Pledging beyond the limit…

 

Now this is interesting. On paper, half of the $700 billion financial rescue package has been spent, but it seems the Treasury Department has committed nearly $10 billion in additional TARP money before it’s been released by Congress. So are we not learning anything from this? When parts of the government is used to spending money it doesn’t have, what message is that? I truly hope the additional $350B is heavily scrutinized with loads of requirements and caveats to whoever receives it. I was reading another article where officials are stating that there is no way of accounting for what has already been spent. Just last week, American Express received over $3B as they are now a “bank”. But they have not disclosed what they have or will do with the money. My thoughts? Executive retention bonuses for those execs that are critical to the success of the company. The same ones who got us into this mess. Basically, Paulson over at the treasury is there simply to help out his buddies, nothing more…..