CHESSNOID

What would the reason be for not telling the American people where the bailout money went when it is our tax money being spent?  What is there to hide if the money is being spent to benefit ourselves? I think that is why our government and  Federal Reserve prefer not to disclose where the funds were funneled.  Eventually the truth will come out.

We created a watchdog panel to investigate, but that was just a stall tactic.  Our government knew from the beginning where every penny went.  So now some of the truth is being allowed to come out after 2 years of hiding it.  It doesn’t make sense to send our bailout money to other countries but that is what our government did.

So when the White House and Congress tells us that the bailout and stimulus programs worked, they must be talking about the other countries who received FREE American taxpayer money that they will not have to pay back.

Yahoo AP:

Billions of dollars in U.S. rescue funds wound up in big banks in France, Germany and other nations. That was probably inevitable because of the structure of the Treasury Department’s program, the Congressional Oversight Panel says in a new report issued Thursday.

The U.S. program aimed to stabilize the financial system by injecting money into as many banks as possible, including those with substantial operations overseas. Most other countries, by contrast, focused their efforts more narrowly on banks in their nations that usually lacked major U.S. operations.

But the report says that if the U.S. had gotten more data on which foreign banks would benefit the most, the government might have been able to ask those countries to share some of the cost.

“There were no data about where this money was going,” panel chair Elizabeth Warren said in a conference call with reporters on Wednesday. “The American people have a right to know where the money went.”

An example: Major French and German banks were among the biggest beneficiaries of the U.S. rescue of American International Group Inc., yet the American government shouldered the entire $70 billion risk of pumping capital into the crippled insurance titan. The report compares that with the $35 billion that France spent on its overall financial rescue program and the $133 billion that Germany spent.

Much of the $182 billion in federal aid to AIG — the biggest of the government rescues — went to meet the company’s obligations to its Wall Street trading partners on credit default swaps, a form of insurance against default of securities. The partners included French banks Societe Generale, which received $11.9 billion in AIG money, and BNP Paribas, which got $4.9 billion, and Germany’s Deutsche Bank, $11.8 billion.

Of the 87 banks and financial entities that indirectly benefited from the U.S. aid to AIG, 43 are foreign, according to the report. In addition to France and Germany, they include banks based in Canada, Britain and Switzerland.

In addition to AIG, many of the U.S. banks and automakers that received billions in bailout aid derive a large proportion of their revenue from operations outside the U.S., the report noted.