Skip to comments.TARP Police! Step Away From the Bailout Money!
Posted on 03/09/2011 11:32:52 AM PST by Chunga85
Early this week, a request for proposal for police-car upgrades by the Special Inspector General of the TARP bank bailout program began circulating in Washington.
That prompted a lot of head scratching around town: Huh? You mean the mild-mannered auditors who mind the taxpayer money in the $700-plus billion TARP program? What do they need police-car upgrades for?
It may come as a surprise to people in the financial industry - it certainly did to me - but TARP's inspector general is not just a financial watchdog. Under its outgoing leader, Neil Barofsky, it has quietly built itself into a full-fledged financial law enforcement agency.
It has 45 investigators who are empowered to carry guns and badges, and 27 vehicles with sirens and lights spread out in its branch offices across the country. TARP agents are empowered to make arrests, and they've done just that 23 times, according to a spokeswoman. The agency says it is engaged in 142 ongoing criminal and civil investigations, and that it has already recovered assets worth $151.8 million.
It's a law enforcement agency with an expiration date, though - by law, the agency expires as soon as all taxpayer dollars under TARP have been repaid, although that could be years from now.
As early as last summer, TARP agents were participating in raids alongside other law enforcement agencies. They worked with FBI agents in a raid on Colonial Bank in Orlando, Florida in an investigation into possible TARP-related fraud. Witnesses saw armed law enforcement officers in the familiar oversized blue "raid jackets" with yellow lettering on the back. But the jackets didn't say "FBI."
Instead, they were stenciled with the words: "Federal Agent SIGTARP."
(Excerpt) Read more at finance.yahoo.com ...
Political theater ping.
Gawd! More FBI-wannabees!!
Next they’ll get their own SWAT team.
‘...who are empowered to carry guns and badges, ...’
Sounds like some one(s) have emotional issues they need to compensate for. Along w/ the h/w budget I wonder if there was any $ to get training beyond ‘keep this end pointed toward the bad guy’. LOL....
Don’t forget the helicopter with FLIR so they can chase down supsects who flee on foot!
Well of course they will. After that they’ll need to find a reason for a raid or a dog to use for target practice and the rest will be history...
The coming police state.
California really needs to do this with MediCal fraud. They are loosing billions a year to fraud committed by people being given free medical care and the people that are supposed to be providing the care. If you rehired some retired CHP or local detectives you could probably get some pretty good bang for your buck.
You’r overlooking that every SIGTARPer will have a federal pension and health care, plus they’ll need new digs with the latest whiz bang technology too.And since each GS 13 aspires to be a GS-15, a lot more GS-11s will have to be hired to be managed by all those ambitious GS-13s. It’s a never ending spiral! And this approach is what leads to more and more federal debt!
But why another federal agency? The FBI could have easily been bumped up to do this without another fed agency running around wanting to play cops and robbers on the tax payer’s expense.
Just for fun:
GRATIS, RAPIST, TAPIRS.
5 letter word(s):
AGIST, AIRTS, ASTIR, ATRIP, GAITS, GIRTS, GRASP, GRIPS, GRIPT, GRIST, GRITS, PAIRS, PARIS, PARTS, PITAS, PRATS, PRIGS, RAGIS, SITAR, SPAIT, SPIRT, SPRAG, SPRAT, SPRIG, SPRIT, STAIG, STAIR, STIRP, STRAP, STRIA, STRIP, TAPIR, TAPIS, TARPS, TARSI, TRAGI, TRAPS, TRIGS, TRIPS.
4 letter word(s):
AIRS, AIRT, AITS, ARTS, GAIT, GAPS, GARS, GASP, GAST, GATS, GIPS, GIRT, GIST, GITS, GRAT, GRIP, GRIT, PAIR, PARS, PART, PAST, PATS, PIAS, PIGS, PITA, PITS, PRAT, PRIG, RAGI, RAGS, RAIS, RAPS, RAPT, RASP, RATS, RIAS, RIGS, RIPS, SARI, SATI, SPAR, SPAT, SPIT, STAG, STAR, STIR, TAGS, TAPS, TARP, TARS, TIPS, TRAP, TRIG, TRIP, TSAR.
