As investors and financial experts try to make sense of last week's roller coaster ride on Wall Street, members of Congress are busy hammering out the details of the Treasury Department's proposal to spend up to $700 billion absorbing suspect mortgage-based assets from private firms. POGO doesn't take a position on the causes of or the solutions to the recent economic meltdown. But if there is going to be a bailout, we believe it is essential that the plan be conducted with full openness and transparency.
POGO has joined a growing coalition of groups from across the political spectrum, including our good friends at the National Taxpayers Union, in opposing certain sections of the bailout plan that would allow the Treasury Secretary to make sweeping decisions while hiding behind a veil of secrecy. We're particularly concerned with section 2(b)(2), which would grant the Secretary the authority to enter into contracts "without regard to any other provision of law regarding public contracts," and with section 8, which would make the Secretary's decisions non-reviewable "by any court of law or any administrative agency."
As we've argued in the past, it is exactly this type of secrecy that got us into trouble in the first place. If taxpayers are being forced to foot the bill for the government's bailout scheme, Congress should at least disclose the details of the Treasury Department's activities. And while we're at it, Danielle just yelled down the hall to make sure I mention that the bailout plan should in no way pay for any compensation for the Wall Street executives who got us into this mess.
-- Michael Smallberg
er, Tom, why don't you and Connie get together?
Posted by: KSBR unavailable | Sep 24, 2008 at 07:11 PM
Glad to see Connie that you weren't bound and gagged.
(Not my fantasy, but that's how some of the contractors in this town operate. Either that or they buy you off. And Connie baby, you are clearly way too classy to be able to be bought off.)
Posted by: Tom Adams | Sep 24, 2008 at 01:46 PM
Sorry to let my loyal fans down. Connie has been out defending her employer from those nasty DCAA auditors. You know they insisted on documentation for expenses. I found that very intimidating, and it severely affected my morale. Fortunately, knowing that they had 30 days to turn around their audit based on an outstanding set of performance metrics, I was able to stall (er, conduct research on the issue), and promptly provided what was requested after 29 days, 23 hours and 59 minutes. I sure found that performance metrics incentivized me.
Posted by: Connie the Contractor | Sep 24, 2008 at 11:43 AM
Connie,
I am just counting the words....er, days.
"Tom Adams,"
Why "bound and gagged"? A fantasy of yours? Pls, this is a family blog.
Posted by: KSBR unhinged | Sep 23, 2008 at 03:34 PM
Welcome back Sister Connie! I was starting to get worried that one of the KSBRs had you bound and gagged in a closet somewhere.
Posted by: Tom Adams | Sep 23, 2008 at 12:58 PM
When is POGO going to expand its Congressional Oversight Training Seminars (COTS) to include oversight of financial markets? I’d love to hear Axel expand on his ideas. KSBR has already called me to say he looks forward to these sessions.
Posted by: Connie the Contractor | Sep 23, 2008 at 12:46 PM
Dear Readers, 9/23/2008
As a final mention from continued exasperation's and frustrations and as these are seemingly important and timely mentions and as POGO has been kind and gracious within there posting of my recent blog comment replies and that this additional mention appears justified.
Please note that there is an abundance of information on Wikipedia in reference to Senator Gramm and Wendy Gramm and their affiliation with UBS Securities improprities and procecutions and convictions, CME, Chicago Merchantile Exchange, Commodity Futures Modernization Act of 2000, etcetra and Karl Rove and Senator John McCain.
Please read and note my prior comments on this Article and my additional mention that not one Supboena issued by our US Congress has been responded by those supboenaed by our US Congress and especially including Karl Rove. In June 2008 Karl Rove rather than appear, left the Country. In July 2008 US Congress voted and cited Karl Rove with Contempt of Congress yet no arrest and no appearance to our US Congress from Karl Rove with the exception that Main Stream Media has hired Karl Rove whom appears regularly on Public media FOX Television as an esteemed Commentator and continues to advise Presidential Candidate Senator John McCain and is a contributor to the Wall Street Journal. Please note that karl Rove is clearly and convincingly alleged to be implicated in the outing of CIA Valeria Plame and Govenor Seiglman improper prosection and conviction and illegal US Attorney firings and an alleged clear and convincing co-conspirator in the illega Iraq War and other serious henious and hedious allegations and mentions of this individual, Karl Rove.
