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TARP Funds Being Used Overseas?

Written by | March 14th, 2009
TARP funds being used overseas?  :shock:
 
Actually this does not come as a complete surprise to me; upon receiving this money, there has been little over site and regulation of these banks…
 
I have been very skeptical (from day one) as to where these funds have gone, ended up, and how they have been used. While I do not generally like to speculate, one of my theories has been that these banks are investing this (our money) money into foreign banks.
 
At this time, there is still little information, however, there are people working on it…
 
To name a few…
Neil Barofsky and Elizabeth Warren
 
Congressman Dennis Kucinich, who is chairing The Domestic Policy Subcommittee of the Oversight and Government Reform Committee, recently disclosed the below information…
 
Citibank, who received 50 billion dollars of tax payer money, has invested 8 billion dollars into private sector companies, in the country of Dubai.
 
Bank of America, who received 45 billion dollars of tax payer money, spent 7 billion in China Construction Bank, which “may” go right to my theory.
 
JP Morgan Chase, who received 25 billion dollars of tax payer money, spent 1 billion dollars on public companies in India.
 
I am sure that more is to come, and my prediction is that heads will be rolling; and perhaps, rightfully so.
 
While I am not against foreign investment, by American companies, weren’t we sold on the fact that this (tax payer) money was going to be used to prop up The American economy?
 
Mark
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