Bailout Secrets

The bailout money is public funds. It is money from the tax payers. That money comes from you. There is no question about that. On that point, there is universal agreement. Since it is public funds, it would seem like common sense that the people should know where this vast amount of money is going and what is happening with it. Unfortunately, this is not the case:

“…But after receiving billions in aid from U.S. taxpayers, the nation’s largest banks say they can’t track exactly how they’re spending the money or they simply refuse to discuss it.

“We’ve lent some of it. We’ve not lent some of it. We’ve not given any accounting of, ‘Here’s how we’re doing it,’” said Thomas Kelly, a spokesman for JPMorgan Chase, which received $25 billion in emergency bailout money. “We have not disclosed that to the public. We’re declining to.””

If you were to go ask for a loan and tell the banker what you were going to do with the funds, you would be shown to the door – quickly. This lack of transparency is insulting to the American public. How can the American people know what the money is being spent prudently and not in the same manner which led to this disaster? With what is happening now, the American people simply do not know what is happening with their funded bailout.


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