I continue to hope that hopefully our US Congressional and Senatorial Leaders will at least have the Decency, Integrity, Respect, Bravery, Fidelity and Courage to at least immediately allow the floor to vote on the absolutely necessary and imperative veto proof full FEDERAL EMPLOYEE WHISTLEBLOWER LEGISLATION with all rights to Appellate District Courts, full rights to jury trials and with the inclusion of our brave and courages CIA, FBI and all other US Intelligence Agencys.
Again, my thanks to the readers whom have read, viewed and reviewed my comments for many years on POGO, GAP and the NWC.
Thank you and all for your time and consideration.
Sincerely,
Axel
Posted by: Axel | Sep 23, 2008 at 12:23 PM
Dear Readers, 9/23/2008
RETRACTION: I have no direct knowledge of Senator John McCain as to my reference to the McCain/Gramm SWAPs Legislation other than as reported on Democracy Now.org that Senators McCain and Gramm pushed through this lengthy Legislative Bill as a supplement and in the final moments into the larger legislative Bill.
NON-RETRACTION: Senator William Phil Gramm was Presidential Candidate John McCain Financial Advisor from the summer of 2007 to the summer of 2008 and it is mentioned that Senator Gramm unoffically continues to advise Presidential Candidate John McCain.
Thank you for your time and consideration.
Sincerely,
Axel
Posted by: Axel | Sep 23, 2008 at 10:22 AM
Should read McCain/Gramm 'Commodity Futures Modernization Act of 2000' US Legislative Bill which is widley reffered to as the 'Enron Loophole' drafted by the House Agricultural Committee and where some critics blame the provision for permitting the Enron Scandal to occur.
Also noted on Wikipedia is that Phil Gramm's wife was previously on the Enron Board of Directors and my recollection is the Citigroup Chairman at that time was a recent former US Secretary of the US Treasury.
Posted by: Axel | Sep 23, 2008 at 09:46 AM
Dear Readers, 9/23/2008
Thank you for your continuing indulgence within these important times and for my gramatical and spelling errors.
Please allow me to more clearly mention in my prior blog comment response should also read the US DOJ and US Executive Branch of our US Government deliberate and intentional, wrongly, negligently and unwarranted failure to hold Accountable and Prosecute in the seemingly similar and identical Enron schemes (and now more pronounced with the repeal of Glass Stegal, merging of Banks and Wall Street Investment illiquid securities and the McCain/ Graham SWAPS Act) of off shore corrupt Financing of two illiquid shell Citigroup//Enron Entities, ironically named from memory as Evergreen and/or a or another similar name. Within a week of the Enron Announcement the US President Executive Branch sent a public letter to Citigroup Chairman whom seemingly expected to be held Accountable and Prosecuted which basicaly mentioned, asserted and implied that he was in the clear and Citigroup would be supported and protected by the White House Executive Branch of our US Government Administration and the complete intentional and deliberate, unjust, unwarranted and faliure of the US Department of Justice and the US Attorney General to review and consider for prosecution and the similar failure of our US Legislatures to further review and consider and to properly and forthrightly provide the absolutely necessary and warranted Oversight and Accountability for review and consideration.
Lets hope that our US Legislatures get it right and abide and comply with a true and correct, forthright and proper review and consideration of Oversight and Accountability within the next few weeks and allow for what I have stated in my previous blog reply comment.
Again and hopefully our US Senatorial and Congressional will allow for the floor time for the complete passage of the unamiously approved and veto proof FEDERAL EMPLOYEE WHISTLEBLOWER PROTECTION ACT with full Federal Employee Legal Rights to include Full Federal Appellate Court access and Jury Trials and with the inclusionof our FBI, CIA and the inclusion all other US Intelligence Agencys and Employees.
