Where did all the TARP funds go?

About: Troubled Assets Relief Program - Wikipedia

1.7 trillion / 40 = 42.5 billion dollars or the amount of money that each of the 40 high level deputies & managers must track including that which already is part of the first TARP (remember that is Troubled Asset Relief Program). Where did the first 750 billion go ? In Obama's most open government where is the accounting for it on a government website? Why do others have to dig it out?  To Obama's politically connected cronies? We know that some of it went to AIG. Some to GM & Chrysler. Geithner asks for 1Trillion more some from private investors & hedge funds. How is he going to track it? 42.5 billion is beyond most businesses to track & manage.
source: ...
Management of the $700 billion (£496 billion) bailout of financial institutions is, for instance, still being handled by Neel Kashkari, a Bush administration official who is likely to be replaced. Both Mr Geithner and the White House have indicated that nominations to fill top Treasury posts are in the pipeline. But an enhanced vetting process " introduced after Tom Daschle was forced to withdraw from consideration as Health Secretary after disclosures of unpaid taxes " is causing severe delays.
...
Flush the government not money!
PS - you can't even get 1.7 trillion flushed in your own lifetime or that of your grandchildren combined all working real fast.
~
 
4/1- This basic question is still unanswered & won't be anytime soon!
source: ...

But "without a clearer explanation" about parts of the program, "it is not possible to exercise meaningful oversight over Treasury's actions," said Elizabeth Warren, a Harvard Law School professor who leads a special congressional oversight panel monitoring the TARP program. Her comments came in a Senate Finance Committee hearing on the bailout program.

Noting that TARP passed Congress six months ago, Warren said that her group has repeatedly called on the Treasury Department to provide a clear strategy for the program " and that "the absence of such a vision hampers effective oversight."

... In another article it appears that the Obama Administration together with Congress has spent or committed funds close to the country's 2008 GDP (~ 12 trillion $$$) in a matter of 3 months .  WTF, will somebody find an adult to help run the country's financial systems?

4/2 25--billion$$ here, 25 billion there - pretty soon we're talking about real money.  The treasury secretary who couldn't balance his own income taxes with TuboTax differs from the GAO by at least 25 billion in how much is still in the TARP fund today.

Tags

  1. tarp
  2. ppip
  3. financialstability.gov
  4. hyperpartisan
  5. bush bashing

Comments


Seth says
source: MR is surprised by ...
... The secretary announced the initiative in a Treasury Department room ...
... well Doah! ... the guy is a introvert and a pain to watch.  The last time he came out the marked tanked.  Why do it again when they have a charismatic spokesman available to make the announcement, who btw, spoke at length, not "briefly".  If this was "stealth", then it was the best publicized stealth in history.  Sometimes in your enthuiasm to rag on the administration you just end up exposing your own lack of awareness.

Mark de LA says
Do we have another AIG ponzi scheme with the government running it this time?


Mark de LA says
seth 2009-03-23 14:34:09 11677
You should be able to track this at financialstability.gov which just started in the last week.  Geithner did not ask "for 1Trillion more" rather he is using $75 to $100 billion in the already allocated TARP capital.  Those already allocated funds are being leveraged 6-1 to buy the toxic assets, which you yourself have claimed are the problem; but insetad of just buying them outright Geitner's plan uses private capital to help price them according to the market.  Apparently the stock market liked the idea and if you compare it to the alternatives it looks pretty good.
source: ...

Under a typical transaction, for every $100 in soured mortgages being purchased from banks, the private sector would put up $7 and that would be matched by $7 from the government. The remaining $86 would be covered by a government loan provided in many cases by the Federal Deposit Insurance Corp. 

Geithner defended the decision to have the government carry so much of the risk. He said the alternative would have been to do nothing and risk a more prolonged recession or have the government carry all of the risk. 


... private sector 7% - rest is government loan, FDIC is insurance paid by banks & backed by the taxpayers.
Announced:
source: ... The secretary announced the initiative in a Treasury Department room with no cameras allowed. He was with Obama later in the morning, however, when the president spoke briefly, saying he was "very confident" the latest plan will succeed. 
...stealth administration notwithstanding!



