Please KICK this --Tell Congress: "No More Dough Till We Know Where It Goes!"

[Donnachaidh]

http://action.firedoglake.com/page/s/Transparency


Tell Congress that we need some answers about AIG, Citigroup, Bear Stearns and other banks that received bailout money. We'll be delivering your comments personally to members of Congress next week:


Talking points:

* It could take another $750 billion to bail out the banks beyond the $700 billion already approved, but attempts to determine how the money is being spent have been stonewalled.
* The Fed's Vice Chair Donald Kohn has refused to answer questions from both the House and the Senate for the names of banks receiving federal funds, angering Republicans and Democrats alike.
* Bloomberg estimates that the government has spent more than $11.7 trillion to save the financial system since the crisis began, but Fed has refused Bloomberg's requests for details under the Freedom of Information Act.
* We know now that tens of billions of the $162 billion used to bailout AIG went to pay off its derivative trading partners at the full value of their contracts, despite the fact that values had tumbled. Economist Nouriel Roubini calls it "a nontransparent, opaque and shady bailout of the AIG counterparties: Goldman Sachs, Merrill Lynch and other domestic and foreign financial institutions.
* The House passed the TARP Reform and Accountability Act on January 16, which would provide increased conditions, transparency and accountability for Wall Street bailout funds. The Senate is refusing to take up the legislation.

Petition Text:

Sign the petition at the link above --

[marketcrazy1]

1. congressional hearings are a joke

congress has the power to subpoena ANY information it wants from the FED and kohn, why will they not use that authority??? simple, the outrage is a LIE! just a big fucking dog and pony show for the masses!!! "angering republicans and democrats alike" my ass!!! it`s all bullshit!

[HamdenRice]

2. We can find out where most of it went but most of us are too lazy to click through to find out where

That's why I think this is kind of silly. The main part of the bailout that the government has refused to disclose where the money went is Bernanke's commercial paper facility. But considering that most of that paper rolls over every 30 days, it doesn't seem that important:

[lsewpershad]

3. These billions really belong to us. It is our money

and we should demand to know where our money is going. As far as I'm concerned not a dime more unless we know where every penny is going.

[lib_wit_it]

4. Knowing is not enough--input is needed.

[marketcrazy1]

5. yes we know where some of these trillions went

but we do not know what the collateral posted against these loans is composed of! or who posted it or how much was posted by each participant. what if the 3+ TRILLION in collateral posted thus far is only worth 2 trillion?....... well then in that case those who posted that paper would need to post more collateral to make up for the declining value.. it seems to me that if they had the money to do that then there would be no need for all the secrecy...... do you see where this is going and why we really should know the details..

[HamdenRice]

6. Brilliant question!

Rather than make up stuff as many of us do, like "oh noes, they're shoveling trillions out the back door of the Treasury," your question is EXACTLY the kind of question we need to be asking and to get answered.

The WELL INFORMED questions are actually more interesting and at times more scary than the paranoid group panic questions.