Bailout Lacks Oversight Despite Billions Pledged

Amit R. Paley
Washington Post
Thursday, November 13, 2008

In the six weeks since lawmakers approved the Treasury’s massive bailout of financial firms, the government has poured money into the country’s largest banks, recruited smaller banks into the program and repeatedly widened its scope to cover yet other types of businesses, from insurers to consumer lenders.

Along the way, the Bush administration has committed $290 billion of the $700 billion rescue package.

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Yet for all this activity, no formal action has been taken to fill the independent oversight posts established by Congress when it approved the bailout to prevent corruption and government waste. Nor has the first monitoring report required by lawmakers been completed, though the initial deadline has passed.

“It’s a mess,” said Eric M. Thorson, the Treasury Department’s inspector general, who has been working to oversee the bailout program until the newly created position of special inspector general is filled. “I don’t think anyone understands right now how we’re going to do proper oversight of this thing.”

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4 Responses to “Bailout Lacks Oversight Despite Billions Pledged”

1. Kshatriya Says:
   November 13th, 2008 at 1:00 pm

   Alex, keep doing what you’re doing brother. We love you man. I feel that you will go down in history as a founding father of our Republic. I know that people take shots at you every day, but think of all the arm chair quarterbacks that would yell at the TV and tell Joe Montana how to throw a football. An empty bucket makes alot of noise. Thats what these morons are Alex, empty buckets. We are with you, we are listening to you, we need you now more than ever. For every lead-chip fluoride drinker who tells lies about you or makes totally phony claims about you, there are 1,000 patriots who are out here quietly listening to you and appreciating you. God bless you AJ, someday they will make a movie about you like “PATTON”. Keep kickin ass brother. Your fan, Kshatriya

2. greg grisham Says:
   November 13th, 2008 at 2:47 pm

   Bloomberg challenges the Federal Reserve Bailout Secrecy

   Why do Americans wait for Bloomberg to do what every law abiding tax paying citizen should do?

   http://www.bloomberg.com/apps/.....refer=home

3. flip Says:
   November 13th, 2008 at 5:38 pm

   Everything you see happeening can be summed up into one word, “Consolidation”

4. Kilroy Says:
   November 13th, 2008 at 9:11 pm

   You are correct Flip . Consolidation comes first , then destroying the currency in favor of the Amero . This will probably come very soon . Shortly after GWs’ little get together .