Mark de LA says
seth 2009-03-23 16:34:23 11677
source: MR is surprised by ...
... The secretary announced the initiative in a Treasury Department room ...
... well Doah! ... the guy is a introvert and a pain to watch.  The last time he came out the marked tanked.  Why do it again when they have a charismatic spokesman available to make the announcement, who btw, spoke at length, not "briefly".  If this was "stealth", then it was the best publicized stealth in history.  Sometimes in your enthuiasm to rag on the administration you just end up exposing your own lack of awareness.
I guess I just don't buy your horse shit. Any public servant had best face the music with the press & answer questions & have it documented with videos.


Mark de LA says
Notice that Seth only remarked on a relative minor point of the $trillion play. George Will writes:
source: ... With the braying of 328 yahoos -- members of the House of Representatives who voted for retroactive and punitive use of the tax code to confiscate the legal earnings of a small, unpopular group -- still reverberating, the Obama administration yesterday invited private-sector investors to become business partners with the capricious and increasingly anti-constitutional government. This latest plan to unfreeze the financial system came almost half a year after Congress shoveled $700 billion into the Troubled Assets Relief Program, $325 billion of which has been spent without purchasing any toxic assets.
...(bait & switch) - the whole editorial is worth reading. The Toxic Assets We Elected
source: ... Jefferson warned that "great innovations should not be forced on slender majorities." But Democrats, who trace their party's pedigree to Jefferson, are contemplating using "reconciliation" -- a legislative maneuver abused by both parties to severely truncate debate and limit the minority's right to resist -- to impose vast and controversial changes on the 17 percent of the economy that is health care. When the Congressional Budget Office announced that the president's budget underestimates by $2.3 trillion the likely deficits over the next decade, his budget director, Peter Orszag, said: All long-range budget forecasts are notoriously unreliable -- so rely on ours.
...
 

Seth says
source: MR above
Notice that Seth only remarked on a relative minor point of the $trillion play. George Will writes The Toxic Assets We Elected   ...the whole editorial is worth reading.
I read it ... seems like a bunch of cherry picked complaints mostly unrelated to the new "$trillion play".  My only interest here is to understand what this new $trillion dollar play, aka ppip, is and to track it's progress or lack of progress towards getting the toxic assets off the books of the banks.  Studying George Will's grab bag of complaints is just not on my agenda.  What free market economists should love about pppip is that it leverages the tax payers money and matches our investment with private capital.  It also uses the free market to price these assets - the pricing of these assets has been the problem from the start.  So we, the taxpayer, are getting far more bang for the buck than had we just purchaced these assets outright. On the other side is the complaint that this is just another hand out to Wall Street.  I would like to understand this; but i don't want to waste the short amount of time i have for the project sorting through partisan static.

Mark de LA says
BTW, polarity has been around for a long time!

Mark de LA says
We need to get rid of the Toxic asses in government!


Mark de LA says
seth 2009-03-25 00:57:25 11677
MR 2009-03-24 17:04:54 11677
I will call your p-word the n-word for brevity.
Well in case your didn't notice i don't see a lot of value in partisanship.  Not to the extent that it is practiced today in Washington. 
It has it's good points & bad points. For most of the 8 years of Bush your side was extremely partisan & it was deemed patriotic to disagree with the president. Now that your side is in you want everyone to agree. You folks are reaping what you have sown. Nancy Pelosi on your side is one of the most partisan bitches to rule the House of Representatives. Ditto for Harry Reed in the Senate. Obama talks a centrist line & then goes right on spending the country's treasure down the toilet enacting his partisan agenda. Yep, partisan is just an n-word for the majority to use against the minority!

Seth says
MR 2009-03-25 08:47:54 11677
seth 2009-03-25 00:57:25 11677
MR 2009-03-24 17:04:54 11677
I will call your p-word the n-word for brevity.
Well in case your didn't notice i don't see a lot of value in partisanship.  Not to the extent that it is practiced today in Washington. 
It has it's good points & bad points. For most of the 8 years of Bush your side was extremely partisan & it was deemed patriotic to disagree with the president. Now that your side is in you want everyone to agree. You folks are reaping what you have sown. Nancy Pelosi on your side is one of the most partisan bitches to rule the House of Representatives. Ditto for Harry Reed in the Senate. Obama talks a centrist line & then goes right on spending the country's treasure down the toilet enacting his partisan agenda. Yep, partisan is just an n-word for the majority to use against the minority!
Well i was obviously not mentioning the static just to dive back into the plane of that static.  There was partisanship last administration and now it has gotten even more vitriolic.  It is to the point of drowning out any reason.  I'm just not interested anymore - one way or the other.

