Today's Article
American citizens
have no way of
knowing for certain
how banks are
spending a single
dollar of these
massive giveaways.
have no way of
knowing for certain
how banks are
spending a single
dollar of these
massive giveaways.
The American Spark
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No One Knows How Bailout Money Is Being Spent, Say Auditors
By Cliff Montgomery - Jan. 9th, 2009
The leader of a congressional committee watching over America's $700 billion financial bailout plan has told
reporters she is "shocked" that government officials can't determine what has happened to much of the
taxpayer money.
Elizabeth Warren, a Harvard University law professor, stated on ABC's Good Morning America Friday that
Congress "may want to take a very hard look" at how financial institutions that received most of the initial
bailout payments have used those dollars. Warren's panel recently released a study on the bailout fund.
She added that the Treasury Department, which is administering the program, "didn't put any tracking
mechanisms on it."
If true, that would mean American citizens have no way of knowing for certain how banks are spending a single
dollar of these massive giveaways, which are all at U.S. taxpayers' expense.
Treasury also "didn't tell the banks what they had to do in order to get the money," Warren said.
Thus a bank giveaway "might be used for lending, it might be used to buy other banks...Or it might just be
stuffed in vaults and left there," she added.
Like what you're reading so far? Then why not order a full year (52 issues) of the The American Spark
e-newsletter for only $15? A major article covering an story not being told in the Corporate Press will be
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By Cliff Montgomery - Jan. 9th, 2009
The leader of a congressional committee watching over America's $700 billion financial bailout plan has told
reporters she is "shocked" that government officials can't determine what has happened to much of the
taxpayer money.
Elizabeth Warren, a Harvard University law professor, stated on ABC's Good Morning America Friday that
Congress "may want to take a very hard look" at how financial institutions that received most of the initial
bailout payments have used those dollars. Warren's panel recently released a study on the bailout fund.
She added that the Treasury Department, which is administering the program, "didn't put any tracking
mechanisms on it."
If true, that would mean American citizens have no way of knowing for certain how banks are spending a single
dollar of these massive giveaways, which are all at U.S. taxpayers' expense.
Treasury also "didn't tell the banks what they had to do in order to get the money," Warren said.
Thus a bank giveaway "might be used for lending, it might be used to buy other banks...Or it might just be
stuffed in vaults and left there," she added.
Like what you're reading so far? Then why not order a full year (52 issues) of the The American Spark
e-newsletter for only $15? A major article covering an story not being told in the Corporate Press will be
delivered to your email every Monday morning for a full year, for less than 30 cents an issue. Order Now!
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