Follow The Money: Was Part Of Bailout A "Bait And Switch?"

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It took a full month for many in Congress and the American public to realize that billions in bailout funds were not going to be used the way they thought.

Instead of purchasing failed mortgage assets, the Treasury Department used the taxpayer money to buy preferred shares of stock in select banks. It was not only weak banks in need of assistance, but also banks supposedly deemed to be "strong" by federal regulators; the idea apparently to help shore up the economy by ensuring strong banks take over weaker ones (although nobody from the Treasury Department has responded to our repeated requests for information).

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(It was the last act of outright theft and payback by George Bush on behalf of the people who selected him as president for eight years. The cost to each taxpayer nears $100,000 of money that could have been used for schools and US infrastructure. Bush paid off the military industrial complex with a few wars and now the banks and Wall Street with outright theft.)

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