BROF Posted July 21, 2009 Share Posted July 21, 2009 http://www.telegraph.co.uk/finance/finance...ed-on-Tarp.html US Treasury attacked on TarpThe US Treasury has been likened to convicted fraudster Bernard Madoff in the way in which it has refused to provide detailed information on its exposure to financial firms through its $700bn (£426bn) Troubled Assets Relief Programme (TARP) or the further extent of its financial involvement in shoring up the wider economy. The criticism came just a day after Neil Barofsky, the TARP's special inspector general, estimated the Treasury's exposure to programmes dealing with the financial crisis could be as much as $23.7 trillion. Congressman Darrell Issa said that the way in which the Treasury continued to refuse to provide regular detailed information on the value of its investments in financial firms was akin to Madoff reassuring investors in his Ponzi scheme. Related Articles Ben Bernanke to set out Federal Reserve's vision for US economy Banks accused of 'mortgage rip-off' as they raise rates Fed chief Ben Bernanke denies 'strong arm' claims over Merrill Bonus culture to blame for banking crisis, say MPs Taxpayers to plug £100m hole in MEP pension fund created by financial crisis and fraud Meanwhile, Congressman Edolphus Towns likened the Treasury's approach to the US's approach to gay men and women in the military, saying "the taxpayers now have a $700bn spending programme that's being run under the philosophy of 'Don't Ask, Don't Tell." Mr Barofksy, appearing before the House Committee on Oversight and Government Reform, hit out at Treasury claims that his $23.7 trillion number was "inflated," saying that it had been "actively obstructing our ability to determine what the true value of the [TARP] is worth." http://www.youtube.com/watch?v=c4VnwSM5LEY Quote Link to comment Share on other sites More sharing options...
Mikhail Liebenstein Posted July 22, 2009 Share Posted July 22, 2009 mercy kaptur gave hima going voer too.a lot of thsoe congressmen have woken up of late As long as it isn't a staged grilling, following by a back to normal straight after I'll be happy. The clamour for Treasury officials and Goldman employees to be arrested for fraud is growing. We need an an explanation of why Goldman was fast tracked into being a bank holding company so it could receive TARP, whilst for instance Lehman was allowed to go to the wall. I don't think there is a valid explanation. The EU and US authorities should now look at breaking up Goldman and taking all the TARP assets and profit gained from them back. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted July 22, 2009 Share Posted July 22, 2009 It appears that Goldman may have over done the greed this time. The unrest about them is growing. Quote Link to comment Share on other sites More sharing options...
BalancedBear Posted July 22, 2009 Share Posted July 22, 2009 We need an an explanation of why Goldman was fast tracked into being a bank holding company so it could receive TARP, whilst for instance Lehman was allowed to go to the wall. I don't think there is a valid explanation. Probably because Hank Paulson was an ex-Goldman employee, and he looked after his mates when he pleaded for TARP. Quote Link to comment Share on other sites More sharing options...
Mikhail Liebenstein Posted July 22, 2009 Share Posted July 22, 2009 Probably because Hank Paulson was an ex-Goldman employee, and he looked after his mates when he pleaded for TARP. Well indeed I can't think of any other explanation at present. I am writing to my MP and select MEPs to get support for Uk and EU investigations, I urge you to do the same. Goldman will be brought down by this rest assured, Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted July 22, 2009 Share Posted July 22, 2009 I wonder if GOldman had STFU, continued to struggle and witheld mega bonuses, if the people would have noticed? Bankers boasts and Masters of the Univers attitude is strong at Goldmans. Quote Link to comment Share on other sites More sharing options...
mdman Posted July 22, 2009 Share Posted July 22, 2009 I wonder if GOldman had STFU, continued to struggle and witheld mega bonuses, if the people would have noticed?Bankers boasts and Masters of the Univers attitude is strong at Goldmans. The Matt Taibbi article gained traction at the time the GS bonuses were being rumoured. Probably would have been easier to ignore if they didn't go on their bonus binge so quickly The fact remains Lloyd Blankfein was present at the meeting to bail out AIG. No other bank chief was there. No-one has explained what authority he had to be at that meeting. Dimon of JPM invited Rahm Emmanuel, Obama's chief of staff, to a JP Morgan board meeting. Emmanuel declined this week, after previously intending to attend. I think it's crystal clear who US Government officials act for these days. Like the corruption of tory MPs in the dying days of Major, only on an epochal scale Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted July 22, 2009 Share Posted July 22, 2009 The Matt Taibbi article gained traction at the time the GS bonuses were being rumoured. Probably would have been easier to ignore if they didn't go on their bonus binge so quicklyThe fact remains Lloyd Blankfein was present at the meeting to bail out AIG. No other bank chief was there. No-one has explained what authority he had to be at that meeting. Dimon of JPM invited Rahm Emmanuel, Obama's chief of staff, to a JP Morgan board meeting. Emmanuel declined this week, after previously intending to attend. I think it's crystal clear who US Government officials act for these days. Like the corruption of tory MPs in the dying days of Major, only on an epochal scale Maybe Tony Blair will attend. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.