At least show me where it’s going..
So, what is happening to our taxpayer dollars? Is someone raiding the coffers before certain people leave office? Is anyone paying attention?
Truthout: A Quiet Windfall for US Banks
With attention on bailout debate, Treasury made change to tax policy.
The financial world was fixated on Capitol Hill as Congress battled over the Bush administration’s request for a $700 billion bailout of the banking industry. In the midst of this late-September drama, the Treasury Department issued a five-sentence notice that attracted almost no public attention.
But corporate tax lawyers quickly realized the enormous implications of the document: Administration officials had just given American banks a windfall of as much as $140 billion..
And then there is THIS from Bloomberg:
The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers or the troubled assets the central bank is accepting as collateral.
Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson said in September they would comply with congressional demands for transparency in a $700 billion bailout of the banking system. Two months later, as the Fed lends far more than that in separate rescue programs that didn’t require approval by Congress, Americans have no idea where their money is going or what securities the banks are pledging in return.
Where IS all this money going? And who is benefitting? Will this silent, near-invisible hemorrhaging of taxpayer funds disappearing before President Obama can take office in January affect his ability to deal with this growing national financial crisis?
It sure feels like the foxes are in the henhouse.. and they are having a hearty feast.