Where's the "regulatory oversight" that was promised with the financial industry bailout?

[brentspeak]

Even one of my own senators, Bob Menendez, mailed me a form response letter, assuring me that "strict regulatory oversight" would definitely, absolutely, positively accompany all the billions to be forked over to Wall St.

Ok, so where is it? Can anyone provide just one example of this promised "oversight"?

[Luciferous]

1. Ha... they haven't even kept track of where the money is spent!

This whole bailout thing is pathetic.

[natrat]

3. i think they stole most of it, seriously

[DJ13]

2. Why didnt Congress demand a "Finance Czar"?

You know, someone with the power to reduce the salaries of the Bank executives and force them to actually (GASP!) make loans with those hundreds of billions in free money they got?

[doc03]

12. We need an Auto Czar to break the UAW and

take their pensions and other benifits from them.:sarcasm:

[Greyhound]

4. Link?

:rofl:

They say lots of things, but this what they do.

[brentspeak]

8. It was hardcopy snail mail.

I'll post its contents when I get the time, hopefully over the weekend.

[Greyhound]

9. No seriously it was a joke, just like what they said vs. what they're doing. n/t

[wroberts189]

5. A million dollar question n/t k&r

[Telly Savalas]

6. Seach "TARP oversight" in Google news.

There's a brazillion articles.

Here's one that quotes a GAO report on the program:

Treasury has not yet set up policies and procedures to help ensure that (taxpayer dollars) are being used as intended... Treasury also has no policies and procedures in place for ensuring that the institutions are complying with these requirements or that they are using the capital investments in a manner that helps meet the purposes of the act... Treasury cannot effectively hold participating institutions accountable for how they use the capital injections or provide strong oversight of compliance with the requirements under the act.

http://www.cbsnews.com/stories/2008/12/04/politics/otherpeoplesmoney/main4647109.shtml

In response to this lack of oversight, the Senate passed a half-assed measure which lets the inspector general investigate the distribution of funds and lets him hire auditors. I'm a little surprised to find that such powers weren't granted in the original bill. What exactly is the point of having an inspector general if he can't investigate or hire a staff?

http://www.guardian.co.uk/business/feedarticle/8143566

It's a farce.

[BrklynLiberal]

7. It is in the same truck as the billions that got lost in Iraq....

[OhioChick]

10. We'll never know where and to whom it all went. n/t

[doc03]

11. There are no Unions involved so they

can be trusted to do the right thing.:sarcasm:

[unblock]

13. they didn't appoint anyone until they had already spent $350bn. it was an oversight.

get it? oversight? i made a funnee!

[slipslidingaway]

14. Oversight Panel’s 10 Questions on TARP

http://blogs.wsj.com/economics/2008/12/10/oversight-panels-10-questions-on-tarp/

"In its first report to Congress the TARP oversight panel formed 10 questions that will form the future of its work. It didn’t provide answers, but aimed to present them in context. These are the questions:

1. What is Treasury’s strategy?

2. Is the strategy working to stabilize markets?

3. Is the strategy helping to reduce foreclosures?

4. What have financial institutions done with the taxpayers’ money received so far?

5. Is the public receiving a fair deal?

6. What is the Treasury doing to help the American family?

7. Is the Treasury imposing reforms on financial institutions that are taking taxpayer money?

8. How is Treasury deciding which institutions receive the money?

9. What is the scope of Treasury’s statutory authority?

10. Is Treasury looking ahead?


...It’s amazing to see the hoops they are putting the auto companies through for loan guarantees of $25 billion yet $700 billion to financial institution has little control. They didn’t have to appear before Congress at all for their money. Where is the Congressional call to get rid of the CEO’s of all of these banks and Wall Street houses.

Comment by JSS - December 10, 2008 at 2:30 pm"

[nadinbrzezinski]

15. Held in the Senate

one US Senator, yet to be named (I have my suspicious of which of two idiots), is holding it off... err the appointment

Chamblis or Shelby are my two favorite suspects by the by