Thank you and all for your time and consideration.
Sincerely,
Axel
Axel V. Sabersky
Posted by: Axel | Sep 23, 2008 at 08:59 AM
Dear Readers, 9/22/2008
An additional follow-up. It appears clear and convincing to me that "We the People' should not be again and further hoodwinked to expect any reasonable and forthright 'Independent Oversight and Accounting'!!!! and especially without the much needed and mandated US Constitutionally Democratically required Accountability!!!!
It is clear and unmistakeable that our Public and/or Independent Accounting and Rating Agencys have also clearly provided for this aspect of this Financial bailout concern. Sadly, it appears to be appalling to expect other than our US Legislatures to provide the correct, proper and forthright resolve which is clearly well known and available within our US Constitution, Democracy and Laws and as I have again re-mentioned in the next paragraph and is also well broadcasted on 'Democracynow'.org and 'Connect the Dots', KPFK radio for several weeks and to some extent at and most likely in their public archives for listening and reviewing at your convenience and at the above 'National taxpayers Union' link.
It appears clear and unmistakeable there must be Accountability and that seemingy appears necessary for this recent Financial concern, the Enron Financial concern, The Savings and Loan Concern and the Legislation and Executive Authority that has made and allowed these applications for many decades and without the where applicable and necessary prosecutions and impeachments and review for the withdrawel of the prohibitive unwarrented pardons and for the hopefully proper and forthright reperation and resolves that are expected, needed and mandated by the proper and forthright interpretation of our Laws and within proper and forthright Oversight and Accountability within our US Constitution and Democracy within the proper and forthright application of our US Laws.
Again and briefly and as I continue to support POGO, GAP and the NWC I will re-mention in my continued 50, 20 and or recent years of frustration that it is abundantly clear and unmistakeable that 'We the People' have no passage of the Whistelblower Protection Act, no Impeachments or Hearings or process thereof that are clear and unmistakekbly absolutely necessary, and absolutely no realistic approach mentioned towards Oversight and Accountability of the recent and prior Financials that I have mentioned for 20 Years, and we have that improper application of the Death mandate penalty and amoung other tortures and anti-democratic illegal unlawful legal applications.
It is clear and unmistakeable that our US CONGRESSIONAL and SENOTORIAL LEADERS must also this week provide the FLOOR TIME FOR THE COMPLETE APPROVAL OF THE FEDERAL EMPLOYEE WHISTLEBLOWER PROTECTION ACT before they adjourn to seek your votes within the upcomming elections!!!!!!!! Also, especially for the many whom have with the highest of Integrity, Bravery and Fidelity lost all and continued to be abused, retailiated upon and ostersized in their empcable forthright and proper highly exemplary and commendable successful courages efforts and endeavors to serve, protect and preserve our Great Country, US Constitution, Democracy and within the proper and forthright application endeavor of our laws within our US Legal System.
Thank you for your time and consideration.
Sincerely,
Axel
Posted by: Axel | Sep 22, 2008 at 08:15 PM
Well, there is hope yet: both Dodd and Boehner have proposed independent oversight over the Treasury program and its assets.
Posted by: Michael | Sep 22, 2008 at 05:05 PM
Dear Readers, 9/22/2008
As is now well broadcast on Democracynow.org and Connect the Dots, KPFK.org for several weeks that former Treasury Secretary Robert Rubin, Larry Summers and now Paulson have continued to reward the 'Banksters' (from my recollectiom, term from President Franklin Roosevelt) for their seemingly deliberate and intentionally, clear and unmistakeable Criminal Activities within this aspect our Financial System.
Also, please note that I am hoping POGO, et all will soon more clearly recognize that there is no Oversight and Accountability and which is easily and clearly recognizable and Broacasted on public radio as I have mentioned within this so-called Bailout Plan from the deliberate and presented mentioned application and within our US Executive Branch of our US Government.
Thank you for your time and consideration.
Sincerely,
Axel
Posted by: Axel | Sep 22, 2008 at 03:21 PM