US taxpayers bailout foreign debt

[delldude]

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 Harvard educated know best

 

[southwind]

The Harvard educated know best

Yeah................this kind of crap happens when you have a lazy administration that won't read the bills they pass.

As long as they know the word "Spend" is in there somewhere , they're all thumbs up !

 

[PhatSappy]

Money for nothing and the music's free.

 

[Seatacus]

Money for nothing and the music's free.

Money for nothing and the music's your chicks for free

 

[Ms Tree]

I cannot tell from the article but t sounds like the funds that went over seas were to banks that had assets in the US. Also, at the end of the report it seemed to indicate that the assets sent abroad were a good idea.

At the same time, the report suggests that the Treasury program, known as the Troubled Asset Relief Program, or TARP, may have played a constructive role.

"It appears that the existence of the TARP might have served to enhance the negotiating position of the U.S. government (at least in a limited way), as it demonstrated the willingness of U.S. officials to be aggressive and forceful in committing a significant amount of resources to confront a deepening crisis," the report says.

Treasury Department spokesman Mark Paustenbach said the report "shows that Treasury worked effectively with its overseas partners in a number of ways to address the global financial crisis."

The money crises has been a long time in coming. I doubt it is going to be cheap to ge tout of it.