Bush’s Administration Found To Have Overpaid $62.5 Billion In Bailout

February 6, 2009

Washington (ChattahBox) – A new report released by a Washington watchdog group has alleged that President Bush, his administration, and former Treasury Secretary Henry Paulson, were responsible for billions of dollars in over payments in the bailout last year.

The Congressional Oversight Panel released their report this morning, saying that a lack of oversight, planing, and proper spending by Bush’s administration led to a serious mishandling of funds, which cost taxpayers billions more then was originally intended.

Just AIG (American International Group) alone received $40 billion, only to spend a significant amount on executive retreats, bonus’, and other frivolous uses of taxpayer’s money.

All in all, The COP found that nearly $62.5 billion more then the worth of assets was purchased by the government, a shocking oversight that has left many in Washington stunned, wondering how such a massive blunder could have possibly slipped through unnoticed.

“Treasury chose to offer ‘one size fits all’ pricing in order to encourage all institutions to participate, and in so doing disregarded apparent differences in their financial condition,” they accuse in the report.

“A consequence is that Treasury effectively offered weaker participants greater subsidies than it offered to stronger participants.”


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