Watchdog panel: US bailout money ended up in overseas banks

Watchdog panel: US bailout money ended up in overseas banks

rawstory.com

The $700 billion U.S. bailout program launched in response to the global economic meltdown had a far greater impact overseas than other countries' financial rescue plans did on the U.S., according to a new report from a congressional watchdog.

Billions of dollars in U.S. rescue funds wound up in big banks in France, Germany and other nations. That was probably inevitable because of the structure of the Treasury Department's program, the Congressional Oversight Panel says in a new report issued Thursday.

(visit the link for the full news article)

I know we have heard this before and most here on ATS have suspected this, but now a Congressional "watchdog" is confirming it. A good portion of the "bail-out" burdened on US tax-payers, actually went to foreign banks.

This is outrageous and even more angering than the bail-outs themselves. Sadly, most Americans probably won't hear about this and even if they did, it will be quickly forgotten as soon as the next news of Paris Hilton is aired all over the news.

Could you imagine if this news came out 100 years ago? A revolution would have been in full swing by the next day. Not only were we robbed blind by our government, but they did it to fund foreigners. This amounts to treason and if freedom was still a reality here in America, then maybe we could hold someone accountable for this treason.

--airspoon

rawstory.com
(visit the link for the full news article)

[edit on 12-8-2010 by airspoon]

You're right. Not a shock but good to have it confirmed.

And yet some idiots in Congress didn't pass the bill to get financial help to ill and dying 9/11 responders because they also didn't want to take away this



List of multinational corporations here. Many of them got these bailouts. Many of them are holding money too instead of creating jobs in America (link).

Harming our country in yet more ways. And we take it.

Well, who did you think Goldman Sachs and AIG owed all that money to? I haven't read the article but I'd bet Deutsche bank and maybe the BIS got a few billions out of it.
It was mainly foreign investors that they ripped off with their CDO's and bundled (bungled) securities. They'd pretty much milked American investors dry already.
They should have declared bankruptcy but to do so would have ruined many foreign banks as well. As usual, somebody besides the taxpayer gets the bailout.

[edit on 13-8-2010 by Asktheanimals]