Friday, October 31, 2008

BailoutSleuth.com: Mark Cuban Sets Eyes On The Bailout

Mark Cuban, the fiery owner of the Dallas Mavericks, is working on a new project, a website called BailoutSleuth.com. The purpose of the site is to monitor the bailout and bring to light any signs of fraud or other foul play stemming from the bailout. The site in its current form is very basic, but provides some great information. The site’s editor is Chris Carey, who also edits sharesleuth.com, a site dedicated to uncovering securities fraud.

Cuban had some words about the recently launched website on his blog, Blog Maverick, as well:

“Transparency is key to the success of the Bailout and related loans and investments the government makes with our tax dollars. Without complete transparency, we will get from our government what we always get when it comes to finances, confusion.”

“If you take a trip over to Bailoutsleuth you can see that its (sic) already time to call BS. In the first contract handed out, in this case to Bank of NY Mellon Corp, the compensation section is blacked out.”

Personally, I’m glad that someone took the initiative to put something like this together. We have a lot of tax dollars at stake in this bailout, and the regulation for it is a joke. At least now we can expose these fraudulent and questionable acts for what they are worth. Here’s hoping that people actually pay attention to this site and start keeping the government accountable for what they are doing with our tax dollars.

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