Congress to crack down on bailout recipients

[Cassius23]

Source: AP via MSNBC

WASHINGTON - Lawmakers are turning up the heat on banks that have received money from the Treasury Department's $700 billion rescue fund after the Associated Press reported that they wouldn't say how they are using the money.

Sens. Dianne Feinstein, D-Calif., and Olympia Snowe, R-Maine, said Tuesday that they will propose legislation next month to force companies that receive money from the fund to report how they have spent it.

The legislation would also prohibit them from spending the taxpayer dollars on lobbying or political contributions. It would also apply to some recipients of the Federal Reserve's emergency lending programs.

The legislation was introduced earlier this year, but the Senate did not take it up. The sponsors have long said they plan to pursue it when the 111th Congress convenes Jan. 6.

Read more: http://www.msnbc.msn.com/id/28371313/

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Ok, the bill # is S. 3698. I know I'm writing my congressman to ask them to support it!

[pinniped]

1. Maybe these idiots should have demanded accountability before printing up 700b.

.

[Cassius23]

2. True, but better late than never...not much better

but better.

[tom_paine]

3. Well, that and this whole thing might just be a Phony Op to keep us peasants quiet.

The Bushies (and their erstwhile allies, 50-80% of the Congressional Democrats, I fear, though cannot be sure) might be running a game with Reid and Pelosi much like the many other "phony oppositions" they have run in the past, which ALWAYS inexplicable cave due to "incompetence" and "cowardice".

Yeah, right. Getting harder and harder to believe that shit as our Democrats take control of everything and STILL behave as if they were in the minority.

If this is the case, then the Bushies saw the Internet chatter that was starting to break it's way into the Public Consciousness, and called their old pals Pelosi and Reid to tell them to start up the usual Phony Op of "opposition".

Obama MUST be the man we think his is, or almost that. Otherwise, by the end of his term we will know that it is the top 0.01% against the rest of us. And consensual belief, the so-called "consent of the governed" will be GONE in many more hearts than even now...even if we peasants can't say WHY they "lost the faith", it won't matter why.

If this admittedly sinister interpretation is the case, things must be getting pretty close to an environental breaking point if the top 0.01% Global Aristocracy are "liquidating the wealth of the world" so quickly and openly.

God, I hope it isn't the case!

[Tansy_Gold]

4. Well, this peasant isn't holding her breath n/t

.

[Auggie]

6. Sounds like wrist slap to me

[pinniped]

27. I think that Phony Op is very likely the case.

You know when the scary congressional 'grilling' comes, absolutely nothing will happen.

It's the exact same scenario when the big bad oil executives are grilled. Nothing happens.

[Romulox]

19. This is just a CYA maneuver designed to distract from the release of an additional $350 billion

The Bailout Bill was a Democratic bill. No Republican forced Harry Reid, Nancy Pelosi, and Barack Obama to ram this through without any time for discussion or thought.

[truedelphi]

24. How true your statement.

And how very sad.

It is especially worrisome given that the main reason this bull <oops, I meant BILL, of course> passed was because theose voting for it were terrorized into voting for it. I really wanted Obama to display better judgement

This is scary considering how Obama is gonna be President soon.

What if they tell him that Denmark has weapons of Mass Destruction. Oh Noes!!

[safeinOhio]

5. Time to demand that banks

come up with a plan by March(like auto loans) to solve the lending problems, reduce CEO cost and account for every penny. If not, all will be nationalized and run for the benefit of the public. Make the market work, or there'll be no market. Any company that is too large to fail, needs to be run by the government or broken up into smaller units.

[MannyGoldstein]

7. They'll Huff... And They'll Puff... And...

They'll accept larger campaign contributions and attend lavish events thrown by the banks.

[FreeStateDemocrat]

8. Damn straight, this all political theater to trick a distracted public.

[IDemo]

9. Needed: a combination rolls eyes, bangs head, WTF, rofl "smilie"

[DemoTex]

10. "Giving" money to failed bankers was like giving whiskey and car keys to teenagers.

With similar, predictable results.

[KansDem]

11. All right! The Reactocrats spring into action!!!

Let's get some of the dry powder out of the storage room, now!

edited for clarity

[Zorra]

12. Bank response: "Suckers. We're keeping the cash. Whatcha gonna do about it?"

:party:

[acmavm]

13. Excuse me but all I can think of right now is BFD. There was supposed

to be oversight with the release of the FIRST 350 billion. And excuse me but seeing that Feinstein is a co-sponsor is absolutely not comforting.

[Javaman]

14. I'll believe it when I see it. nt

[mbperrin]

20. I know. Our powder is so dry by now and the table so clear that

you'd hate to see them mess that up.

Anyone who actually needs the sarcasm tag here needs to check themselves a moment....

[PSPS]

15. "spending the taxpayer dollars on lobbying or political contributions"

The legislation would also prohibit them from spending the taxpayer dollars on lobbying or political contributions.

I should have figured out before now that this was just the latest and largest money laundering scheme to funnel taxpayer money to the RNC.

[timtom]

16. Awright! Somebody close that barn door.

[proud progressive]

17. well, boys and girls, we can't blame this on those damn repubs, now can we?

[truedelphi]

25. Nope we cannot. No matter how much we tries, the truth is the truth

Cuz it is all one buig party the MONEY PARTY And like Carlin was saying, we ain't members of that club.

[Romulox]

18. "Barndoor Closing Act of 2009" (there are no present plans to retrieve the horses.) nt

[mbperrin]

21. Actually, probably just the "Talk About Closing the Barndoor Act of 2009"

Wouldn't want to mess up the table or get any of that dry powder out, would we?

On second thought, perhaps the "Think About Talking About Maybe Partially Pushing the Barndoor Somewhat More Shut or Maybe Not Act of 2009."

[martymar64]

22. Sure they will

Money talks, bullshit walks.

[Acadia Blue]

23. Paulson and Bush pulled a madoff with their banking buds and we

will pay for it. What a crock!

[SOS]

26. Wow

They're going to ask our feudal overlords to explain how they are using our money?
Our Congress is a bold, indomitable, lionhearted bunch!