Transparency? Nope. TARP Being Raided

Annie

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Nov 22, 2003
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F'ing unbelievable. Links to the crap found at site:

Treasury to TARP Inspector General: Drop Dead|BeyondBailouts.org

...The new program — under which community banks would be given access to low interest funds to lend to small businesses — technically is not part of the original TARP, and needs to be approved by Congress. The funding for the program, however, comes from the leftovers of the original $700 billion TARP authorization. And, many of the recipients will be the same — in fact, some $11 billion in TARP funds now held by banks would be eligible for conversion to the new program. And to a large extent, the issues and concerns raised by the programs are identical.

Word of his possible emmuzzlement triggered a sharp response from Mr. Barofsky. In a letter to the Treasury Department, he referred to the proposed exclusion as a “curious change,” one that would be “terribly wasteful and lead to duplicative efforts and, at worst, could lead to significant exposure to waste, fraud and abuse….”

The Obama Administration insists that no decision has yet been made on SIGTARP’s role. It is reportedly concerned, however, about getting banks to participate in the new program, many of which are healthy and wouldn’t relish TARP’s restrictions and scrutiny.

That itself should raise red flags: since when is convincing healthy corporations to take taxpayer money a serious public policy problem? But even if it were, dropping protections against waste of such money is hardly the way to address it. The sorry history of TARP shows us we need more snarling watchdogs, not fewer.
 
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I have mentioned before that Barry views this as 'found money' to be used for new programs, not to pay off the deficiet as orginially claimed.
 
I have mentioned before that Barry views this as 'found money' to be used for new programs, not to pay off the deficiet as orginially claimed.

of course. he is trying to spend us out of a recession. he has no interest in paying off the deficit.
 
The money got "earmarked" after the President declared that it had to be passed faster than light -- it was that urgent -- even though most of it wasn't scheduled to be spent (and hasn't been) for several years.

What the damn rush was, in that case, nobody can say.

But we do know what we ended up with.

The world's largest-ever fucking SLUSH FUND.

It will not be piddling millions or even a couple of billion which gets siphoned off, mysteriously and untraceably.

It will be tens of billions.

We have to take Congress back and it has to be on some pretty damn specific terms.

One of the MAJOR things we HAVE to do, immediately upon reclaiming power from these disgraceful Democratics, is REPEAL as much of the hideous stuff they have done as we can.
 

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