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Where did I put that bailout money again?

December 23, 2008 by  

Who is monitoring the use of bailout funds?After receiving billions of dollars in taxpayer bailout money, banks are unable to describe how they have used the funds, it has emerged.

An Associated Press investigation asked 21 financial institutions that have accepted at least $1 billion from the government how they have spent the money and what their plans are for any remaining cash.

According to the AP, not a single bank gave specific responses to the queries, raising questions about who is monitoring the banks’ use of bailout funds.

Some lawmakers have indicated that they intend to follow up on where the money has been used, but taxpayers may see it as a case of too little, too late.

The news comes after the Treasury Department announced that it has used up $350 billion out of the total amount included in the Troubled Asset Relief Program so far but will likely not touch the rest until January.

Meanwhile, a separate report from the Associated Press reveals that many executives at financial institutions receiving bailout money received salaries, bonuses and benefits that – if taken as a whole – nearly equal the amount the banks have accepted from TARP.
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  • http://www.solutionsiec.com jasony

    Just another example of why we ought to let the markets correct themselves, and, as Americans, take hold of the opportunities we have as Americans and prosper, by being that correction or strength in the market, rather than shoveling tons of tax payers’ (that being the business and individual tax payers) money out in bail outs (to anyone) just to go further in debt. If we wouldn’t have listened to our failing Congress and the liberal press (Associated Press for example) to mask the truth of what was going on in American for the past couple of years then things wouldn’t have blown up into what they are now (specifically consumer confidence). Be that as it may, today we need, more than ever, to look to the source of real strength and hope, as is described on our dollar bill and in the constitutions of the federal and state constitutions: In God We Trust. God help us; and, God bless America!

    • Gary

      Unfortunately we let ourselves get into this predicament – God will be of no help. We need to fire congress and pull names out of a middle-class hat to replace them. The average Joe on the street would do a better and certainly more honest job than these self-serving jackals. And these highly paid Wall Street executives and mortgage brokers ought to go to jail and have their assets siezed and distrbuted to the workers they caused to be laid off and the 401k investors they cheated.
      Letting business run wild without moral responsibility has historically resulted in royally screwing the worker and lavisly rewarding the execs (steel, oil, railroads, coal). The lobbyist network, coupled with corrupt congressmen has run us into the ground. You can bet Bush/Cheney made millions on clandestine deals over the past 8 years.
      On another note – the “big three” deserve to go bankrupt. Years of ignoring the market and paying huge bonuses to execs and outrageous worker benefits (ie: paying 96% wages to laid off workers) does not deserve a bailout. Toyota kicked a$$ because they build quality products at reasonable prices and have a long-term plan. Their cars are boring and will never fill the high-profit low-volume market, but they have a great business model.

  • Texas Bohunk

    We need ENRON style investigations and prosecutions. Otherwise it would appear that stealing 1Billion dollars is less prosecutable that stealing $100.00! The New York madam has a list naming many of these scoundrels using our money for prostitution and the “Prosecuter in NY won’ t even talk to the press to explain why or why he won’t prosecute?”

  • s c mailen, jr.

    Jason is right! Markets correct themselves. They do it WITHOUT government intervention. We deserve a free market economy. As long as we let government interfere, the results will be predictable.
    Some of our elected vermin blame this mess on our ‘free marlet.’ This is the same ‘free market’ they have been gutting and corrupting for decades. FREE means FREE. If only those airheads could read [and then do the RIGHT thing].
    The best solution is to put a PERMANENT end to consecutive terms. NO MORE PORK PARADISE FOR ELECTED SWINE! America has NO political saviors. And our parties are USELESS. Get it right!

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