Wednesday, December 3, 2008

No-strings Bailout Money

From todays Washington Post:

Bailout Oversight Lacking, GAO Says: Investigators Find Few Safeguards or Gauges of Success

Wow, what a surprise.  Who would have thought that the government would be so careless with taxpayer money? According to the article, the Treasury department has given out over 150 billion of the 700 billion "rescue" package.  How are the 52 firms involved using this massive handout of tax dollars?  Who knows?  Treasury hasn't gotten around to doing any monitoring yet, so they have no idea what's going on.  Could there be conflicts of interest?  Well, the Treasury department "currently relies on the firms to disclose any conflicts."  That sounds like a great idea -- let's let the companies getting the funds decide whether or not they are using them as intended.  What could go wrong?  It's only taxpayer money anyway.   

1 comment:

  1. I like trains.

    I've been doing some research, and there's more grants and lower APR's out there now than before. Bailout is for you too!