Tag Archives: gao

Taxpayer Rip-off as Bureau of Land Management Discounts Royalty Rates on Our Property at 50% of Actual Market Value

Posted on 16 July 2015 by Ken Zino

The BLM oil and gas management program is one of the most important mineral leasing programs in the Federal government. The total value of production is over $33 billion, which generates more than $3 billion in royalty revenue annually from oil and gas leasing activities on public lands, most of which is shared with state and local governments, and nearly $1 billion in royalty revenue from activities on tribal lands, all of which goes to tribes or individuals. Continue reading →

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Treasury to Sell Preferred Bank Stock Acquired Under TARP

Posted on 11 June 2012 by Ken Zino

The U.S. Department of the Treasury announced today that it is starting secondary public offerings of the preferred stock it holds in seven so-called CPP institutions (Capital Purchase Program under TARP). The Troubled Assets Relief Program, which injected huge amounts of taxpayer cash into U.S. banks, was sold to the American public as a way to encourage banks to lend money to free up the frozen capital markets. From October 2008 through December 2009, Treasury invested almost $205 billion in 707 financial institutions as part of the federal government’s efforts to help stabilize U.S. financial markets and the economy.

However, some the banks used part of the funds to pay huge executive bonuses, repurchase stock and pay dividends, according to the Government Accountability Office. Now GAO concerns are being raised about the health of the banks remaining in the program. Continue reading →

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