Treasury tells all
The Treasury has started handing out bailout money again
It seems the Treasury has taken a lesson from some payday advance loans companies. Just as PersonalMoneyStore.com lets you know upfront what the fees, limits and regulations are on payday advance loans, the Treasury seems to be making good on its promise of transparency.
Today the Treasury Department shared with the public the amount of bailout money it distributed and how many financial institutions received financial aid. The Treasury distributed $386 million to 23 banks.
Times, they are a-changin’
The awards are the first that the Treasury has given since Congress allowed President Barack Obama access to the funds. Many lawmakers on both sides of the political aisle were disgruntled by the Bush administration’s handling of the funds. There were widespread complaints that there wasn’t enough accountability from the Treasury and leaders, let alone taxpayers, couldn’t figure out where the money had gone.
The Treasury appears to have changed its tune. It reported today that it gave $111 million to 1st Source Corp. in South Bend, Indiana. Also, it spent $194.2 million on buying bank stock in order to encourage banks to resume normal lending patterns. It’s too bad they can’t just give the money directly to taxpayers instead of having the banks lend it to them. But don’t despair, at least you can get payday advance loans when you need a bailout.
Shaking things up from Day One
Timothy Geithner
Today was Treasury Secretary Timothy Geithner’s first day in office, and he has already put rules in place to prohibit lobbyists from influencing the bailout. He is also requiring officials operating the rescue fund to report the process they went through to make their decisions. For instance, officials will have to write up how they came to the conclusion that 1st Source should get $111 million.
Here at your payday advance loans source, I’ll keep my eye out for more news on how the bailout money is being spent.
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Bravo – more transparency is a step in the right direction. It is, after all, our nickel and we should watch it work. Granted, I do agree that giving bailout funds to the people directly would probably have worked out far better, and would have headed off the recession better than bailing out the top first, but let us hope that it starts working sooner rather than later.