See you missed this question because of the static in the air: "What free market economists should love about pppip is that it leverages the tax payers money and matches our investment with private capital.  It also uses the free market to price these assets - the pricing of these assets has been the problem from the start.  So we, the taxpayer, are getting far more bang for the buck than had we just purchaced these assets outright."   The question raised is whether that is true or not?  To find out we need to delve into the details of that plan.  Talking about Bush, Polosi, and the punitive tax on the bonuses has no bearing on that ppip plan or for that matter on where the TARP money went.

Mark de LA says
& finally a crisp picture:

Mark de LA says
If this pisses you off join a Tea Party.

Mark de LA says
Obvious show of bipartisanship in Congress from Nancy Pelosi (NOT):
source: ... As Senate Democrats continued to wrangle over their version of the budget, House Speaker Nancy Pelosi predicted swift passage in her chamber — with or without GOP support.

“I hope the bill will pass with bipartisan support,” said Pelosi, who has often preached against banking on Republican support in the lower chamber. “But the bill will pass.”

She made her comments after lunching with Vice President Joe Biden, who emerged — all smiles — to predict President Barack Obama’s $3.6 trillion spending plan will pass “with all major elements intact.”

...


Seth says
source: MR above
Obvious show of bipartisanship in Congress from Nancy Pelosi (NOT):
Well i'm not at all surprised that Pelosi is partisan, given that she is the partisan leader in house.  Her statement looks to me as just a statement of the obvious.  The real battle will be in the Senate.   I too hope that Obama's budget passes substantially intact, but if they have to cut it to restrain the deficit, i hope that they cut the education part because i doubt that the federal government will do a good job there and i think education should remain a local affair.


Mark de LA says
seth 2009-03-28 11:47:30 11677
source: MR above
Obvious show of bipartisanship in Congress from Nancy Pelosi (NOT):
Well i'm not at all surprised that Pelosi is partisan, given that she is the partisan leader in house.  Her statement looks to me as just a statement of the obvious.  The real battle will be in the Senate.   I too hope that Obama's budget passes substantially intact, but if they have to cut it to restrain the deficit, i hope that they cut the education part because i doubt that the federal government will do a good job there and i think education should remain a local affair.

The Speaker of the House should speak for the whole body just like the President of the United States should speak for the whole United States. Unfortunately neither does thereby giving being to your hated n-word hyperpartisan & partisan.


Seth says
MR 2009-03-28 11:53:42 11677
seth 2009-03-28 11:47:30 11677
source: MR above
Obvious show of bipartisanship in Congress from Nancy Pelosi (NOT):
Well i'm not at all surprised that Pelosi is partisan, given that she is the partisan leader in house.  Her statement looks to me as just a statement of the obvious.  The real battle will be in the Senate.   I too hope that Obama's budget passes substantially intact, but if they have to cut it to restrain the deficit, i hope that they cut the education part because i doubt that the federal government will do a good job there and i think education should remain a local affair.

The Speaker of the House should speak for the whole body just like the President of the United States should speak for the whole United States. Unfortunately neither does thereby giving being to your hated n-word hyperpartisan & partisan.

Yep, Pelosi is hyperpartisan ... i think she invented it.  No new information here.

Mark de LA says
As I said somewhere before, & the inspector general confirms today, there is so much taxpayer money being thrown around that it just invites corruption.
source: ...

"The sheer size of the program ... is so large and the leverage being provided to the private equity participants so beneficial, that the taxpayer risk is many times that of the private parties, thereby potentially skewing the economic incentives," the report states.


...that seems to be the same situation we were in with Fannie Mae & Freddy Mac, AID & the FDIC. Anyone think that here has been a change?

Mark de LA says
Here are some clues on where the money was going, i.e. to lobby congress to give them more money!
source: ...

Other major recipients of money from the so-called Troubled Assets Relief Program also had substantial lobbying costs in the first three months of this year, including:

--Bank of America Corp., which reported spending $660,000 lobbying while receiving its $45 billion in help;

--Wells Fargo & Company, with $700,000 in lobbying costs and $25 billion in bailout money;

--Goldman Sachs, which spent $670,000 while receiving its $10 billion;

--Morgan Stanley, which spent $540,000 while also getting $10 billion in assistance;

--PNC Financial Services Group, spent $135,000 -- nearly double what it did at the end of last year -- on lobbying while receiving a $7.8 billion lifeline;

--U.S. Bancorp spent $170,000 on lobbying and got $6.6 billion in government aid.


