August 12, 2010

Why am I not surprised with this level of mismanagement

The stunning incompetence of these people leaves me speechless -- almost... From MyWay/Associated Press:
Watchdog panel cites global impact of US bailout
$700 billion U.S. bailout program launched in response to the global economic meltdown had a far greater impact overseas than other countries' financial rescue plans did on the U.S., according to a new report from a congressional watchdog.

Billions of dollars in U.S. rescue funds wound up in big banks in France, Germany and other nations. That was probably inevitable because of the structure of the Treasury Department's program, the Congressional Oversight Panel says in a new report issued Thursday.

The U.S. program aimed to stabilize the financial system by injecting money into as many banks as possible, including those with substantial operations overseas. Most other countries, by contrast, focused their efforts more narrowly on banks in their nations that usually lacked major U.S. operations.

But the report says that if the U.S. had gotten more data on which foreign banks would benefit the most, the government might have been able to ask those countries to share some of the cost.

"There were no data about where this money was going," panel chair Elizabeth Warren said in a conference call with reporters on Wednesday. "The American people have a right to know where the money went."
Emphasis mine -- Ms. Warren, what The American people want to know is not where the money went rather, where OUR money went. The Federal Government's sole source of capital comes from money that we the citizens have earned and have paid to the government in the form of taxes. Where did our money go Ms. Warren? One sample:
Much of the $182 billion in federal aid to AIG - the biggest of the government rescues - went to meet the company's obligations to its Wall Street trading partners on credit default swaps, a form of insurance against default of securities. The partners included French banks Societe Generale, which received $11.9 billion in AIG money, and BNP Paribas, which got $4.9 billion, and Germany's Deutsche Bank, $11.8 billion.
Disgusting. Posted by DaveH at August 12, 2010 6:43 PM
Comments
Post a comment









Remember personal info?