Congress Finds A Not So New Way To Monitor Wall Street
Please ignore the outrage you hear from Congress about Citi almost buying a new airplane. Apparently that’s an inappropriate expenditure of bailout funds. But this, one assumes, is appropriate:
New York’s Charles Rangel and five other Democratic members of the House enjoyed a trip to the Caribbean sponsored in part by Citigroup (see above) in November – after Congress had approved the $700 bailout for financial firms (including Citigroup).
The members no doubt will object to the terms “junket,” but that shoe fits. The National Legal and Policy Center, a watchdog group, has asked Neil Barofsky, the special inspector general for the Troubled Asset Relief Program (TARP) to investigate the Nov. 6-9 excursion to the island of St. Maarten.
It was called the Caribbean Multi-Cultural Business Conference, but “the primary purpose … for most participants appeared to be to take a vacation,” said the NLPC. And not only was the timing lousy, but “corporate sponsorship of such an event was banned by House rules adopted on March 1, 2007, in response to the (lobbyist Jack) Abramoff scandal,” the group pointed out.
Joining Rangel on that trip were Donald Payne of New Jersey, Sheila Jackson-Lee of Texas, Carolyn Cheeks Kilpatrick of Michigan, Bennie Thompson of Mississippi and Donna Christenson, delegate from the U.S. Virgin Islands.
Your “most ethical Congress ever” hard at work watching over those Wall Street fat cats.
Hope and change.
[Crossposted at QandO. We’ve moved. Come see the new place.]