Several house reps screamed loud then that the treasury was mute silent or had stonewalled every effort made to find out exactly how much of the cash that the treasury actually doled out to the banks and financial houses. Nearly a year later they still really don't know. The issue from the beginning has been transparency or the absence of it by the treasury. Congress has failed to force the federal agencies to tell what they have spent, and how they spent it. At the time of his congressional testimony last April, the Tarp inspector general had 35 criminal and civil investigations of banks and financial houses for accounting fraud, securities fraud, insider trading, mortgage service misconduct, mortgage fraud and public corruption false statement and tax investigations going. This wasn't enough to trigger bells and whistles that treasury had grossly low balled the figures on the bailout.
Boxer and Webb had ample opportunity to demand and fight that the treasury and other federal agencies fully open their books on the amounts that were being spent. The White House and Congress have repeatedly publicly assured that bail out money ladled out came in way under the official $700 billion that Congress authorized, and that much of the money has been repaid. That still doesn't tell what other help the big banks and financial houses got in the form of loans, grants, insurance or asset guarantees, and what federal agencies were involved. Boxer and Webb haven't told us that either.
Earl Ofari Hutchinson is an author and political analyst. His new book is, How Obama Governed: The Year of Crisis and Challenge (Middle Passage Press).
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