2. U.S. Government Greatly Influenced by Finance Industry
Information has come to light that suggests that the Unites States Government is being heavily influenced by a small sector of the finance industry.
In 2008, at the height of the mortgage crisis the U.S. Government created a bailout program titled the Troubled Assets Relief Program (TARP).
It allowed the United States Department of the Treasury to purchase or insure up to $700 billion of "troubled" assets. The money was to be given to the struggling Wall Street and the financial sector.
It created much debate and criticism in congress and among the American people. One might question why the U.S. government was being so generous to the financial institutions.
It could have something to do with the fact that lawmakers and high-ranking officials of the U.S. Government receive millions of dollars in campaign contributions from these investment-banking firms annually.
Some of the top recipients of contributions from companies receiving Troubled Assets Relief Program (TARP) money are the same members of congress who chair committees charged with regulating the financial sector and overseeing the effectiveness of this unprecedented government program.
Sources:Truthout, October 2, 2008
Title: “Lax Oversight? Maybe $64 Million to DC Pols Explains It”
Author: Greg Gordon
Capitol Eye, February 10, 2009
Title: “Congressmen Hear from TARP Recipients Who Funded Their Campaigns”
Author: Lindsay Renick Mayer
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