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Associated Press (AP) reporters contacted some of the financial institutions that received federal bailout funds and asked the financial institutions how they have spent the money. The financial institutions either refused to tell the AP what they did with the money, or issued generic statements that didn't disclose anything. (link)
The stonewalling by the financial institutions made it into the news.
Our illustrious members of Congress watched the news, and now they are hot diggity dang outraged.
Outraged, I tell you.
"It is outrageous that those institutions cannot -- or will not -- provide information on how they are spending billions of taxpayer dollars" - House Speaker Nancy Pelosi (D-CA).
Actually, what is outrageous is that Congress (that's you Nancy), Treasury boss Hank Paulson, and President George W. Bush handed over $350 billion in taxpayer funds to date WITHOUT DICTATING TO THE BANKS HOW THEY WERE GOING TO SPEND THE MONEY. What an embarassing display of governmental incompetence.
Sens. Dianne Feinstein, D-Calif., and Olympia Snowe, R-Maine, said Tuesday that they will propose legislation next month to force companies that receive money from the fund to report how they have spent it.
The legislation would also prohibit them from spending the taxpayer dollars on lobbying or political contributions. It would also apply to some recipients of the Federal Reserve's emergency lending programs.
Well hey, that's just peachy keen Senators, but shouldn't you have thought of that a few months ago, when you robbed the taxpayers to pay off the bankers ? Isn't that your, like, job ?
Pelosi said she has asked House Financial Services Chairman Barney Frank, D-Mass., to draft legislation that would ensure government funds are used for more lending to consumers.
Congress will consider that legislation before it votes on whether to release the second $350 billion in bailout money, Pelosi said.
Treasury Secretary Henry Paulson has said the department is trying to step up its monitoring of bank spending
It just warms my heart to know our government is on the job now, even if it is $350 billion too late. Doesn't it make you feel all warm and fuzzy too ? Do you actually believe in our government after this ? I sure don't. And these clueless morons are our leaders. God help us.
This is such a clear admission of governmental irresponsibility, failure, and downright stupidity that I almost don't have the words to describe it. What's it going to take for you to wake up, America ? Only YOU can stop this incredible breech of the public trust. This is unbelievable. Every government official who is a party to it should be booted from office, at the very least.