| 
  • If you are citizen of an European Union member nation, you may not use this service unless you are at least 16 years old.

  • You already know Dokkio is an AI-powered assistant to organize & manage your digital files & messages. Very soon, Dokkio will support Outlook as well as One Drive. Check it out today!

View
 

Bailout for Bunglers

Page history last edited by Faye Anderson 14 years, 11 months ago

 

In round one of the Treasury Department’s Troubled Asset Relief Program (TARP), Wall Street “bunglers” were bailed out while struggling homeowners and minority-owned professional services firms were left out.

 

In the name of “the public interest,” the Treasury Department waived compliance with Federal Acquisition Regulation (FAR) policy intended to maximize the participation of small and disadvantaged businesses.  Truth be told, the recipients of the first $350 billion have historically excluded minorities.

 

The Congressional Oversight Panel reports there has been no accounting of how the money was spent.  While Bank of America and Citigroup went back for second helpings of taxpayers’ money, minority-owned firms have not received a dime.  And not one home has been saved.

 

Bank of New York Mellon received $3 billion in bailout funds.  It is also the lead contractor.  The bank was awarded a $20 million contract to track TARP assets.  During a recent Senate Small Business Committee hearing on the role of small businesses in job creation, Harry C. Alford, President and CEO of the National Black Chamber of Commerce, testified New York Mellon outsourced accounting subcontracts to India.

 

It is deeply troubling that 87 percent of the top executives who are responsible for the financial meltdown are still on the job.  While 100,000 bank employees have been laid off, an analysis by the Associated Press found that the executives who mismanaged their bank are managing TARP money.

                                  

The Associated Press also reports the biggest recipients of TARP funds were seeking visas to bring in more than 21,800 foreign workers at the same time they were laying off American workers.  The foreign workers would have filled high-paying positions such as corporate lawyers, accountants and human resources specialists.

 

To find out whether your bank has received TARP funds, go to "Find My Bank."

 

Useful Links

Bailout Timeline

Comments (0)

You don't have permission to comment on this page.