The Associated Press has found that none of the banks receiving part of the bailout was willing to disclose what they were doing with hundreds of billions of dollars distributed through direct injections of federal money.
"For Treasury to advance funds to these institutions without requiring more transparency further erodes the very confidence Treasury seeks to restore," it said.
Appearing Friday on ABC's "Good Morning America," Harvard law professor Elizabeth Warren said that Treasury "didn't put any tracking mechanisms on it. They didn't tell the banks what they had to do in order to get the money. It might be used for lending, it might be used to buy other banks ... Or it might just be stuffed in vaults and left there," she said.
And the GOP wants transparency and accountability over the funds in Obama's bailout package??? How about transparency (who the money went to) and accountability (how it was spent) for the money we've already pissed away?
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