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05-31-2009, 11:07 AM #1
Government Taps Bailout Contractors w/ Conflicts of Interest
Government Taps Bailout Contractors With Conflicts of Interest
Firms With Ties to Banks Can Work Both Sides of Rescue
by Elana Schor
Global Research, May 30, 2009
washingtonindependent.com
As the Wall Street bailout nears its first anniversary, the controversy over giving public money to private banks has become public knowledge. But an equally risky aspect of the financial rescue has flown largely under the radar: the government’s reliance on private contractors – many with potentially significant conflicts of interest – to help revive the stalled economy.
The Treasury Department knows that the law firms and investment managers hired to aid its salvage effort could be influenced by their ties to bailed-out banks; in fact, the department released a rule in January aiming to mitigate the problem.
That rule, however, has raised questions from watchdogs by asking contractors to identify and police their own conflicts of interest. And a careful review of bailout hiring agreements reveals an inconsistent set of rules applied to the types of private deals that contractors can make while serving as agents of the U.S. government.
“It’s just a wonderfully closed circle,â€
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05-31-2009, 11:30 AM #2
Remeber how everyone including Democrats screamed about favoritism shown to Haliburton ?
So now we have the Dems doing the same thing just in a defferent market.Either way citizens are getting the shaft as usual !!
Janice Joplin was right when she said "It's all the same fricken day" just the Dems this time.."A Government big enough to give you everything you want,is strong enough to take everything you have"* Thomas Jefferson
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05-31-2009, 12:03 PM #3
Related Post on NO CONTROL OF TAXPAYER MONEY OR WHO GETS IT
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