Treasury Deciding Which Institutions Receive the Money?
- What is the Scope of Treasury’s Statutory Authority?
- Is Treasury Looking Ahead?
In that last video, the Oversight Chair Elizabeth Warren, ends it by asking for EVEN A FEW MORE Good Questions, FROM US, to help them get to the REAL Truth about the Bailout Billions $$$$$ !
COP: Congressional Oversight Panel Website
What Questions would YOU have the Panel ask the Banks and the Treasury?
COP: Ask a Question or Tell Us Your Story
Here's your Chance to Empower the Watchdogs, with your own unique sense of Indignation
We want the Truth!
And WHO is Elizabeth Warren, the one that is stepping up to represent the People's Interest, with such indignation and determination?
Elizabeth Warren is the Leo Gottlieb Professor of Law at Harvard Law School, where she teaches contract law, bankruptcy, and commercial law.
...
Warren is a member of the FDIC's Committee on Economic Inclusion. She is the former Vice-President of the American Law Institute and a member of the American Academy of Arts and Sciences. She served as the Chief Adviser to the National Bankruptcy Review Commission. Warren is a popular teacher, winning awards from her students at Harvard, the University of Pennsylvania, the University of Michigan, and the University of Houston.
http://en.wikipedia.org/...
WTG!! Elizabeth Warren
Thank you, from us mere Taxpayers!
And, Go get em!