Bailout Spending is a Secret
Monday, December 22, 2008
With the holidays here, my posting will probably be light this week. But, I couldn't help but notice this AP report.
Where'd bailout money go? Shhhh, it's a secretThis is just unacceptable folks. We have no idea what these people are doing with the tax money they have received. On the other hand, the autoworkers were raked over the coals for weeks about how they would spend funds. The hypocrisy here is just unreal.
By MATT APUZZO – 12 hours ago
WASHINGTON (AP) — The nation's largest banks are refusing to say how they're spending billions of dollars in taxpayer money.
The Treasury Department has been dolling out cash to banks as part of the unprecedented financial bailout. But there's no system in place for monitoring what the banks are doing with the money.
The Associated Press contacted 21 banks that have received at least $1 billion in taxpayer 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.
Congress rushed the bailout into law so quickly, no public disclosure was required. Now, lawmakers say, they're going to try to go back and get some answers retroactively.