Obama slams companies for squandering bailout funds

Source: CNN
WASHINGTON (CNN) — President Barack Obama had harsh words Friday for
companies that have engaged in lavish, frivolous spending while receiving
taxpayer dollars from the $700 billion federal bailout package.
During a White House meeting with the joint congressional leadership, the
president said he had seen reports “over the last couple of days about
companies (receiving) taxpayer assistance (and) then going out and renovating
bathrooms or offices or in other ways not managing those dollars
appropriately.”
Moving forward, the president said, it would be necessary to pass reforms
ensuring the kind of “oversight, transparency, accountability that’s going to
be required in order for the American people to confidence in what we’re
doing.”
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