Where'd the bailout money go? Shhhh, it's a secret

Discussion in 'Politics & Current Events' started by Matt in the Hat, Dec 22, 2008.

  1. Matt in the Hat

    Matt in the Hat Moderator
    Staff Member

    Sep 21, 2002
    Brooklyn
    Club:
    New York Red Bulls
    Nat'l Team:
    United States
    I told you so

    http://news.yahoo.com/s/ap/20081222/ap_on_bi_ge/meltdown_secrets_2

    All of you pushing this bailout as it was while poo pooing those of us with serious concerns about accountability should be ashamed.
     
  2. Belgian guy

    Belgian guy Member+

    Club Brugge
    Belgium
    Aug 19, 2002
    Belgium
    Club:
    Club Brugge KV
    Considering the slimes in charge of the financial sector, is this really a surprise?
     
  3. Matt in the Hat

    Matt in the Hat Moderator
    Staff Member

    Sep 21, 2002
    Brooklyn
    Club:
    New York Red Bulls
    Nat'l Team:
    United States
    It's not their fault. A snake will always be a snake. It's the fault of the President and Congress for not putting any accountability into this gift money.
     
  4. Pathogen

    Pathogen Member

    Jul 19, 2004
    Like you care.
    Club:
    Columbus Crew
    Nat'l Team:
    United States
    I'm really not sure who Matt's lecturing here.
     
  5. Matt in the Hat

    Matt in the Hat Moderator
    Staff Member

    Sep 21, 2002
    Brooklyn
    Club:
    New York Red Bulls
    Nat'l Team:
    United States
    Not you
     
  6. Pathogen

    Pathogen Member

    Jul 19, 2004
    Like you care.
    Club:
    Columbus Crew
    Nat'l Team:
    United States
    I don't think anyone here was in favor of the bailout without strings attached.
     
  7. Matt in the Hat

    Matt in the Hat Moderator
    Staff Member

    Sep 21, 2002
    Brooklyn
    Club:
    New York Red Bulls
    Nat'l Team:
    United States
    Many here were more concerned with 'just get it done' than asking questions and demanding checks in the process. Apparently the sky was falling far too quickly. We had half a dozen threads on the topic. Look it up if you don't believe me.
     
  8. diablodelsol

    diablodelsol Member+

    Jan 10, 2001
    New Jersey
    It's bad enough that the government got involved and loaned these guys money. But telling them what to do with it? No thanks. Keep big government out of the markets.
     
  9. Matt in the Hat

    Matt in the Hat Moderator
    Staff Member

    Sep 21, 2002
    Brooklyn
    Club:
    New York Red Bulls
    Nat'l Team:
    United States
    How about requiring some book keeping so the public could review their investment and make sure it's a good idea to continue pouring money down this hole?
     
  10. Rostam

    Rostam Member

    Dec 11, 2005
    We have been duped for so long!
    The whole frenzy and rush to finalize a deal is an age-old scam. :)
     
  11. CHICO13

    CHICO13 Moderator
    Staff Member

    Oct 4, 2001
    SECTION 135
    Club:
    The Strongest La Paz
    Nat'l Team:
    Bolivia
    How about the insurance companies? Did anyone ask AIG WTF?
     
  12. JeremyEritrea

    JeremyEritrea Member+

    Jun 29, 2006
    Takoma Park, MD
    Club:
    DC United
    Nat'l Team:
    United States
    This is disgusting, but in no way am I surprised.
     
  13. MattR

    MattR Member+

    Jun 14, 2003
    Reston
    Club:
    DC United
    Nat'l Team:
    United States
    Generally, threads like these are ignored by those who should be responding. Without the bank bailout, we would all be using barter by now, and I would have to rake the leaves of the farmer to get a dead pig, then I would have to wash the windows of the beekeeper for that honey glaze.

    Luckily, we sent the billions to the banks so that the greenback can still be used to exchange for goods and services. Whew.

    You are just being nosy. It's too complicated for your feeble mind to understand that the banks are just sitting on the money in anticipation of further writedowns - Alt-A arms are resetting soon.