I’d stop short of shooting any pets but with all the TARP fraud this outfit should be able to fund itself. That’s assuming they are serious.
Who wants to bet that the costs associated with the investigations and the salaries FAR EXCEED the 151.8 million it has "recovered". This administration has the collective IQ of a bag of hammers.
Go long on donuts.
Try this one on for size and read past the first couple sentences and paragraphs:
Its like a bunch of rich guys running around acting altruistic and claiming the death tax should be reinstated or at higher levels.
What they dont tell you is their holdings include companies who profit from estate planning, income shelter, etc.
If the government has no death tax it is a direct competition to the insurance companies, law firms, Wall Street, etc.
Without the death tax there is no need for their services and such stringent estate planning.
Here is an excellent video explaining Warren Buffet and Berkshire-Hathaway. Get a cup of coffee and watch it. You will see the scheme explained and then you will get it.
Also note what companies he has acquired, how and why:
Why This Superrich Guy Likes High Taxes
Warren Buffett Benefited From Death Tax
Wanna know why Buffet pushed for TARP bailout?
Suffice it to say Berkshire owned stock in some largest receipents of TARP valued at $13 billion around that time.
Here is the funny part:
Buffett increased his bank holdings in September, while he was arguing in the media that Congress should approve the bailout to prevent the collapse of the global financial system.
TARP was approved in October of that year, just one month later!
Its good to be king!
He actually said if he didnt think the government was going to act(in a way that would positive and accretive to hihis holding) he wouldnt have been doing anything that week. (paraphrased)
BofA in April 2009 was around $4 per share and is now trading at $13.80 per share as of 3/02/2001
Wells Fargo in April of 2009 was around $11 per share and is now trading at around $31 per share.
How about US Bancorp trading at around $14 per share in April 2009 and now trading at about $26 per share.
Goldman Sachs Group trading at some $51 dollars per share has now zoomed to above $160 per share.
How about those poor folks at American Express trading at just above $10 per share in 2009 and now they are trading at about $45 per share?
Bottom line: We, the schmuck taxpayer, paid to enhance the holdings of companies like Berkshire and investors in Berkshire.
I’m heavy on physical Soylent Green.
Who do yell at to arrest those who perpertrated this fraud and stole money from the taxpayer to line the pockets on Wall Street, Berkshire Hathaway and those who were not only invested in those companies who received TARP but actively lobbied for it.
Additionally, what Senators, Congress people and their employees benefited from this fiasco.
GM is never going to repay us but they are out there promoting their for crap vehicle as “Green” and they know they must sell 10,000 units the first year to repay half the investment in that vehicle the taxpayer invested and another 10,000 the following year to complete their repayment.
They have sold less than 200 Volts as of March 1 and they are tracking to sell only or maybe 10% of their projections.
At any other company you would see a huge RIF if not outright firing and scapegoating.
What a load of . . .
Just wow. I wonder if this is how the ATF got started. Maybe these TARP cops can play ‘ATF’ and give big bags of money to AIG, Goldman Sax, etc., to see where the money goes so they can find “Mr. Big”
Is there a way to stop all TARP spending immediately and apply the dollars recovered to the debt??
it is just completely absurd...
TARP is about as transparent as a brick wall. I’m working a pet project right now...TARP funds going towards outrageous “Force-Placed” insurance policies. Woooo. Wouldn’t that be fraudy...think about it.
Absolutely true. Who got Wall Street $ in the presidential campaign? Obama. Who gets federal $ in the Obama adminstration? Wall Street.
Who gets screwed? Us.
Nobody, of course. The Banksters are the right "kind" of people, and should be left alone. Bailouts are good, doncha know. Except for GM, of course.