Washington:
A senior US lawmaker has alleged that the bailout given to American banks have landed in countries like China, UAE and India as the Treasury Department failed to keep track on the granted funds.
Speaking on the floor of the House of Representative, Congressman Dennis Kucinich said the Department of Treasury has not been able to track the funds given to these banks under the Troubled Assets Relief Programme or TARP.
",As a result, we have seen that of these funds that were supposed to go to help the US economy, $8 billion has gone through Citigroup to Dubai, $7 billion through Bank of America to China, $1 billion through JPMorgan Chase to India,", Kucinich said. However, he did not provide much detail.
A seven term Democratic Congressman from Cleveland Ohio, Kucinich is the chairman of the Domestic Policy Subcommittee of the Oversight and Government Reform Committee and a member of Education and Labour Committee.
",The taxpayers of the United States have already paid $700 billion of their tax money into this bailout programme. We found out that the Department of Treasury doesn't track the funds after they give them to the banks,", he said.
",It's time that we started to ask the Treasury Department to keep track of these TARP funds and make sure that they're intended for the purpose that the American people want them to be spent for, and that is revive our American economy,", he said.
Speaking on the floor of the House of Representative, Congressman Dennis Kucinich said the Department of Treasury has not been able to track the funds given to these banks under the Troubled Assets Relief Programme or TARP.
",As a result, we have seen that of these funds that were supposed to go to help the US economy, $8 billion has gone through Citigroup to Dubai, $7 billion through Bank of America to China, $1 billion through JPMorgan Chase to India,", Kucinich said. However, he did not provide much detail.
A seven term Democratic Congressman from Cleveland Ohio, Kucinich is the chairman of the Domestic Policy Subcommittee of the Oversight and Government Reform Committee and a member of Education and Labour Committee.
",The taxpayers of the United States have already paid $700 billion of their tax money into this bailout programme. We found out that the Department of Treasury doesn't track the funds after they give them to the banks,", he said.
",It's time that we started to ask the Treasury Department to keep track of these TARP funds and make sure that they're intended for the purpose that the American people want them to be spent for, and that is revive our American economy,", he said.
