UNDERNEWS

Undernews is the online report of the Progressive Review, edited by Sam Smith, who covered Washington during all or part of one quarter of America's presidencies and edited alternative journals since 1964. The Review has been on the web since 1995. See main page for full contents

July 19, 2009

BAILOUT WATCHDOG SAYS TREASURY REJECTS 'COMMON SENSE'

The Hill- The top watchdog over the financial bailout package said the Treasury Department is rejecting "common sense" by not requiring banks receiving billions of dollars in government money to say how they are using the money.

Neil Barofsky said banks that have received money from the $700 billion bailout package passed last year are able to indicate how they are using taxpayer money and that Treasury should require banks to be more transparent.

"The fact that there may be some limitations on the precision of the data that could be collected," Barofsky said in the report, "does not mean that such reporting could not generate meaningful information.". . .

The report indicates that banks can give "at least a general indication" about how the money is used and what they were able to do had it not been for the government help.

"Treasury's decision to reject this information just because the bank may not be able to trace the exact dollars ignores this common sense view," Barofksy said.

4 Comments:

Anonymous Anonymous said...

" In general" means no accounting. no documentation, just shoot me a line of bs to placate the suckers.

July 19, 2009 8:12 PM  
Anonymous m said...

The bailout was passed the same way that the second Iraqi War got through Congress. Namely the Bush administration created an atmosphere of lies and fear. To a puffed up emergency that need to be solved yesterday and with no debate. The Dumbocrats immediately fell into step with this latest con job, and have committed some unknown, but enormous amount of cash not only to American banksters, but those of other nations as well.

Bush managed his final active looting of the Treasury with well practiced success. The proof that most, if not all of this was indeed fraud, is the record profits scored by Goldman Sachs, Bank of America, and others who were favored with the ill gotten funds.

July 20, 2009 8:20 AM  
Anonymous Anonymous said...

Sam-
Why did you omit Barofsky's saying that the various bailouts and stimuluses could cost up to $24 Trillion? Seems to me that's the most important thing to this story. Lost in the ellipses...

July 20, 2009 10:08 PM  
Anonymous campaign for pay justice said...

Following the Treasury's logic would lead us to conclude that we should get rid of laws against murder since laws against murder have not stopped all murder.

The government could have simply paid off every mortgage in America with the money they've handed free gratis to Goldamn Sacks-us banksters.

July 21, 2009 9:10 AM  

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