Caught My Eye: TARP Watchdog: ‘We Do Not Seem To Be A Priority For The Treasury’

Duh? Did they really think they would tell the public what is going on and where all that money is going? Naaaa

George,
How are you doing with those morning talking points from the White House? Still lying about it and trying to hide it?

I am saddened, but not surprised, that the members of Congress seem so stupid. Take Wells Fargo as an example. They have assets of $1.4 Trillion. They received $25 Billion in TARP funds. Since receiving those funds they have lent or committed to loans exceeding $100 Million and have paid salaries, utilities, rent, insurance, interest on deposits and many other expenses. How can they possibly tell us accurately where the $25 Billion was spent? What a waste of time and effort and expense to try to find out.

“ABC News has asked the Treasury Department for a response and will update when and if they get back.”
So if they just ignore it, story over?

George: I find this very troublesome, and reeks of obfuscation on the part of the Treasury. A criminal investigation should ensue if they refuse to provide the information or “slow play.” This is the stuff I’d expect from the likes of, say, Jimmy Hoffa, and not my Government. National Security I will refuse as a reason for such delay and would signal “insider trading” within the Banking Complex. Transparency is the only way to root out corruption on these economic issues.

Ms Warren is chipping away at a Treasury stonewall, with a teaspoon, to get the transparency that the American public deserves. I’m no politico, but do I hear a whistle? Who runs the 362 other companies that recieved TARP funding? And why are they being protected from public scorn?! If Elizabeth Warren and her congressional oversite panel were given priority, they might catch the criminals who have been robbing the American public since I was born. And no, I am not a really articulate 5th grader.

Get out of the way! Where’s that checkbook!

Madam Watchdog. Now, you know what the AMERICAN PEOPLE knew from the very beginning – bailouts would be a disaster – throwing money into an abyss. WASHINGTON and WALL STREET are too interconnected to allow transparency. Money flows between the two like blood in an UMBILICAL CORD. By the way. If you are going to be a watchdog, you better show some TEETH. You look more like a watch kitten. No wonder you were chosen for the job.

All a bank has to do is run a configured financial report on their computer and they can have the information the investigators want. Financial institutions have many, many report models they run every day. They know exactly where every dollar goes. There is no excuses. So the real question is: is the Treasury Department lazy, corrupt, or under-staffed? Inquiring minds want to know.

I’m not sure what is going on. This is a mess. But I have a problem with a “oversight” committee complaining that the Treasury (or anyone else) is not responsive because THEY will not “over see” TARP money. Isn’t that what the committee is for?
I know that a lot of money is going to be wasted. Old and new administrations failed on this point. This is not a Democratic or GOP problem. Both parties are responsible.

I know she is flustrated but Geitner is the only one working at the treasury so far. Obama has not had time to appoint anyone else because he is working on his new world order and all. If she will just leave Tim a message he will get back with her in a few years.

I can tell you where the lion’s share of the TARP funds have gone… the funds went in the front door of these financial institutions and was shoveled out the back door to hedge funds just as quickly.

Wayne, the Treasurey Dept is at the very least lazy and corrupt. Since it is a beurocracy, I seriously doubt it is understaffed. This does not surprise me…people blindly thought that the banks would bend over and take one in the backside so the American Public will know where the funds go…the funds went in the managements’ pockets which is why they don’t want the transparancy. God forbid they suffer any loss of income.

GrampaB67: I’m not trying to be a smart-alec, but yes, with the accurate and correct accounting and auditing procedures (which any bank should have in place), they could very easily, and should be able to very easily, trace every last penny of the money the government gave them. With the technology today, it should be a matter of pulling up a few screens and telling the computer which report to run, how you want it run, and in what kind of format.

One baby among group starts crying everybody cries. She thinks it is her turn to get the attention. So much noises these days…………

The treasury department answering to no one? Yeah that sounds about right.

