Where your TARP funds are going
As if the ongoing rob-from-the-poor-give-to-the-rich scam of the various bailouts weren't bad enough, now comes the news that a portion of your tax dollars, via Citigroup, are being funneled to prop up the government of Dubai:
(from GovernmentExecutive.com 3/11/09)
The Treasury Department does not ask program recipients for a detailed list of TARP transactions. And, with some exceptions, such as limits on executive compensation, the government does not say how companies should spend bailout money.
That lack of guidance has led to "questionable transactions," said Rep. Dennis Kucinich, D-Ohio, chairman of the House Oversight and Government Reform Subcommittee on Domestic Policy, during a hearing on TARP oversight.
For example, during the past several months, as credit markets in the United States worsened, TARP recipients spent at least $16 billion on loans or investments with foreign entities. This included an $8 billion December 2008 loan from Citigroup Inc. to Dubai public sector entities. Citigroup initially received $25 billion in TARP funds in October 2008, followed by another $25 billion through two other TARP programs.
"Are these ... large investments and loans to foreign entities among the kind of transactions American taxpayers should be supporting with TARP monies when we face significant credit problems here at home?," Kucinich asked. "How does a multibillion [dollar] financing deal to Dubai ease the liquidity crisis in the USA?"
Never thought I'd agree with Dennis Kucinich on anything related to money, but I'm with him on this one.
Posted at 05:57 pm by Tony Gillis
