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Capitol Hill Grilling The Wall Street CEOs

Written by | February 12th, 2009

Well, the sideshow continues on…

The House Financial Services Committee (On Wed.) grilled The bank CEOs that took the money from the original TARP Fund, and greatly misused these funds. Also, we still do not know precisely how these funds were used; however, we do know that the money is not really flowing through the system.

http://blogs.wsj.com/deals/2009/02/11/live-blogging-the-wall-street-ceos-grilling-on-capitol-hill/?mod=googlenews_wsj

So, what do they do going forward? That is simple, give them more TARP money. :shock: 

That is correct, according to Turbo Tax Tim, another $165 billion of TARP money will likely go to a lot of these same banks that were living large from the last injection of tax payer funds.

That is why I call this a sideshow; it seems that the government is having these hearings to try to cover their butts, or grandstand, in an attempt to show us that they are truly mad at these CEOs, however, I am going to step out on a limb and say that I will not be surprised to see “some” of these Senators and Congressman at the receiving side of their own hearings, in due time.

Quite Frankly, they are such hypocrites! In their haste, the government tossed billions of dollars at banks, without giving them standards and strict direction as to how to use these funds. Has anyone out there ever received a business loan, without strings, and specific provisions being attached? It is doubtful. So, who really is the bad guys here? Is it these CEOs, or the people that are suppose to be good stewards of our tax dollars? And when do the hearings for these Congressman and Senators take place?  They are continually wasting the publics money, and loosing the public trust.

This whole TARP Fund and so-called stimulus package is just a big joke; not to mention, there is no certainty in Wall Street, or on Main Street, and when there is no certainty, money simply doesn’t move.

I could list at least three things (to do with tax cuts) that would likely inject some confidence into the economy and markets again, but it almost seems futile at this point, as common sense does not seem to make any sense to these people anymore.

The government just seems hell bent on going “against” public opinion, playing big brother, and doing what they think is best. Hello! TARP one did not work, so why does there need to be a sequel? Perhaps we should call this Nightmare on Wall Street.

Instead of instilling confidence, it seems as though they’d rather play the odds game.

Very well, then perhaps we’d be better off taking The TARP funds to Atlantic City or Vegas; in that scenario, we may have better odds.

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One thought on “Capitol Hill Grilling The Wall Street CEOs

  1. markross Post author

    Actually, in my moment of irrationality, in regards to taking The TARP funds to AC, there is actually some rationale in there…

    As it stands, The TARP fund has been a big failure, and the money has been sadly misused; now, if we took that same money to AC, at least business would be spurred; casino workers would be working, and money would be flowing through the system; in fact, with that kind of money, we could all eat at a place of our choice, spurring business in neighboring restaurants etc. etc.

    Then, if we happen to get a big hit, we would then have to pay taxes on our winnings and that would put money back into the Federal Reserve, as well as the profit from our winnings.

    Even if we lost, businesses would have made great profits, which would then be passed onto hiring new employees, perhaps expansion, and other business endeavors.

    So, in the above scenario, we still roll the dice (figuratively speaking), however, it seems that this spending would guarantee more results then some of the proposed spending that I have heard from Congress and The Senate.

    See, their madness is contagious! : )

    Mark

    Reply

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