If you watched Rachel Maddow Monday night, she had some very interesting facts about the banks that received TARP funds. The following questions were asked of these banks:
1.How much has been spent?
2. What was it spent on?
3. How much is being held in savings?
4. What's the plan for the rest of it?
It would seem that these are all good questions and certainly since we are talking about "tax payer monies" it would seem only appropriate that the questions should be answered. JP Morgan Chase however, have stated to the AP that they are declining to give the information out. The Mellon Bank asked the AP to please not say that they were refusing to give out any information and that after receiving 3 billion of our dollars.
The application for TARP funds is a one and a half pages and asks the name and address of the institution, it's federal id numbers, address and city and oh yes, there is a line asking the amount requested. The last time I borrowed any money to purchase my home, it was at least 5 different documents, the longest which was probably 8 pages. It would seem that when the loan was in the billions, it would at least be as many pages as it takes to buy a home------or how about a car. When the Congress was debating whether or not to bail out the auto industry, it would seem they wanted the CEO's to drop compensation, the union to give up benefits, all the suppliers, dealers, and parts people to come to the table and yet when it is the banks, they receive a blank check, and "how dare you question how we spend YOUR money. It would seem that Vice-President Cheney, in his admission to torture is not the only arrogant person around. One thing that has been reported, is the admission by the various banks that have received bailout money, that they have paid out over 1 billion in bonuses. When we were all told of the consequences of not doing this bailout, we were led to believe that if something was not done, we would face an entire breakdown of the whole monetary system and throw the country into a financial disaster greater than the Great D. I, for one was not willing to take that chance and so stated my position a dozen different times. Now, it appears that we are in the financial disaster, perhaps greater that the dreaded GD, with the only difference being the 350 billion given to a few banks.
I have to admit, there is a lot of evidence out there that supports a lot of dirty laundry and although I have spoken out loudly about conspiracy talk on OEN, my case has become much weaker. I may very well need to apologize to Mr. M and Mark Sashine, as I have criticized them for their conspiracy thinking-----they may just be right.