You can view the most recent list of those companies that have received bailout assistance from the federal government via the Emergency Economic Stabilization Act of 2008 (EESA), executed through measures like the Troubled Asset Relief Program (TARP), here (PDF updated 12/16/08).
I’m thinking about adding these companies to my own personal “naughty” list.
Visit the EESA homepage, where you can sign up for EESA e-mail updates as your tax dollars are spent for you. “How is this money being spent?” you might ask. Well, in the interest of full disclosure, the government has not required any special reporting for how the bailees are using these funds.
Remember that rush to push the bailout through right before the election, when the government and the media were telling us that Congress needed to hurry up and authorize the use of more money than has been spent on the entire Iraq war? The legislation appears to be so sloppy that it allows the executive branch to distribute the funds as it pleases, without any accountability for how the funds are being spent, and without any restrictions on what sort of industry qualifies.
I guess it’s more important that the money gets spent rather than how it gets spent.
Since government is now in the business of rewarding failure (call it a “demeritocracy”), nominate those most deserving of money from the bailout in the comment boxes below. Here’s a list to get you started:
- The mainstream media, especially the newspaper industry.
- Mainline Christian denominations.Source: Recent Changes in Membership and Attendance in Mainline Protestant Congregations (PDF)
- Professional sports teams, leagues, and players, especially the Arena Football League, the Detroit Lions, and Manny Ramirez (Buster Olney: “Ramirez increasingly looks like the Hummer left standing in the middle of the showroom floor.”).