They have spent $290,000,000,000 without oversight

But fortunately no one is getting any bonuses for Christmas!!

Bailout Oversight Panel Empty by Ariel Storm — bailout, oversight, congress | Gather

Bailout Oversight Panel Empty

November 14, 2008 08:44 AM EST

Its been six weeks since the unprecedented bailout package was passed. In that time, the Treasury Department has spent or committed $290 billion of the $700 billion package. Money has gone into large banks, small banks, businesses like Amex which were granted bank holding company status, and places that Treasury refuses to reveal.

A key provision of the bailout was independent oversight of the entire bailout process. It was to be open and transparent.

What has not happened during those six weeks is completion of the first monitoring report even though the deadline has past. Nor has there been any formal action to fill the independent oversight posts established by Congress when it approved the bailout to prevent corruption and government waste.

The newly created position of Inspector General has yet to be filled. The Inspector General was to be nominated by the President, and a congressional oversight panel. In the interim Eric Thorson, Inspector General of the Treasury Department, has been overseeing the bailout program. Congress has yet to nominate the five member oversight panel, and the President has yet to submit a name for confirmation.

Read the rest & weep...

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BTW it's exactly like this new device ... H/t cryptogon again

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