Neil Barofsky, special inspector general for the Troubled Asset Relief Program, says:
If the goal was to increase lending, well we haven't increased lending. ... Banks that were too big to fail are bigger than ever. ... When TARP was announced, the whole purpose was a statement that we're not going to let our large financial instiutions fail. And with that I think we may be in a far more dangerous place today than we were a year ago.
(via)
posted by Joe Beese
on Sep 26, 2009 -
15 comments
TARP investments yield 15% returns. Almost trom the start, critics characterized the TARP program that first began under the Bush administration and that continued through early this year under President Obama as
a taxpayer funded giveaway, while government officials insisted it was a long-term investment program whose initial costs would eventually turn a profit as economic recovery began. Now the NY Times reports that the program has already yielded $4 billion in profits, and a separate report reveals that related Federal Reserve loan programs aimed at economic stabilization have returned
$14 billion in profits.
posted by saulgoodman
on Aug 31, 2009 -
119 comments
"Many banks were concerned about business-sensitive information and requested confidentiality of individual survey responses. Accordingly, pursuant to our legal obligations, SIGTARP is unable in this report to attribute any results or comments to a specific institution. However, SIGTARP is in the process of evaluating recipients’ claims of confidentiality and will provide copies of the individual responses that will include information provided by the banks to the maximum permitted by law. SIGTARP plans to post the responses, redacted as necessary,
on its website within 30 days." TARP special inspector general
Neil Barofsky
posted by RoseyD
on Jul 21, 2009 -
12 comments
House Financial Services Committee Chairman Barney Frank gave a bank, whose capital ratio equaled only 1.88% of assets at the bank, versus a desired level of about 6%, TARP money after heavy lobbying. Frank
inserted into the bill a provision to give special consideration to banks that had less than $1 billion of assets, had been well-capitalized as of June 30, served low- and moderate-income areas, and had taken a capital hit in the federal seizure of Fannie Mae and Freddie Mac. (WSJ link) [more inside]
posted by SeizeTheDay
on Jan 22, 2009 -
92 comments
TARP, SSFIP, EESA, CPP, TALF, MMIFF... Are you feeling overwhelmed by all the new acronyms coming out of the US Treasury Department lately? Here's
a handy PDF reference guide to untangling the US government efforts to rescue banks, financial corporations, and other companies.
posted by Asparagirl
on Dec 29, 2008 -
10 comments
