Where'd the TARP money go?

[omegapoint]

Quote from Ace:

Let's see, we've got AIG giving $25 million a year to the Manchester United soccer team. This gets them the letters "AIG" on the front of their jerseys. The "Executive" meetings in Ireland and the spa in California.

Then we've got CITI, who gives $20 Million a year to the Mets to hang a sign outside their ballfield. Figure around 80 home games a year makes that out to be $250,000 a game. And they don't intend on cancelling the contract.

Our congressional leaders think it's perfectly appropriate to hand over $25 billion with no justification, and then not even be allowed to question where it went? Or even get some oversite of the books?

That'd be socialism wouldn't it? And honestly, I don't know if I'm being sarcastic or not?

 

[codetroll]

I can't remember where, but I read somewhere that Bloomberg actually sued the gov. under the freedom of information act, to reveal the holdings/dealings of the TARP. Not 100% sure if that's what they DID, or were THINKING of doing.

Good idea in my opinion.

-troll
P.S. BLAH, made my lazy butt look for it.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aKr.oY2YKc2g

" Bloomberg News asked a U.S. court today to force the Federal Reserve to disclose securities the central bank is accepting on behalf of American taxpayers as collateral for $1.5 trillion of loans to banks.

The lawsuit is based on the U.S. Freedom of Information Act...." etc.

 

[Ace]

Could you even imagine what due diligence CITI or any other bank would require right now from us, the consumer, for even a Refi?

Yet, it's this same entity that is telling congress... you wouldn't understand it? We're not tracking "in" dollars against "out" dollars. What's wrong with you people? It was only $25 billion. Now, if you don't mind, We've got shareholder dividends and executive "incentive" bonuses to pay out.