No Effective Oversight for $3 Trillion in Bailout Funds

For indispensable reporting on the coronavirus crisis, the election, and more, subscribe to the Mother Jones Daily newsletter.

On Tueday, three government watchdogs testified about TARP and other government bailout programs before the Senate finance committee. They offered some profoundly troubling observations about the government’s inability to monitor and oversee effectively the spending (and lending) of nearly $3 trillion in bailout funds. It’s a bit surprising that their testimony received about 1 percent of the media attention given to those AIG bonuses (a paltry $165 million) and sparked about 1 percent (or less) of the public outrage generated by those same bonuses. But I was invited to talk about the testimony with David Shuster on MSNBC:

You can follow David Corn’s postings and media appearances via Twitter by clicking here.

DOES IT FEEL LIKE POLITICS IS AT A BREAKING POINT?

Headshot of Editor in Chief of Mother Jones, Clara Jeffery

It sure feels that way to me, and here at Mother Jones, we’ve been thinking a lot about what journalism needs to do differently, and how we can have the biggest impact.

We kept coming back to one word: corruption. Democracy and the rule of law being undermined by those with wealth and power for their own gain. So we're launching an ambitious Mother Jones Corruption Project to do deep, time-intensive reporting on systemic corruption, and asking the MoJo community to help crowdfund it.

We aim to hire, build a team, and give them the time and space needed to understand how we got here and how we might get out. We want to dig into the forces and decisions that have allowed massive conflicts of interest, influence peddling, and win-at-all-costs politics to flourish.

It's unlike anything we've done, and we have seed funding to get started, but we're looking to raise $500,000 from readers by July when we'll be making key budgeting decisions—and the more resources we have by then, the deeper we can dig. If our plan sounds good to you, please help kickstart it with a tax-deductible donation today.

Thanks for reading—whether or not you can pitch in today, or ever, I'm glad you're with us.

Signed by Clara Jeffery

Clara Jeffery, Editor-in-Chief

payment methods

We Recommend

Latest