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Auditor says Treasury keeps quiet on TARP money losers
The Hill ^
| Bernie Becker
Posted on 01/10/2012 6:32:54 AM PST by afraidfortherepublic
The Treasury Department has been disclosing financial information about bailout programs in press releases only if the initiatives are expected to bring money in to the government, a new federal audit has found.
The Government Accountability Office found that financial information for Troubled Asset Relief Program initiatives that are projected to cost the government money long-term like the injection of capital into the American International Group were not included in Treasury releases.
Although press releases for programs expected to result in a cost to Treasury provide useful transaction information, they exclude lifetime, program-specific cost estimates, G.A.O., Congress investigative arm, said in its report.
Treasury, G.A.O. found, would include dollar figures for initiatives like the Capital Purchase Program, which was aimed at increasing capital in major banks and is expected to bring income in to the government over its lifetime.
In the end, Treasury agreed with the auditors recommendation that it include cost estimates for all TARP programs in its releases whether they would cost the government money in the end or not.
During the 2008 fiscal crisis, Congress gave Treasury the authority to use up to $700 billion to help stabilize the markets. According to GAO, Treasury now estimates that the bailout will have a lifetime cost of $70 billion.
TOPICS: Business/Economy; Crime/Corruption; Government; News/Current Events
KEYWORDS: audit; gab; gao; tarp; treasury
The corruption in the government extends to its very soul.
posted on 01/10/2012 6:39:09 AM PST
by Don Corleone
("Oil the gun..eat the cannoli. Take it to the Mattress.")
The Treasury is a lot like my buddies, when we discuss our stock portfolios. “Losers? What losers?”
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posted on 01/10/2012 7:22:23 AM PST
by DJ MacWoW
(America! The wolves are here! What will you do?)
So, the government lied? Again? Really? Who would have thought?
posted on 01/10/2012 7:26:01 AM PST
(07 FFL / C2 SOT - www.extremefirepower.com)
posted on 01/10/2012 7:26:53 AM PST
(If I lead, follow me; If I pause, push me; If I retreat, kill me.)
Why in the hell aig was bailed out and those crooks not put in jail is beyond me. I would bet the amount of money they owe is close to a trillion.
posted on 01/10/2012 8:00:22 AM PST
(What is the difference in Newt's, Perry's and Willard's positions on Amnesty.)
It's important that TARP be viewed for what it was and not just a shortcut talking point.
- Most of the big Wall St. firms were forced to take the money and have since repaid it with interest.
- AIG cost us taxpayers billions
- GM was a perversion of the process and has also been costly to taxpayers. The Administration has been lying about it. They brazenly tell us GM has paid back everything but the fine print says "except for what they borrowed in 2007". Somehow their payments are LIFO? Their payments before 2008 didn't add to the deficit? It's lying by telling a partial truth. That's like telling a police officer: "Yes, I had two beers." and not mentioning that I then had three more.
The whole truth can only come out if Congress and the White House are occupied by people not involved in the program (i.e. 5-10 years from now).
posted on 01/10/2012 8:09:22 AM PST
(Harry Reid, D-Nev.: "We're going to pick up Senate seats as a result of this war.")
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