Where Oh Where Has Our Little TARP Gone?

Study: Bernanke, Paulson misled public on bailouts (Citizens for Responsibility and Ethics in Washington presents TARP Tales)
October 6, 2009 - Sean Lengell - Washington Times http://www.tarptales.org/node/1294
Federal Reserve Chairman Ben S. Bernanke and former Treasury Secretary Henry M. Paulson Jr. misled the public about the financial weakness of Bank of America and other early recipients of the government's $700 billion Wall Street bailout, creating "unrealistic expectations" about the companies and damaging the program's credibility, according to a report by the program's independent watchdog.
The federal government last October loaned Bank of America and eight other "healthy" financial institutions a total of $125 billion - the initial payout from the Troubled Asset Relief Program, or TARP - in an attempt to avoid a series of major bank collapses that would push the sputtering economy into a free fall or depression.
The rationale for giving money to stable banks and not failing ones, regulators said, was that such institutions would be better able to lend money and thus unfreeze tight credit markets - a major factor in last year's Wall Street losses.
But an audit released Monday by TARP Special Inspector General Neil Barofsky says senior government officials and Wall Street regulators, including Mr. Bernanke and Mr. Paulson, had "affirmative concerns" that several of the nine institutions were financially shaky.

Category:

News & Politics

Tags:

• TARP
• bank bailout
• CEO compensation
• Bank of America
• BOA
• Henry Paulson
• Ben Bernanke
• Neil Barofsky
• inspector general
• Dylan Ratigan
• Morning Meeting

[Thisawareness]

Al Gore & Goldman Sachs

Generation Investment Management's founding partners are studded with officials from Goldman Sachs. They include David Blood, former CEO of Goldman Sachs Asset Management (GSAM); Mark Ferguson, former co-head of GSAM pan-European research; and Peter Harris, who headed GSAM international operations

(Plus former Secretary of the Treasury (under George W Bush) & a former CEO of Goldman Sachs Hank Paulson has ties also to Gore & GIM

[Relugus]

Corporate Welfare will destroy America if it is not stopped.

[WhyNotTruth]

Fancy new intro, but still out of sync. XD