Where have all the billions gone…long time passing
January 9, 2009 Leave a comment
I apologize to Pete Seeger, the great folk singer, for borrowing from his 1961 hit, Where Have all the Flowers Gone..
But this is exactly what the five person congressional oversight panel, headed by Elizabeth Warren is asking (or rather, demanding to know from) the Treasury Department.
This panel was convened to oversee the implementation of the Emergency Economic Stabilization Act, signed into law in October 2007 for the specific purpose of providing stability to and preventing disruption in the economy and financial system and protecting taxpayers.
This watchdog panel, however, has attacked the Treasury Department for failing to track how banks are spending taxpayer money provided through the government’s $700 billion financial rescue package fondly known as TARP (Troubled Asset Relief Program).
According to their report the panel “still does not know what the banks are doing with taxpayer money.” The report goes on to chastize the Treasury Department for investing in financial institutions that have refused “to provide any accounting of how they are using taxpayer money,” and accuses the Treasury Department of “eroding” public confidence.