    [​IMG]
     
  14. HerthaBerwyn

    HerthaBerwyn Member+

    May 24, 2003
    Chicago
    Silly me. I thought it was just like when Burns and Homer made the mistake of letting Fidel hold the trillion dollar bill.

    "Que?, What trillion dollar bill?"

    How could we have simply bypassed these lampreys?
     
  15. superdave

    superdave Member+

    Jul 14, 1999
    VB, VA
    Club:
    DC United
    Nat'l Team:
    United States
    Me.

    I was thinking of starting an "oops" thread on this very topic. At the time, I didn't like the bailout deal, but I disliked the alternatives more. Now, I think Congress should have shot down the 2nd bailout bill and made TPTB come up with a 3rd bill that was stronger.

    The endemic lawlessness of the Bush administration isn't helping here. I mean, they've broken a few direct instructions from Congress. I don't know how you deal with that. The smartass thing to do is say, we have a saying about that in Tennessee ha ha ha. But the nature of our system is that the executive branch has to, well, execute things. Realistically, what were Congress' options?

    What a mess.
     
  16. diablodelsol

    diablodelsol Member+

    Jan 10, 2001
    New Jersey
    Those that spend their money wisely will succeed. Those that do not will fail or have to come back for more with their tails between their legs. Market forces are the best!
     
  17. HerthaBerwyn

    HerthaBerwyn Member+

    May 24, 2003
    Chicago
    But they WONT have their tails between their legs. They wont be ashamed of being on welfare at all. They will stand tall and demand their due for the good of the rest of us. Then they will refuse to account for their usage and will give themselves massive bonuses. Again. Any which try to double dip should not just be allowed to fail but should be nationalized and set upon by DOJ accountants. Hell, Id do that to all of them anyway.
     
  18. CHICO13

    CHICO13 Moderator
    Staff Member

    Oct 4, 2001
    SECTION 135
    Club:
    The Strongest La Paz
    Nat'l Team:
    Bolivia
  19. DamonEsquire

    DamonEsquire BigSoccer Supporter

    Sep 16, 2002
    Kentucky
    Club:
    Leeds United AFC
    Nat'l Team:
    United States
    I saw on Cable news last night. Had a YouTube clip: Instead of for 3 cents per day you can support this child advertisement. It was for 3,700 dollars per day you to can support you CEO. It was a spittin image I tells ya....
     
  20. HerthaBerwyn

    HerthaBerwyn Member+

    May 24, 2003
    Chicago
    How about this. In Israel accountants are considered offocers of the court, like lawyers. They have legal responsibility beyond that to their employers. Would that work here? Wouldnt it mean the , to name one, Citibank accountants could be subpoenaed to bring the company books to court or Congress?
     
  21. Chicago1871

    Chicago1871 Member

    Apr 21, 2001
    Chicago
    Nat'l Team:
    United States
    I don't think I can remember anyone [here] who was in favor of the bailout as it was executed. Who exactly are you directing this at?
     
  22. cleansheetbsc

    cleansheetbsc Member+

    Mar 17, 2004
    Club:
    --other--
    Yes it would. CPA's won't voluntarily disclose anything, they would just withdraw from a poison job or give a qualified or adverse opinion (In theory - see Madoff or Enron). When subpoenaed, they would be required to turn records over to the overseeing body, be it the courts or the toothless giant that is the SEC.
     
  23. Iranian Monitor

    Iranian Monitor Member+

    Aug 18, 2004
    Tehran Iran
    There is no need for accountants to be considered "officers of the court". There is no "client-accountant' privilege, and the information an accountant has can be subpoenaed in federal courts and most other jurisdictions. In a few states, notably California which has a state constitutional right to privacy deemed to extend to tax records, the issues are occasionally a bit more vexing. But, in general, the issues faced by the US economy are not about the inability to subpoena information from accountants.

    From lawyers? That is a different story.;)
     
  24. saosebastiao

    saosebastiao New Member

    May 22, 2005
    I would be for those whom received the "bailout" by force. Not everybody who received money asked for it, or even needed it. But the treasury department forced it on them anyway. I am assuming this was so that future strings could be attached.
     
  25. saosebastiao

    saosebastiao New Member

    May 22, 2005
    Iran invented the whole frenzy and rush to finalize a deal.
     

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