A senior US lawmaker has alleged that the bailout given to American banks have landed in countries like China, UAE and India as the Treasury Department failed to keep track on the granted funds.
Speaking on the floor of the House of Representative, Congressman Dennis Kucinich, said the Department of Treasury has not been able to track the funds given to these banks under the Troubled Assets Relief Programme or TARP.
As a result, we have seen that, of these funds that were supposed to go to help the US economy, USD 8 billion has gone through Citigroup to Dubai; USD 7 billion through Bank of America to China; USD 1 billion through JPMorgan Chase to India,” Kucinich said.
However, he did not provide much detail.
A seven term Democratic Congressman from Cleveland Ohio, Kucinich is the chairman of the Domestic Policy Subcommittee of the Oversight and Government Reform Committee and a member of Education and Labour Committee.