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Watchdog: More transparency needed on use of bailout money

December 4, 2008 by  

How is your money being spent?Taxpayers have not been provided with clear information about how their money is being used as part of the rescue of the financial services industry, a congressional watchdog has claimed.

According to the Government Accountability Office, the Troubled Asset Relief Program demands more oversight by the Treasury than it is currently being given.

In a report, the GAO recommended that the Treasury collaborate with bank regulators to determine whether they are following the requirements of TARP, helping to ensure integrity, accountability and transparency.

The group also called for a stronger communication strategy from the government which would clearly spell out any changes, "to avoid information gaps and shocks."

Some lawmakers and citizens have expressed surprise that Paulson has shifted the focus of TARP away from purchasing bad debts from banks – which was one of its original stated purposes. Instead, money is being directed toward buying equity stakes in financial companies.

A third recommendation made by the GAO involved the creation of a "definitive transition plan" for the Treasury, which would help smooth the change to a new administration led by Barack Obama.
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  • Gary

    I've been saying from the beginning of the bail-out, that someone began

    figuring out how to steal some of the money while it was being considered.
    I a couple of years, the government will announce that several billion
    dollars disappeared, and no one can account for where it went.
    A lengthy investigation will follow, and still no one will know what happened to
    the money.

  • http://aim.com Vee

    Vee: on Dec 9, 2008 7:53 AM

    All those Sob”s in washington should be fired from their job’s. There’s
    way to many up there anyway. Too many committee’s, after committee’s
    that they really do not need to make good decision’s for our country, or
    or the citizen’s of the U.S.A.
    Nancy pelosi should be the first one to go, because she’s ready to bailout
    everything that will help her not us. Reid should be the second one, Then
    Bonner, Barney Franks next, Then, that crazy old white head fart that think’s he can
    tell who to step down from Ford and Chysler. He’s probably wanting to make mint off of the bailout deal, like the other’s, that’s having most of the say of it all.
    I’m gona call my congressman, that, just got elected again. And my senator’s
    and raise all kind of hell, on them not bailing out the people, because , their
    too busy trying to bailout all these other crook’s in these companies.
    And also, tell them to get rid of that crooked Paulson, and Berananke.

    • bobtalsma

      god bless you . finally some backbone

  • Diane

    AIG Defies U.S. Taxpayers by Promoting Sharia in America!
    For a company struggling with its financial survival, it remains astounding that AIG would want to incite its American taxpayer owners by promoting products that are based on an Islamic supremacist political ideology.
    AIG has announced that it has Sharia-based insurance products for the United States, and AIG is promoting them.
    This is our company, using our taxpayer dollars, to promote Islamic supremacist Sharia-based products in our country. As we are $40 billion owners in AIG, this is our problem as Americans. What is our government and AIG going to do about this?
    Sharia is a legal codification of the political ideology of Islamic supremacism. This Sharia legal codification is intended to enforce discriminatory and segregationist practices against women and non-Muslims and to suppress the liberties of those living in Islamic theocracies.
    To read the whole story, go to Act! for America’s website: http://www.actforamerica.org

    • Alfred Boggs

      Our government won’t do anything. Why did they give billions to AIG in the first place? how much do the big wigs of washington and wall street have invested in AIG? The crooks of Washington and wall street are bailing themselves out with our money. That Why.

  • http://lowkinetichumanhybrid.com memecaster

    Remember the money sent to Iraq to put it back togather again? Neither do the folks that sent it. Out of the suitcase and out of mind. (Got a reciept? what for!!!)

    I don’t pass money out to my kids that way. Why would I hand it to strangers in Iraq or Detroit that way. I’d be signing off every “red cent” they spend!!!

    More transparency, more oversight, lets start there at max and maybe just maybe as they Gain our Trust, we can back off a little. Trust, but insist on signing off on the payouts.

  • s c mailen, jr.

    SO MUCH FOR THE BEST AND THE BRIGHTEST CROWD. THEY DID NOT HESITATE TO TURN CAMPAIGN PROMISES INTO LIES, HALF-TRUTHS AND DISTORTIONS. TRANSPARENCY IS (once again) A MERE WORD, TO BE SUMMARILY TRASHED BY THOSE IN POWER. MONEY BY THE TON HAS DISAPPEARED, AND WE ARE TOLD TO BE SILENT (if we want to be seen as “patriotic” Americans). SOMEHOW, WE ARE NOT ENTITLED TO KNOW.
    HOW MANY AMERICANS WOULD HAVE BEEN UPSET IF ONE OF THE MANY RECENT CAMPAIGN PROMISES WOULD HAVE INCLUDED arbeit mach frei AMONG THEM?

  • Bob

    More transparancy … Hell! What’s needed is less …. Less bailout money and less government inteference. In fact, less government. This is supposed to be a free market economy which would still be working if it wasn’t for the federal government sticking it’s nose into things it’s not supposed to be involved in. “Vee” is right on. We’re paying the salaries for those bums, we should fire most of them.

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