Saturday, December 03, 2011

Secret Congress. Secret. Wall Street Government.

Now, Congress has the constitutional authority to meet in secret - excluding press and public - whenever they deem necessary. According to Congressional Research Service, since 1830, the House has met in secret four times: 1979, 1980, 1983, and 2008. The report: Secret Sessions of the House and Senate: Authority, Confidentiality, and Frequency.

However, does the U.S. Constitution grant authority to Wall Street and top government officials to conceal pertinent information from Congress and the public?  Well, obviously it doesn't matter because that's what's happening.

The documents show how top US government officials willfully concealed from Congress and the public the true extent of the 2008-'09 bailouts that enriched the few and enhanced the interests of giant Wall Streets firms. Here’s what came out as the result of Bloomberg's investigation:

The secret Wall Street bailouts totaled $7.77 trillion, 10 times more than the $700 billion Troubled Asset Relief Program (TARP) officially passed by Congress in 2008.

Knowledge of the secret bailout funds was not shared with Congress even while it was drafting and debating legislation to break up the big banks.
The secret loans financed bank mergers so that the largest banks could grow even larger. The money also allowed banks to step up their lobbying efforts.

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