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March 11, 2009

Taxpayer-funded nationa banks Citigroup, Bank of America and J.P. Morgan lent money overseas.  Here is the breakdown:

  • Citigroup, who received $45 billion in taxpayer-funded TARP and bailout funds, lent $8 billion to Dubai
  • Bank of America who received $45 billion in taxpayer-funded TARP and bailout funds, lent $7 billion ot China
  • J.P. Morgan Chase, who received $25 billion in TARP money lent $1 billion to India

Where is the oversight by the U.S. Treasury to ensure that U.S. taxpayer-funds used to bailout banks is not being spent overseas friviously.  The TARP money is supposed to inject new capital into the banks, for lending within the U.S. — not overseas!

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