Oh, come on! The gubmint hands out $700 BILLION to failing banks willy nilly with what appears to be little to none oversight, and the snooze media reports the funds are pretty much being spent on lavish parties, CEO salaries and other such failures like it’s some kind of revelation? Please! Who really didn’t expect this?
Lawmakers want the Treasury to do a better job of insisting that banking institutions sharing in the $700 billion bailout comply with limits Congress imposed on executive salaries and use the money for its intended purposes.
In the first comprehensive review of the rescue package, the Government Accountability Office said Tuesday that the Treasury Department has no mechanisms to ensure that banking institutions limit their top executives’ pay and comply with other restrictions.
I’m predicting the following: since the funds are being abused, Congress will demand more control over the banking system. It will get it. Since Congress and the so-called “Executive” has already tossed billions of taxpayer dollars at banks, they have no excuse not to toss them at the auto industry. However, having learned their lesson, they will ensure that the government has greater control over the auto industry, so the bailout money is not misspent. Greater government control over industry. Socialism. Ta da!
