Thursday, November 13, 2008

Bailout Bill Has No Oversight

Then why did Congress crow about what a great job they did on oversight after they passed this monstrous looting of the American people?

I'm not kidding, folks. Every time I post another story describing how the American people were lied to, looted, and ignored on this tax giveaway to banks and well-connected corporations there is an incredible sadness in the soul of this blogger.

Hey, what's one more lie, huh, America? You've been lied to for so long now....

"Bailout Lacks Oversight Despite Billions Pledged; Watchdog Panel Is Empty; Report Is Unfinished" by Amit R. Paley, Washington Post | November 13, 2008

In the six weeks since lawmakers approved the Treasury's massive bailout of financial firms, the government has poured money into the country's largest banks, recruited smaller banks into the program and repeatedly widened its scope to cover yet other types of businesses, from insurers to consumer lenders.

Along the way, the Bush administration has committed $290 billion of the $700 billion rescue package. Yet for all this activity, no formal action has been taken to fill the independent oversight posts established by Congress when it approved the bailout to prevent corruption and government waste. Nor has the first monitoring report required by lawmakers been completed, though the initial deadline has passed....

They won't tell us where the $$$ went anyway.

"It's a mess," said Eric M. Thorson, the Treasury Department's inspector general, who has been working to oversee the bailout program until the newly created position of special inspector general is filled. "I don't think anyone understands right now how we're going to do proper oversight of this thing."


In approving the rescue package, lawmakers trumpeted provisions in the legislation that established layers of independent scrutiny, including a special inspector general to be nominated by the White House and a congressional oversight panel to be named by lawmakers themselves....

Yeah, I know they did, which is why I am so devestated when I find out HOW MUCH WORSE this thing gets EVERY DAY!!

Tony Fratto, deputy White House press secretary, declined to comment on the nominee or when he or she would be named but said there is adequate scrutiny of the bailout. "No program in the history of the federal government has had more layers of oversight and reporting and transparency," he said.

Well, these guys are just going to lie all the way out the door, aren't they?!


For their part, lawmakers have yet to nominate the five-member Congressional Oversight Panel, though leaders of both parties said they hoped they would be named by the end of the month and start work by December....

(Blog author really can't comment right now aince he is so upset; Congress oesn't give a fucking damn! They are nothing but glorified check-writers -- with YOUR bank account, Amurka!)

The delays in selecting both the special inspector general and the congressional oversight panel have prevented the release of a detailed oversight report required in the legislation. Under the law, the congressional panel was required to release a report 30 days after the bailout program began, a deadline that has passed....

The legislation also created a body called the Financial Stability Oversight Board, whose five members include Paulson and Federal Reserve Chairman Ben S. Bernanke. But it has no staff of its own, and few expect that policymakers can conduct oversight of themselves. "It's sort of a joke in terms of oversight," a congressional aide said.


Oh, I'm not laughing at all and neither are the American people. I'm damn near crying and completely heartbroken. I knew these looters were going to do this, which is why I called Congress day after day after day... and they ignored me.

And then the voters sent them all back!!!! And you wonder why you are getting pooched, America?

Also, have you noticed there has been hardly any mention of "Neel Kashkari, interim head of the newly created Office of Financial Stability, which will oversee the bailout fund?"

Not even a puff-ball profile on him.

Oh, and here is something to sprinkle on your oatmeal (cold here today):

"The rescue plan, now law, was so rushed that the usual congressional scrutiny is only coming now, after the fact"