Last week on MSNBC we heard the head of the Senate "Bailout Oversight Committee" (or whatever they're called) talking about the questions they're only now getting a chance to ask (such as, how's the money being spent, for instance), and expressing some concern that we may have rushed to get this bailout approved without fully vetting the whole plan. (At least, that's my take on what she was saying… to which I can only reply "gee, you think?").
Later in the week we learned that, due to a cute little loophole in the whole bailout plan, none of the banks and financial institutions that received money are subject to the restrictions Congress attempted to put on outrageous CEO compensation and other potential abuses. Turns out that the only institutions subject to such restrictions are ones that were bought at auction, as this was the original plan for distributing those funds. Instead, the banks were simply handed their bailout money and, apparently, told to do with it as they pleased. So while Congress could, theoretically, have something to say about multi-million dollar bonuses and golden parachutes, none of the companies that actually have gotten any bailout money are subject to said oversight.
Today, I heard on the news that, when questioned about how that money is being used, the banks are stonewalling, and one bank was quoted as stating "we don't intend to share that info with the public" (or words to that extent).
Now, call me naïve (or a socialist, or what have you) but if your corporation just got handed billions of dollars of taxpayer money to keep you from going under, how the hell is "we're not going to tell" an acceptable response to "how are you using that money"? Sadly, I'm sure that, along with CEO compensation issues, this is just one more area of the bailout where we're going to be left wondering.
What ultimately amazes me, perhaps more so than ever, is that despite eight years of Bush & Co. fucking up everything they touch, they still managed to mismanage this boondoggle, leaving us to foot a $700 billion bill without. apparently, any accountability. And that no one saw this f'ing coming! What, the original proposal that said there would be 'no Congressional oversight" wasn't warning enough? The fact that they gave in on that point didn't set off any red lights in anyone's brain? How are we all (Congress, the media, the public at large) STILL so incompetent where these bastards are concerned?
A brief aside:
My over-developed sense of fair-play and honesty compels me to acknowledge that Bush did step up last week and approve a bailout for US automakers, something I've already said I supported. Ignoring for the moment the many ways he continues to abuse his last days in power, I'll give him kudos for this… all the while hoping that, a month or two from now, we're not all looking at this as a "be careful what you wish for" moment.
If we've learned anything at all by now, I guess I should be very afraid. (Yes, I think an argument could be made that this IS the definitive backhand compliment.)
Later in the week we learned that, due to a cute little loophole in the whole bailout plan, none of the banks and financial institutions that received money are subject to the restrictions Congress attempted to put on outrageous CEO compensation and other potential abuses. Turns out that the only institutions subject to such restrictions are ones that were bought at auction, as this was the original plan for distributing those funds. Instead, the banks were simply handed their bailout money and, apparently, told to do with it as they pleased. So while Congress could, theoretically, have something to say about multi-million dollar bonuses and golden parachutes, none of the companies that actually have gotten any bailout money are subject to said oversight.
Today, I heard on the news that, when questioned about how that money is being used, the banks are stonewalling, and one bank was quoted as stating "we don't intend to share that info with the public" (or words to that extent).
Now, call me naïve (or a socialist, or what have you) but if your corporation just got handed billions of dollars of taxpayer money to keep you from going under, how the hell is "we're not going to tell" an acceptable response to "how are you using that money"? Sadly, I'm sure that, along with CEO compensation issues, this is just one more area of the bailout where we're going to be left wondering.
What ultimately amazes me, perhaps more so than ever, is that despite eight years of Bush & Co. fucking up everything they touch, they still managed to mismanage this boondoggle, leaving us to foot a $700 billion bill without. apparently, any accountability. And that no one saw this f'ing coming! What, the original proposal that said there would be 'no Congressional oversight" wasn't warning enough? The fact that they gave in on that point didn't set off any red lights in anyone's brain? How are we all (Congress, the media, the public at large) STILL so incompetent where these bastards are concerned?
A brief aside:
My over-developed sense of fair-play and honesty compels me to acknowledge that Bush did step up last week and approve a bailout for US automakers, something I've already said I supported. Ignoring for the moment the many ways he continues to abuse his last days in power, I'll give him kudos for this… all the while hoping that, a month or two from now, we're not all looking at this as a "be careful what you wish for" moment.
If we've learned anything at all by now, I guess I should be very afraid. (Yes, I think an argument could be made that this IS the definitive backhand compliment.)
Comments
Our government at its finest. Blame Bush if you want. I blame them all. Question: How do you piss away $700 BILLION? Answer: We will never know...but, it happened.