The Non Disclosure of Bailout Funds

It is your money. Tax payer dollars are funding the financial bailout. The Treasury Department is administrating the distribution of this vast amount of money. However, there is no disclosure as to how this money is being used.

An analogous situation would be that you go to your local bank and tell them that you need some funds. You do not want to say for how long nor do you want to disclose how you are going to use these funds. The chances of securing a loan would be approximately zero. Your bank would want some accountability.

Nevertheless, at this point, the government seems short on details of how the bailout funds are being used. Congressman Barney Frank would like that to change:

“…Under Frank’s proposal, the Treasury would require banks to report at least quarterly on how they are using the money and prevent bonus payments to their 25 most highly paid employees, according to an outline of the measure.”

link: Bill could set conditions for releasing bailout funds

The outpouring of funds means that the next generation is being saddled with debt. It seems to be only common sense to know how these funds are being used. The lack of disclosure by government agencies is an affront to the people they serve. If the government agencies have not followed the money, then those officials should join the growing multitude of their fellow citizens in the unemployment line.

Catherine Forsythe