Every single day I read the front pages and business sections of The New York Times, Los Angeles Times, San Diego Union and many other publications reporting about the massive amounts of bail out money for AIG, City Bank, Bank of America and many other huge financial institutions that are "too big to fail"
To make us feel better, the Treasury Department lets us know that we are taking ownership of AIG and all the other Banks that have accepted billions from the Treasury. Nevertheless, nobody seems to know the real financial condition of all these institutions.
Economists and savvy political analysts keep on guessing who will be the next one to be saved and how much tax payers money it will take to save them and when the economy will rebound.
My thinking is; haven't they heard of Audits. If we are majority owners of many of these institutions, don't we have the right to conduct audits performed by reliable and certified accounting corporations with dozens of auditors working for them on every financial institutions we give billions to and partly own?
I believe that will take the mystery out of the guessing game and will show in plain paper their real financial condition. We would not have to be guessing any more. With more than 80% ownership of AIG and big stakes of ownership in dozens of Banks and Wall Street firms I would like to know right away if we are dumping good money after bad money.
Certainly, dozens of simultaneous Audits ordered by the Treasury for all these financial giants will give the transparency that the Obama Administration has promised to all of us.
Comments (2)Subscribe to CommentsComment