Strikes again. From your pocket to theirs.
No surprises here.
The Bush administration overpaid tens of billions of dollars for stocks and other assets in its massive bailout last year of Wall Street banks and financial institutions, a new study by a government watchdog says.The Congressional Oversight Panel, in a report released Friday, said last year's overpayments amounted to a taxpayer-financed $78 billion subsidy of the firms.
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Financially ailing insurance giant American International Group, deemed by the Treasury Department to be too big to be allowed to fail, received $40 billion from the Treasury for assets valued at $14.8 billion, the oversight panel found.
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The oversight panel examined 10 transactions, including eight made under a capital purchase program designed to put liquidity into the banks in hopes of easing credit. That money went to banks considered "healthy" financially but in need of capital to make loans.
Capital which they received without any actual requirement that they make loans. So they bought other banks, corporate jets, and paid huge bonuses to CEOs instead. TaDa!
....but hey, do what you want....you will anyway.
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