[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
Tuesday, December 23, 2008
Bank Bailout With NO Accountability - A Letter to Congress
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[Related developments]
In another Associated Press article from Dec 23, 2008 (http://www.msnbc.msn.com/id/28371313/#storyContinued ),
Sens. Dianne Feinstein, D-Calif., and Olympia Snowe, R-Maine, said Tuesday that they will propose legislation next month to force companies that receive money from the fund to report how they have spent it. The legislation was introduced earlier this year, but the Senate did not take it up. The sponsors have long said they plan to pursue it when the 111th Congress convenes Jan. 6."It is outrageous that those institutions cannot — or will not — provide information on how they are spending billions of taxpayer dollars," House Speaker Nancy Pelosi said in a statement Monday.
Pelosi said she has asked House Financial Services Chairman Barney Frank, D-Mass., to draft legislation that would ensure government funds are used for more lending to consumers.
Congress will consider that legislation before it votes on whether to release the second $350 billion in bailout money, Pelosi said.
In a letter sent Tuesday to Paulson, Sen. Susan Collins, R-Maine, said she joined those Americans who were "astonished and outraged" that banks were not explaining how the money was being spent.
"This lack of transparency and accountability is deeply troubling," Collins wrote. "The current lack of reporting requirements is unacceptable and cannot be allowed to continue."
The bill is S. 3698.
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