The United States of Corporate Welfare
The Congressional Oversight Panel charged with monitoring the T.A.R.P. bailout scheme thinks more bailouts may be needed.
In case you’ve forgotten . . .
* T.A.R.P. stands for Toxic Asset Relief Program
* The T.A.R.P. was supposed to spend $700 billion buying so-called toxic assets from institutions that were supposedly too big to fail, but . . .
* After Congress said yes to this proposal the Treasury Department instead used the funds to buy stock in major banks
* In other words, The Toxic Asset Relief Program ended up having nothing to do with toxic assetsIt get’s worse. According to Wikipedia . . . .
“On February 5, 2009, Elizabeth Warren, chairperson of the Congressional Oversight Panel, told the Senate Banking Committee that during 2008, the federal government paid $254 billion for assets that were worth only $176 billion.”
And even worse . . .
“During 2008, the companies that received bailout money had spent $114 million on lobbying and campaign contributions. These companies received $295 billion in bailout money.”
… More (Author: Jim Babka Source: downsizedc.org Date: 08.12.2009)
