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February 05, 2009

Shocker: Fed Overpaid on TARP Purchase of Bank Stocks By About Seventy Eight Billion Dollars

But quick -- let's rush this spendulus bill through in a week. Acting hastily has been working gangbusters for us so far.

A government watchdog group says the federal government overpaid for stocks and other assets from financial institutions under its $700 billion rescue program.

The chairwoman of the Congressional Oversight Panel for the bailout funds told the Senate Banking committee Thursday that Treasury in 2008 paid $254 billion and received assets worth about $176 billion.

That's an overpayment of more than a third.

Think there's some overspending in the spendulus?

Again, from , I note an obvious example. In Lewiston, ME, they want $50,000 to build two dog parks.

In Chula Vista, CA, they want $500,000 to build one (1) dog park.

Um... what the hell? What does it even take to "build" a dog park apart from putting up a sign that says "Dog Park"? Does it take $500,000 to make such a sign?

If Chula Vista is buying the land -- um, no. I think you have plenty of government-owned park land so that you can just make an acre or two of it into a dog park.

Anyone want to bet that if they are asking for a half million to buy the land, that purchase just happens to be from someone politically-connected who's having trouble finding private sector purchasers?

Corrected and Linked: It's stimuluswatch.org, not com. Sorry for the loose shit.



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posted by Ace at 03:32 PM

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