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October 12 2009

otrops

October 2009: Donald L. Barlett and James B. Steele on the U.S. Treasury | vanityfair.com

But once the money left the building, the government lost all track of it. The Treasury Department knew where it had sent the money, but nothing about what was done with it. Did the money aid the recovery? Was it spent for the purposes Congress intended? Did it save banks from collapse? Paulson’s Treasury Department had no idea, and didn’t seem to care. It never required the banks to explain what they did with this unprecedented infusion of capital.
Tags: politics finance recession bailout banking economics vanityfair