For crying out loud. Geithner has NEVER minded the store:
Google: Timothy Geithner: Obama’s Teflon Treasury Secretary
“Mr. Geithner, the job of the New York Fed is to — now I am quoting its own web site — ‘supervise and regulate financial institutions in the Second District [Wall Street]. Its primary objective is to maintain safe and competitive U.S. and global banking systems.’ You have been in your current post since 2003 and during that time the U.S. financial system has come close to complete disintegration. Why do you deserve a promotion?”

How dare her question Obama!

You mean the fox does not want scrutiny when it is allowed to raid the henhouse?!! How surprising!

MacGhil — Yes. Tim has been around the block many, many times. He is intimately familiar with Wall Street. Of course, it gets lost in most reporting.

This administration has been a complete disaster, but how surprising is that?

Yes, Treasury does have a lot on its plate today,tomorrow and for the foreseeable future.
Frankly, NOTHING is more important than tracking where the money is going and what EXACTLY we are getting for it, NOTHING boys.
If they want any kind of credibility at all they will work this out and right now. we have all had it with the polices of recent history, responsibility lays on every side of the aisle.
I will say it again,
NOTHING is more important than tracking where the money is going and what EXACTLY we are getting for it, NOTHING boys.

The idea isn’t to see where the money goes, it’s to spend the money. Then taxes can be raised, more money spent and the cycle continues. Conservative capitalism tried to make everyone rich but that didn’t work so liberal socialists will make everyone poor. I guarantee they will succeed.

Cut their fingers off.

TRANSPARENCY???!!!
This is government by decree and forced by demagogues…
America is dead dead dead… we may not survive this one!
We have to stop spending more and producing more real goods and stop outsourcing!!!!

Is any of this really surprising anyone???? Our government at its finest. Time to wake up America.

I would like to see socialism in America – because what we have now is disgusting. Banks are being funneled money indiscriminately and the money has no strings attached. Banks are not committed to tell TARP where the money has gone – and when asked Banks WERE asked about that, they refused to answer — and got away with refusing — what’s wrong with this picture ?
When the working class taxpayer applies for a loan from a bank there is plenty of paperwork that has to be filled out – the borrower has to expose his entire life to the bank and after the bank decides he is a good or bad risk, the taxpayer can win or lose on the whim of the bank. Our government just hands billion to banks with no background check nor any strings — this is wrong.
I’d rather see that money going into programs that help people and socialism here in America would do more for Americans than is done now – we would finally have equal treatment for all people which is much overdue.
We need an oversight committee watching over Obama – if we supposedly have a transparent government, I’d like to see a lot more than what I’ve seen so far.

TARP is probably helps to ensure liquidity and functioning of free markets – however , it cannot create demand ( which is a good reason for GM to re-structure ), hopefully by improving consumer confidence and bank lending rates , the demand will pick up. Changing the culture takes time and this time we are committed to make the change and lead our way into a brighter future.

We need to put these politicians in a uniform and send them to Iraq or Afghanistan. Their tour of duty ends when they are KIA.

Stall; delay; redirect! Transparancy? What’s that? It is Washington, the same old Washington that cares only for itself.

