WASHINGTON — Although hundreds of well-trained eyes are watching over the $700 billion that Congress last year decided to spend bailing out the nation's financial sector, it's still difficult to answer some of the most basic questions about where the money went.
Despite a new oversight panel, a new special inspector general, the existing Government Accountability Office and eight other inspectors general, those charged with minding the store say they don't have all the weapons they need. Ten months into the Troubled Asset Relief Program, some members of Congress say that some oversight of bailout dollars has been so lacking that it's essentially worthless.
Everybody who's surprised about this, raise your hand.
Why?
Did you really think such a massive outlay to private companies that were going under because of bad financial practices was not going to be misappropriated and hidden?
Did you really think that the same government "oversight" that failed to notice these companies artificially inflated values and financial reports would be able to keep track of all that money once these same companies got hold of it?
Do we really want the same government that couldn't keep track of the massive TARP funding to be in charge of our health care?
1 comment:
I'd wager that a large portion of this went off to special interests of those that helped the current administration secure their position.
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