TARP surprise

http://www.washingtonexaminer.com/opinion/blogs/beltway-confidential/tarp-surprise-cq-roll-call-washington-post-and-atf--receive-taxpayer-bailout-funds-105724263.html

Lol Ok I understand the newspaper subscription.
Lets face it the OFS (Office of Financial Stability) probably had a lot of spare time on their hands. Let face it they knew where the TARP money was going before they ever got it, straight to the top, of the elite banks.
And you didn't think the buddy system worked lol.
The ATF expenditure seems to say all by itself, that the OFS was a tad worried about how America felt about being screwed by their own government and wanted to stay on top of developments that might be forth coming because of that reaction.




For instance, an “interagency agreement” provided two separate payments, one of $243,740, another of $63,248, for detailees from the Bureau of Alcohol Tobacco and Firearms (though why the Office of Financial Stability required ATF services is unclear, but one can assume a certain expertise in financial flows).

Two Sets Of Books: A Felony For Everyone But Timmy

http://market-ticker.org/akcs-www?post=170317

Timmy is like a woman,
He has two sets of dishes
His everyday
And his good china for company.
The problem is book keeping records are not like china.
Anyone who looks must be able to see the everyday transaction
Monthly reports, quarterly reports as well as the yearly reports.
But Timmy is using two sets of books and that's called FRAUD, and it comes with a prison sentence.
Timmy takes no money from the United States.
That's right NO PAYCHECK.
He is not part of a government entity.
So no natural immunity there, can serve as his excuse.
In other words
Timmy's ass should be grass
And deserves a good cutting.
And this dude is running the country WHY?




Found in a 338-page release from SIGTARP (which, incidentally, is about as nasty a piece written about a Treasury Secretary by another government body as I've ever read - and is worth reading, if you can find the time for it) comes the following:

"While SIGTARP offers no opinion on the appropriateness or accuracy of the valuation contained in the Retrospective, we believe that the Retrospective fails to meet basic transparency standards by failing to disclose: (1) that the new lower estimate followed a change in the methodology that Treasury had previously used to calculate expected losses on its AIG investment; and (2) that Treasury would be required by its auditors to use the older, and presumably less favorable, methodology in the official audited financial statements."

Oh really Turbo? Let me put this one in English for you.

In the civilian world it is illegal to present one set of books to your investors, and another to the IRS. That's called tax fraud and, if you're a publicly-traded company, securities fraud. It exposes you to a nice date with Bubba at the Graybar Motel, and it should.

But government does this sort of thing all the time. It also allows firms it controls to do this. Remember the infamous "GM" claims that "it had paid back all of the taxpayer money"? Well sure, technically - but they did so by borrowing other money - from the taxpayers! Only in Government is taking a $20 from your left pocket and putting it in your right pocket "paying off a loan."

In the rest of the world we call this what it is: A scam.

Then there's the view on HAMP. Treasury argues that every single modification (including trials) is a success, making the claim that "every single person who is in a temporary modification is getting a significant benefit."

This is a bald lie. For those who are in temporary modifications but either fall out of

SIGTARP Calls Out Tim Geithner On Various Violations Including Data Manipulation, Lack Of Transparency, "Cruel" Cynicism, And Gross Incompetence

http://www.zerohedge.com/article/sigtarp-calls-out-tim-geithner-various-violations-including-data-manipulation-cruel-cynicism

Little Timmy got his report card
Lets just say it wasn't up to par
And his conduct grade was even worse

SigTarp Neil Barofsky has just released the most scathing critique of all the idiots in the administration, with a particular soft spot for Tim Geithner.

On the failure of TARP to increase lending:

Barofsky Says Criminal Charges Possible in Alleged AIG Coverup

http://www.bloomberg.com/apps/news?pid=20601109&sid=aVHMZwNcj2B0&pos=10

No lol that smell wasn't from Hank crappin in his pants back then, but there is a big possibility that it could be from Timmy crappin in his now.


Neil Barofsky was unpacking boxes in December 2008 when the stench of sewage wafted through the hallways at the 168-year-old Main Treasury Building. The space assigned to him as head of the Office of the Special Inspector General for the Troubled Asset Relief Program, or SIGTARP, was shoehorned into the basement, three floors below U.S. Treasury Secretary Henry Paulson’s offices.

Neil Barofsky Says Handcuffs Are Coming

http://globaleconomicanalysis.blogspot.com/2010/02/neil-barofsky-promises-handcuffs-police.html

Dylan Ratigan interviews Neil Barofsky and asks the right questions that inquiring minds really do deserve an answer to.
Book em Dano! No that job was given to the DoJ, the question is WHY?
Is it so that they can sweep the dirt back under the rug that Mr. Barofsky digs up?
Unfortunately me does think so.

Mish has a little potpourri going on, look how much Phoenix taxpayers get stuck for,
in just paying for titles alone.
Talk about outrageous.
This isn't just Phoenix the problem is everywhere. What is it that those titles do to actually deserve that kind of salary?

Inquiring minds note that Neil Barofsky, special inspector for the Troubled Asset Relief Program (TARP), claims Bailouts created more risk in system.

Sticker Shock: $23.7 Trillion Bailout?

http://abcnews.go.com/Business/Polit...ory?id=8140184


TARP Special Inspector Says Treasury Is Keeping Taxpayers in the Dark


The total potential federal government support could reach up to $23.7 trillion," says Neil Barofsky, the special inspector general for the Troubled Asset Relief Program, in a report released today on the government's efforts to fix the financial system.

Yes, $23.7 trillion.

"The potential financial commitment the American taxpayers could be responsible for is of a size and scope that isn't even imaginable," said Rep. Darrell Issa, R-Calif., ranking member on the House Oversight and Government Reform Committee.

"If you spent a million dollars a day going back to the birth of Christ, that wouldn't even come close to just $1 trillion -- $23.7 trillion is a staggering figure."

To be sure, we aren't there yet.

The government has about 50 different programs to fight the current recession, including programs to bail out ailing banks and automakers, boost lending and beat back the housing crisis. So far they've cost taxpayers around $4 trillion.

The staggering $23.7 trillion estimate elicited concern from members of Congress and a sharp rebuke from the Treasury Department after the report was leaked late Monday.