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Top Dems React To GAO Report

Looks like top Congressional Democrats didn't find yesterday's GAO report on how Treasury is implementing the bailout program any more encouraging than we did.

In a statement, Speaker Nancy Pelosi said:

The GAO's discouraging report makes clear that the Treasury Department's implementation of the (rescue plan) is insufficiently transparent and is not accountable to American taxpayers."

And Rep. Barney Frank, who chairs the House Financial Services Committee, agreed, saying in his own statement:

The American people received two kinds of news about the TARP program - bad and worse news.

The bad news was confirmation by the GAO in its first report about the program that Treasury has no way to measure whether taxpayer funds invested in banks are being used in accordance with the purpose of the law - to increase lending. The much worse news is Treasury's response that it does not even have the intention of doing so.

Frank added: "A public hearing on the issues raised by the GAO report is now essential."


7 Comments

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Congress, in The Beltway game of "Throw it over the fence," is in no position to talk on Treasuries mishandling the give away. Frank has been disappointing in this crisis, and Pelosi continues to be a bottom feeder as the Speaker. Crying in your beer from the House Saloon doesn't get the problem corrected.

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Of course they ignored the parts of the law on oversight. It's in their genes to not only resist setting up oversight, but to ignore it thereafter. It's not the law, it's the people running things. They're crooks and power-hungry, and no specificity about what's expected of them will help.

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Bullsh-- a "public hearing is needed"? No, what's needed is no more funds be made available. And, steps need to be taken to get back the money already given away.

REPEAL THE BAILOUT COMPLETELY!!!

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The Republicans in power threw away what they could of our money, our values, our integrity and our historic envy of the world...

Now it's the Democrats' turn to throw out whatever is left and not tied down...

BOTH SIDES are scoundrels... and We the Lemmings will follow each other off the cliff, all the while thinking our leaders are going with us...

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don't give them the rest of the damn money. it's easy.

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It is now impossible to even pretend that the Wall Street crowd is capable of serving anything beyond their own self-interest. Given a choice between fixing the economy or taking advantage of an opportunity to steal even more money, there is little doubt where Paulson, Bernanke, and the bankers will direct their efforts.

Looks like we are inescapably facing some pretty tough times. Why not cut the nuts off these arrogant pricks and preserve the billions dedicated to this abomination of a bailout for more transparent and effective uses that hold promise to actually serve OUR interests, the taxpayers. (Or maybe forego the assumption of this debt altogether!)

It's god-awful hard to believe just how much these "Masters of the Universe" have assumed the title for themselves. We can simply no longer afford them nor the silly-ass games they play.

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I kid you not, Citibank is buying an infrastructure company in Spain for ~$10 Billion. What does that have to do with increasing lending? Nada, as far as I can tell.

How much bailout money did Citi just get? $20 billion immediately and $300 billion in guarantees?

This is BS. Citi is acquiring the company, Itinere Infraestructuras, through its infrastructure fund,
Citi Infrastructure Partners.

http://www.khl.com/magazines/construction-europe/detail/item29555/Citigroup-acquires-Spain/?s-Itinere-Infraestructuras/

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