Mar 13 2009
$7 Billion to China
In the classic using of other people’s money a bank in Rhode Island, the year after firing 121 employees, received $7 Billion in Tarp money. Given the state of the economy, would it be too much of a stretch to think that at least some of that money might be used to either bring a few of those folks back, loan it to customers in their home state, or something to add some impetus to the local economy? But no, they sent it to China. Seven billion tax dollars that haven’t even been collected yet and already it’s out of the country and the economy. Is it a stretch to think that this is not an isolated incident? Neel Kashkari, assistant treasury secretary, said during his testimony on the Hill Wednesday, that the treasury department is depending on bank examiners to track where the bank bailout is going. I think these same examiners were monitoring the banks when everything went out to pasture. Does anyone besides me have any additional concern about this revelation? The treasury should be marking every bill to see where it goes because without that oversight, billions will be wasted with no return to the taxpayer and with no watchdog, without record. This change is worse, maybe worse than it has ever been.
It’s not an isolated incident
http://newsday.today.com/2009/03/12/a-call-for-transparency/
And no you aren’t the only one with that concern, not at all. I’m pissed about it, Dennis Kucinich is pissed about it. This whole T.A.R.P. thing just makes me so mad. I hate that they named it that too. Because they may have well just laid a tarp over this whole deal - we’ll never know what all that money was really used for.