Congress Ignored Critical Bailout Oversight

By  Lagan Sebert  Danielle Ivory on Dec 19, 2008

On December 19th, Henry Paulson urged Congress to release the second half of the $700 billion of the bailout money. But no one seems know what banks have done with the first $350 billion. Despite the fact that Congress wrote more than one hundred pages about oversight in the bailout bill, they left a gaping hole.

Bank Eat Bank: Bailout Encourages Mergers

By  Danielle Ivory  Lagan Sebert on Nov 21, 2008

With newfound bailout money in their wallets, big banks have been rushing to gobble up smaller ones. At the center of these mergers is the Treasury Department, led by Goldman Sachs alums Henry Paulson and Neel Kashkari. While neglecting struggling homeowners they have created major incentives for widespread bank consolidation, which could lead to a host of new problems. And, as members of Congress recently noted, Treasury officials seem to be making the rules up as they go

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Flogging of AIG Execs

By  Lagan Sebert on Oct 07, 2008

In the wake of the $700 billion bailout, the public is finally getting a look at the faces behind the financial crisis. On October 7, the Committee on Oversight and Government Reform grilled former AIG CEOs Robert Willumstad and Martin Sullivan. During the five-hour hearing the executives tried to dodge blame as congress members harshly criticized their management of AIG and questioned their compensation.

House Rejects Bailout Despite Pressure

By  Lagan Sebert on Sep 29, 2008

The $700 billion bailout plan came to a vote in the House of Representatives after a week of intense debate. Though both Democratic and Republican leadership called on their colleagues to support the bill, it failed by 23 votes. The debate gave those in opposition a chance to voice their opposition to this historic bill, and called for renewed negotiations on the same day the stock market plunged.

Bailout Campaign Day 3: Paulson and Bernanke in the House

By  David Murdock on Sep 25, 2008

By Wednesday of Financial Meltdown Week much of the real business of the Wall Street Bailout was being conducted behind closed doors. Treasury Secretary Henry Paulson, Jr. and Federal Reserve Chair Ben Bernanke made another public appearance on the Hill but the tone and tenor of this hearing varied greatly from the previous day's tense Senate grilling.