Bank Bailout With NO Accountability - A Letter to Congress

[This letter was sent by email today to my Senators and Congressman. I urge others to do something similar.]

Dear Congress Person,

This is a news story from Dec 22, 2008 by the Associated Press discussing how no accountability has been given to date on the bailout money already disbursed to the nations top banks. The article details the AP's contact with 21 of the banks receiving more than $1 billion in bailout funds. Not one bank was able to give an accounting, nor did any offer plans to implement or provide any accounting of these funds in the future. Several banks specifically stated they would not offer any accounting to the public.

http://hosted.ap.org/dynamic/stories/M/MELTDOWN_SECRETS?SITE=ALMON&SECTION=HOME&TEMPLATE=DEFAULT

Is this for real? How can these banks get away with not accounting for our tax dollars? The article also states that Treasury Secretary Henry Paulson is devising plans to require accounting for the remaining $350 billion to be disbursed. On the surface, this seems like too little too late. Can you comment about this situation? Can't Congress force some reasonable and ethical form of accounting for what's been given already? Why was the bailout enacted without some accountability? I appreciate any attention you can give this matter as I know there are many pressing issues facing our nation at this time.

Thank you,

Dino R. Federico