TPM:
The Treasury Department had originally intended that the $700 billion of TARP bailout money would go to buying up the bad assets of banks and other financial institutions. But then, as was widely reported, Treasury Secretary Hank Paulson reversed course last month and announced that he would take an entirely different approach, using the money simply to inject new capital into troubled banks.
What have we lost through this flip-flopping? It's impossible to know for sure, but one line from a Tuesday New York Times report offers a hint. The paper notes an interesting finding in an audit of the rescue plan, conducted by the Government Accountability Office:
Treasury already had hired staff members for the initial mission, some of whom were not necessary or best suited for the work required under the new strategy.
1 comment:
One would think Law Makers and Americans has learned over the pass 7 years people aren't appointed to jobs they qualify for their hired as friends and to do as their told. Look the list is to long. Gonzo and Rice are just a few of the dumbies Appointed in jobs they were not qualified for and their actions have shown it. Hank the tank hired young kids from Goldman Sachs who knew how to follow orders and keep the mouth shut. Most of the taxpayers money is gone for friends, bonues, parties and kick back favors. The Auto Industry aren't friends of the White House so they get nothing. Notice how the numbers change in the blink of an eye with Hank. First 700 billion now 7 Trillion what a jump and no word of the current 10 Trillion already spent.
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