Thursday, January 15, 2009
Bailouts Without Disclosure Is Criminal
By Allen Bacon, Editor, The Daily Bosco
I am still seething over a news report last month that the banks that benefited from the recent Multi-billion Taxpayer Bailout are not disclosing how the money is being spent. There is apparently a loophole that allows them to get away with this horrendous breach of public trust.
Excuse me? What alternative Universe do these criminals live on where they can take our hard earned money....billions of it...and not tell us how they are spending it? How does a bailout happen without a law saying you must disclose where the money is going?
Have they ever heard of an annual report? We, the taxpayers, are the stockholders now...they're playing with our money. They need to disclose. They need to spend some of the billions on ethics classes and workshops.
Equally disturbing to me is another report that 1.6 billion is going toward Executive salaries.
In most businesses if you're the manager and your company loses money and market share...you would be out on the street looking for another job. These guys and gals get rewarded handsomely with six and seven figure salaries and perks up the wazoo like corporate jets, lavish parties etc on our dime.
You know, I remember when I applied for my mortgage loan. I was put through the most strict of background checks. The bank wanted to know every detail about me and if I was worthy to get their money.
Why didn't we do the same thing with the banking industry before we gave them our money. At least tell us how you're spending our money.