Remember the outrage when the Citizen’s found out that the Regulators at Fannie Mae and Freddie Mac were not only asleep at the switch but were actually fabricating accounting reports to make sure they made “bonus targets”? Where was the oversight?
Remember the outrage when the public was told that it would cost at least $1 Trillion Taxpayer Dollars to fix the mess and “buy” the “toxic mortgages”?
Remember the outrage when the Public found out that Congress had failed at its oversight responsibility? Remember how the Public was promised that the “Bailout” would be fully transparent, that like the Alaska Budget, all expenditures would be “on-line” and available for public view?
Remember when the Public was promised that the “Bailout Money” wouldn’t be used to pay “Executive Bonuses” and “Dividends”?
Remember what you were promised?
We were promised that the economy would colapse if the “toxic mortgage debt” was not “taken off the books.” Now we are told that the “bailout money” won’t be used to buy “toxic mortgage debt”. http://kdka.com/national/paulson.bailout.meltdown.2.862368.html http://www.usatoday.com/news/washington/2008-10-30-bush-banks_N.htm?csp=34
We were promised the “Bailout Cash” wouldn’t be used to pay “Bonuses” and “Dividends”. Banks and Wall Street Trading Houses are preparing to make year end Bonus & Didvidend Payments. Some Wall Street defenders claim that the Bonus and Dividend payments won’t come from ‘Bailout Funds”. These same defenders are silent when it is pointed out that the Banks and Wall Street Executives are taking “Bailout Cash” and putting in their “left pocket” while they take the “Dividend” and “Bonus Payments” out of their right pockets saying, “see – it is different cash”. Bottom line, without the “Bailout Cash” there would be no “Bonus” or “Dividends”. http://www.usatoday.com/news/washington/2008-10-30-bush-banks_N.htm?csp=34 http://www.thestreet.com/story/10444961/1/new-york-ag-probing-bank-exec-payouts.html?puc http://www.590klbj.com/news/article.aspx?id=481643
The promised transparency is nowhere to be found. There is nothing on-line, no one is working to put it on-line. The Fed has not made any of the activity available “on-line” and now refuses to disclose what it has done with the money. http://miami.indymedia.org/news/2008/11/12194.php http://www.bloomberg.com/apps/news?pid=20601087&sid=aatlky_cH.tY&refer=home
We were promised that the “Bailout” would be subjected to extraordinary Oversight. http://www.wshu.org/news/story.php?ID=6103 – audio of Sen Dodd.
“Close federal oversight key to bailout’s success” “Most important, Congress will require more oversight for how the bailout funds are dispensed.” http://www.courierpostonline.com/apps/pbcs.dll/article?AID=/20081006/OPINION/810060306/1046
Bailout brings massive hiring, oversight challenges http://www.govexec.com/dailyfed/1008/101008nj1.htm
Candidates urge bailout oversight http://www.stltoday.com/stltoday/news/stories.nsf/nation/story/BC1A1AC217680120862574CD00106C2D?OpenDocument
Barney Frank [of Fannie Mae notoriety] was joined by Rep. Christopher Shays, R-Conn., in telling “GMA” that they would insist that an oversight board be created to keep an eye on the country’s massive investment. “We will have a strong oversight board” that will report to Congress monthly, Frank said. http://abcnews.go.com/Business/Politics/Story?id=5855805&page=2
How then has almost 1/2 the “Bailout Money” been spent and Trillions in additional loans been made, without appointing a single member of the “oversight board” or hiring a single staff member. The only extraordinary thing, there is, literally and factually, no oversight.
It is time to “SAY NO” to further “Bailout Money”.
Contact Your Congressperson & Senators here: http://www.congress.org/congressorg/home
Filed under: Bailout Opposition, Bailout Transparency, Bailout Transparency Lost, Banking Crisis, Economy, Financial Crisis, Tax Payer Rip Offs, Taxes Tagged: | Bailout, Bailout Bill Promises, Bailout Opposition, Broken Bailout Bill Promises, Failure Of Bailout Bill