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Letter from the National Black Chamber of Commerce to Sec. Paulson about the bailout

By The Admin on November 21, 2008

When you proposed the $700 billion+ bailout you urged Congress to waive the FAR Procurement Law. My fear was you were doing this to once again dupe Congress from their commitment to small and minority owned businesses. My fears now seem to be realized.

I have just read from your website a “Financial Agency Agreement for Custodian, Accounting, Auction Management and Other Infrastructure Services for a Portfolio of Troubled Mortgage-Related Assets” (dated October 14, 2008). In this agreement with Bank of New York Mellon you allow for foreign workers to participate and include the India subsidiary of this company. In essence, US tax money is being outsourced overseas to India. I suspect the purpose is for Mellon to reap obscene profits (pay India rates and pocket the rest).

We consider this a moral outrage and a betrayal of the peoples’ trust. There is a myriad of minority owned firms trying to compete for this business while your people cavalierly send it overseas without bid or consideration.

Please inform this office how many of these contracts or agreements to foreign sources now exist and what dollar amount is involved. Also, please inform us which minority owned businesses have been contracted, if any, for business concerning the Bailout (names, addresses and amounts). My other fear is that there is little or none. By copy of this letter I am requesting Speaker of the House Nancy Pelosi to ensure that you respect this request.

As a US citizen, Army veteran and African American I find this action deplorable. May we all rise with outrage and demand a quick change. This action is hurting businesses and individuals at a time when the economy can ill afford chicanery.

Sincerely,

Harry C. Alford
President/CEO
National Black Chamber of Commerce

cc: Honorable George W. Bush, President
Honorable Nancy Pelosi, Speaker of the House
Honorables Harry Reid, John Kerry, Barney Frank, James Clyburn, Barbara Lee,
Nydia Velazquez

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  • Paul

    The outrage continues from the standpoint that it does not appear, correct me if I'm misinformed, that a “line item budget” was set up to closely monitor the $700 billion. Line item budgeting would clearly specify where the money was being distributed and who all of the violators are including those distributing the dollars for what we were told the money is being used for, “a bailout” or “for other reasons” such as the one raised by the National Black Chamber of Commerce. The biggest losers are the “Tax Payers” even those of us who are +50 and unemployed. There is no realistic effort to allow this economy to recover when corruption is continually blessed by elected officials whose callous disregard is muddled in the mire of dishonesty!

  • Paul

    The outrage continues from the standpoint that it does not appear, correct me if I'm misinformed, that a “line item budget” was set up to closely monitor the $700 billion. Line item budgeting would clearly specify where the money was being distributed and who all of the violators are including those distributing the dollars for what we were told the money is being used for, “a bailout” or “for other reasons” such as the one raised by the National Black Chamber of Commerce. The biggest losers are the “Tax Payers” even those of us who are +50 and unemployed. There is no realistic effort to allow this economy to recover when corruption is continually blessed by elected officials whose callous disregard is muddled in the mire of dishonesty!

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