Nearly every comment on this story blames the Obama administration for the current financial mess.
What are you people smoking?
This mess we are in is the result of twenty years of rampant financial irresponsibility on the part of the entire developed world.
Financial firms created ever-more-complicated financial “products” which were, in many cases, so complex that even the people who invented them were unaware of the inherent risks. Rating agencies gave AAA ratings to pure garbage, and “sophisticated” institutional investors gobbled them up like cotton candy. Regulators generally failed to recognize the risks. In some cases (like AIG) there were no regulators.
American citizens became “consumers”, who learned that they could borrow their way to “prosperity” – for a while. “Smart” “consumers” were encouraged by banks and the financial media to “tap the equity in (your) home” to buy pretty much whatever you wanted to buy. “Creative financing” lead to sub-prime mortgages that let anyone with a job buy their “dream” home.
American corporations were encouraged by “Wall Street” analysts to “grow” by borrowing more and more money. About eight years ago, Ford paid out a “special” dividend to get rid of the excess cash on their balance sheet. “Wall Street” told them it was foolish to carry that “useless” cash on their balance sheet. (Think Ford might like to have that money back?) Microsoft paid a special dividend four years ago for the same reason.
A year ago, this was all George Bush’s fault. Now, “Obama owns it”.
Give me a break!
These problems are not the result of “Liberal” policies, any more than they are the fault of “conservatives”. They are OUR FAULT. Collectively, our society is responsible, and it is “society’s” responsibility to find solutions.
Last year, the Bush administration faced a monumental crisis which threatened the very survival of our financial system. They threw every conventional monetary and fiscal tool at the problem, and conditions continued to worsen. Since September, when the Lehman failure literally “froze” the financial markets, the Treasury and the Fed have taken dramatic, unprecedented steps to keep the system intact. First Bush, and now Obama, have taken heat for borrowing and printing trillions of dollars in a frantic effort to stabilize the economy. Critics claim that all this money was wasted, since the system is still in near paralysis. Come on!
Imagine the world today with the following institutions bankrupt: AIG, Citigroup, Merrill Lynch, Goldman Sachs, Morgan Stanley, BankAmerica, General Electric, and all the rest of the financial institutions in the world.
Don’t believe me? Ask yourself where these institutions would have gotten financing over the last six months without government guarantees of money market funds, FDIC backing on bonds, Fed and treasury purchase of commercial paper, TARP, TALF, and the expanded Discount Window.
Am I the only one out here who goes to sleep every night grateful that our leaders have pulled out all the stops to support the system? Have they done everything perfectly? No. Have they saved the system? So far, the obvious answer is YES.

The CORRECT way to dispense Bail-out Funds should include following prerequisits:
1) First Guiding Principle is that The Treasury Department has the Fiduciary OBligaiton to protect Taxpayers’ Funds from Fraudulent use by any private enterprise, eg. Hedge Funds
@) That Bail-Out Funds should be the LAST RESORT, to minimuze government spending.
PROCEDURES PRIOR TO APPROVAL FOR BAIL-OUT:
1. Inspection & Approval of Foreclosed Assets By The County Appraiser, – to detemine the existence of such assets & to valuate these assets based on current market value. Changes in value shoould be reflected pro-rata.
2)Since Bail-Out funds are Taxpayers
The GAO must first Audit the Applicant-Bail-Out to determine Corresponding Accounts eg. Mortgage Documents, Loan Documents to CONFIRM & VERIFY if all Outstanding or Unpaid Loan Amount -or BAIL-Amount Per Unit is correct & well documented = and should CORRESPOND to APPAISED VALUE.
if all other remedies have already been exhausted by the Subject-Applicant eg:
-Auction Sale of all foreclosed assets
-Asset Management – ie the use of a Property Management Firm to maintain the properties,
- to LEASE OUT these properties WITH AN OPTION TO BUY.
2) Applicant should show sample batch of REO’s with corresponding List of Approved Buyers.
2) These Buyers – must be verified – to determine if such Buyers DO EXIST.
3) Projected Chasflor Statement & corresponding Demographics to prove that repayment of Bail-Out is feasible.
PROCEDURES UPON APPROVAL
1) Bail-Out should be first APPROVED by at least five Signatories – which represents existing regulatory bodies, eg. GAO, County Appraiser, FDIC & other appropriate agencies.
2) LETTER AGREEMENT -that should stipulate all requirements & approvals necessary for fund releases.
DISPBERSEMENTS of BAIL OUT FUNDS:
Funds should be lodged in A TRUST or ESCROW ACCOUNT – in Fannie Mae or Freddie Mac, where PROGRESS RELEASES of Bail-Out Funds are have undergone scrutiny & APPROVAL.
These are measures to insure that PUBLIC FUNDS are not to be used by FRAUDULENT ENTERPRISES.