Lawmakers are turning up the heat on banks that have received money from the Treasury Department's $700 billion rescue fund after the Associated Press reported that they wouldn't say how they are using the money. Full Story »
Posted by Michael Bugeja
Clear summary of congressional intent to require financial institutions receiving public bailout money to account for their use of the funds, evidently inspired by the Associated Press report that 21 banks that received at least $1 BILLION all refused to answer the questions.
I do believe that this 'bailout' has taken white collar crime to the highest possible point and beyond. It is impossible to believe that Paulson, Bernanke and the Bush administration have not willfully violated the intent of the terms of this bailout by inserting last-minute language to undermine the principles of accountability negotiated into the authorization. Where do the people turn when the Executive branch of the government and the federal/private financial hierarchy have ... More »
Story on some political action being taken as a (apparently) result of a previous AP story (http://abcnews.go.com/Business/WireStory?id=6508158&page=1 ), in that sense it is sort of a follow up story.
To NewTrust reviewers: This is an update and notice to AP subscribers that one of its reports, reviewed by us this week, already has made an impact on Congress. (See link below for investigative feature by Matt Apuzzo to appreciate the urgency of this matter to taxpayers.) This follow-up teaser notes that the bi-partisan leadership of two women--Sens. Dianne Feinstein, D-Calif., and Olympia Snowe, R-Maine--will result in legislation to force banks receiving taxpayer dollars to disclose how they used that. The question is, why did the Republican administration (Bush, Paulson, et. al) and the Democratic Congress (Pelosi, Frank, et. al.) allow the bailout without transparency to go forward in the first place.
Banks received $700 billion from "Troubled Assets Relief Program." A better acronymn might be "Traitorous American Robbery Program."
“It is outrageous that those institutions cannot — or will not — provide information on how they are spending billions of taxpayer dollars,” House Speaker ... More »
You ask 21 banks to at least explain something about this money and you get 0 for 21. Somebody needs to tell Mrs. Collins that the time for transparency was BEFORE you wrote a blank check for 350 billion dollars.
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