Banks that were rescued with billions of dollars in public fundshave, in most cases, refused to provide specifics about how they have used or intend to use the money.
At least one of the banks that received billions of dollars in taxpayer bailout cash appear to have used some of the money to pay executive bonuses, ABC News has learned.
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An important investigative story on banks' refusal to disclose how they've used TARP money. ABC, a somewhat unlikely candidate here, holds Goldman Sachs, Morgan Stanley and others' feet to the flames, seeks independent input on the issue, and is overall transparent about its reporting.
Finally, ABC News (which has yet to downsize its investigative staff) reports on how banks are using taxpayer dollars to further their own interests in business as usual--business, by the way, that caused the U.S. economy to collapse. This is your world without journalism. Only a few years ago, investigative teams would be exposing banks and Ben Bernacke (as well as Congress--both parties) for their lax regulations using taxpayer funds without transparency. Even freedom of information requests are being denied because of exposing how taxpayer funds are used would disclose "proprietary information"--the same information that risked and lost almost everything.
It is time for NewsTrust editors to demand accountable journalism apart from the politics, as both Democrats and Republicans are to blame for allowing non-disclosures, especially now that the banking system has been nationalized at the expense of those with savings accounts. See my other reviews on that, linked below.
Of the 16 banks that were contacted by ABC News and asked how they are spending the hundreds of billions of taxpayers dollars, only one bank ... More »
This is an article that all who voted for it should read and realize how stupid this plan was how stupid Paulson's three page plan was and how god damn stupid they are.
When I was told this plan was going to help buy up mortgages to help people stay in their homes, I thought maybe, just maybe, Bush and his Bullies would do one decent thing for the less fortunate before they rode off into infamy. But NO! These sleazy bastards had to make their corporate friends a few billion more dollars before they leave town like the thieving cowards they are.
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