Financial Bailout: "How can you hide from Americans how their 4.7T is being spent?"

Discussion in 'Wall St. News' started by ByLoSellHi, Jul 21, 2009.

  1. Excerpt:

    "Barofsky says Treasury's inaction means taxpayers have not been told what the financial institutions that have received assistance are doing with the money.

    Rep. Darrell Issa of California, the top Republican in the House Oversight and Government Reform Committee, said that by not adopting Barofsky's recommendation, Treasury is contradicting President Barack Obama's vows to increase government accountability.

    "I don't know how you can justify hiding from the American people how their tax dollars are being spent," Issa said.

    Barofsky's conclusion is contained in a quarterly report to Congress and in testimony he is prepared to give Tuesday to the Oversight and Government Reform Committee.

    "The very credibility of TARP (and thus in large measure its chance of success) depends on whether Treasury will commit, in deed as in word, to operate TARP with the highest degree of transparency possible," Barofsky said.'
  2. achilles28


    1 Trillion in subprime debt (that never went to zero) = 4.7 Trillion in bailouts.

    Anyone care to explain that?
  3. bellman


    It was those damn democrats forcin us to lend to subprime worthless scum that created a system where banks can only make money during times of monetary expansion...

    Perhaps ignore the first half of that sentence.

  4. fhl


    Tarp was created by the gubbermint to buy up debt. That's how it was sold to the taxpayers.

    Now this guy barofsky's screaming that banks are using the money the wrong way.