March 13, 2009

How Your Tax Dollars Are Bailing Out Dubai

I thought the TARP was to bail out America?

Via Government Executive:

Taxpayers lack an accurate picture of how companies receiving billions of dollars in federal funds through the Troubled Assets Relief Program are spending their money, members of a House panel said on Wednesday....

... For example, during the past several months, as credit markets in the United States worsened, TARP recipients spent at least $16 billion on loans or investments with foreign entities. This included an $8 billion December 2008 loan from Citigroup Inc. to Dubai public sector entities. Citigroup initially received $25 billion in TARP funds in October 2008, followed by another $25 billion through two other TARP programs.

Guess not.....And its probably not your tax dollars bailing them out, it will be your grand-babies tax dollars bailing them out. What does the government have against babies anyway?

Hat Tip: KafirAlalazoo via his youtube vid here.

By Howie at 03:16 PM | Comments |