Do you know where your $700 billion is? Or at least the part thatâ€™s already been handed out to financial institutions? No? Well, according to a new AP report, we may never know.
The AP contacted 21 banks that received bailout funds. Not a single one agreed to provide specific answers as to where the money is or how itâ€™s being spent. Most say they arenâ€™t doing any tracking. And why should they? Neither Congress nor the Treasury Department established any accounting oversight when they rushed to hand out billions in taxpayer dollars.
TARP has quickly become a faith-based initiative. We throw money at the banks and put our faith in the banks to use the funds to stimulate the economy. Because, certainly, these banks wouldnâ€™t give huge payouts to their executives.
While I hardly want the federal government managing the ledger sheets of American banks, a little accountability regarding the bailout funds would be nice. Too bad the chicken littles who run this country were far more concerned with getting the money out rather than tracking where it went.