I'm feeling a little bit like Lewis Black this morning. As I read about the government rescue of Citigroup, I feel the hairs on the back of my neck tingling. It's injecting $20 billion into Citigroup, after already giving it $25 billion, which resulted in an ownership stake.
But that's not what really bothers me. What I find disturbing is the fact the government has already disbursed $507 million to banks and, as taypayers, we have no right to know which banks received the funds or what they did with the money.
The government's reasoning is if we knew, we might withdraw our money from those banks and besides, the government knows better than we do what to do with our money.
I had hoped I was interpreting this incorrectly, but it appears I am not. What do you think about the bailout program and how it's being handled?
Photo: Big Stock Photo
The Short Sale, by Elizabeth Weintraub, coming from Archer Ellison in January 2009.
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