Talking Points Memo has a nice article on some of the people currently running TARP, the unaccountable group lead by Treasury Secretary Henry Paulson that (currently) has spent/(mis)managed around $350 billion taxpayer dollars for something that has to do with banks (I wish I could be more specific – really – but nobody including the banks has said what the money is being used for – although we may learn more soon).
I was against the bank bailout because I didn’t trust the Bush Administration. Unfortunately they’ve met my expectations.
Now incoming President Barack Obama wants the remaining $350 billion freed up to try to improve the economy. I have no doubt Barack Obama’s management will be a massive improvement over the lack of management by the Bush team, but I’m still having a hard time with this one. We’ve already lost about $350 billion. My instincts say that banks that have already received funds don’t get another penny without a detailed accounting of what they’ve done with the “Bush/Paulson” money as a minimal requirement. If they don’t agree then find other banks to use – or lend directly from the U.S. government. We’ve already paid too much for the ‘benefit’ of doubt.