...


Mark de LA says
... & some more clues:
source: ... TARP, said Barofsky, is "inherently vulnerable to fraud, waste and abuse, including significant issues relating to conflicts of interest facing fund managers, collusion between participants, and vulnerabilities to money laundering."

Not bad for a program alive for just six months that still has $135 billion to spend. Barofsky's 250-page report to Congress also notes that taxpayers have been exposed to huge losses under TARP, with no guarantee that the funding will do what it's supposed to do.

.....

The TARP's inspector general has formally advised the Treasury Department to force all TARP recipients to account for how they use TARP money. And the Treasury has refused. It's an open invitation for further fraud.

Remember all the calls last year for "greater transparency" in the banking industry? Now, the government won't even take its own advice on that.

....

Take Rep. Barney Frank, D-Mass. In January, the chairman of the House Financial Services Committee unveiled the TARP Reform and Accountability Act of 2009. Its goals: to "strengthen accountability, close loopholes, increase transparency, and require Treasury to take significant steps on foreclosure mitigation."

All laudable. Except, according to a January article in the Boston Business Journal, Boston's smallish OneUnited Bank earlier got a $12 million cash infusion from federal funds after "gaining influential support from" Frank.

...As I have said before, the hurry up crisis mode, non bill-reading members of Congress have been pulling a con-(for Congress)-game over the taxpayers who, even trying to revolt have been maligned by the M$M & they, the taxpayers, & their children are getting stuck with the bill.



Mark de LA says
Apparently TARP didn't stop at $700 million.
source
WASHINGTON – The Treasury Department said Monday it will need to borrow $361 billion in the current April-June quarter, a record amount for that periodThe huge borrowing needs reflect the soaring costs of the $700 billion financial rescue program and the recession, which is nearing a record as the longest in the post World War II period.

...
source: ... WASHINGTON – The Treasury Department said Monday it will need to borrow $361 billion in the current April-June quarter, a record amount for that period
...plus more & more. The national debt now stands at $11.1 trillion
The picture below shows where the real swine flu is & it's PORKULUS.



Mark de LA says
Who knows? Apparently independent source of audit of TARP funds etc. is not doing well against the treasury.
source: ... But TARP critics accuse some recipients, including American International Group Inc., of using the money improperly -- such as on lavish compensation packages.

It was not clear from Grassley's letter what specific inquiry was delayed by Barofsky's dispute with Treasury.

The senator included an April memo from the inspector general containing blacked-out sections. In that memo, Barofsky resisted what he viewed as an overreach by Treasury officials. Congress had a "clear intention to preserve [the inspector general's] independence and not subject us to the [Treasury] secretary's ability to shut down an audit or investigation," Barofsky wrote.
 
...

Mark de LA says
More recently on TARP:
source: ...

Q: You've been quite critical of the Treasury. What troubles you most about what you're getting and what you're not getting?

A: There's no discussion of the overall policy. Instead, there are specific programs that are announced, and from that, it's necessary to reason backwards to figure out what the goal must have been. It's like a "Jeopardy!" game. If this is the answer, what was the question? It's frustrating because without a clearly articulated goal and identified metrics to determine whether the goal is being accomplished, it's almost impossible to tell if a program is successful.

Q: Do you have a clear sense of what the overall TARP plan at this point is supposed to do? Are you capable of summarizing what it's supposed to be doing?

A: No. And neither is Treasury. Treasury has given us multiple contradictory explanations for what it's trying to accomplish.


...
I suspect that Seth has found this out in Washington.  Remember the hurry & crisis was to get the con going. The goal? Why to get your money.


Seth says
I've watched Elizabeth Warren several times ... she's great!

Seth says
Apparently we're making a small profit on the Tarp.

Mark de LA says
Update 3 months later:

Taxpayers Face Heavy Losses on Auto Bailout Congressional Oversight Panel report says most of the $23 billion initially provided to General Motors Corp. and Chrysler LLC late last year is unlikely to be repaid.: ...

...Apparently they will have to have their stocks appreciate much more than likely to get our tax dollars back.

Where are all those green cars they were going to make?



Mark de LA says
http://www.foxnews.com/us/2012/01/26/taxpayers-still-owed-132b-from-bailout-report/
If the government wants money instead of robbing millionaires & billionaires how about reclaiming what they loaned out & close the slush fund?


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