TARP: We don't know where the money went

USA Today said:

A Treasury Department watchdog is warning that a key $700 billion bailout program has damaged the government's credibility, won't earn taxpayers all their money back and has done little to change a culture of recklessness on Wall Street.

"The American people's belief that the funds went into a black hole, or that there was a transfer of wealth from taxpayers to Wall Street, is one of the worst outcomes of this program, and that is the reputational damage to the government," said Neil Barofsky, special inspector general of the Troubled Asset Relief Program (TARP), in an interview.

...

"We don't even know where the money went," says Rep. Daniel Lipinski, D-Ill., who recently called for TARP assistance to end in December, when it's set to expire. The Treasury has the authority to extend the program until next October.

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LINK 1

Bad huh? Bad like all of us who were against these bull**** bailouts from the beginning said they would be. Why? Because that's what government does with money - pisses it away. But wait... it get's better...

[quote="USA Today"
Special Inspector General Neil Barofsky, who is in charge of overseeing the Troubled Asset Relief Program (TARP), said Treasury's failure to provide more details about the use of TARP funds has helped damage "the credibility of the program and of the government itself, and the anger, cynicism, and distrust created must be chalked up as one of the substantial, albeit unnecessary, costs of TARP."

Barofsky has made 41 recommendations to better implement the program, of which Treasury has executed 18 and partially adopted seven.

One proposal calls for Treasury to require all of the hundreds of TARP recipients to report how they use the funds, which the Treasury has applied to only three of the largest recipients —American International Group, Citigroup and Bank of America.

Barofsky also describes at least nine unimplemented proposals, saying their adoption "could help bring greater transparency to TARP and answer some of the criticisms of the program."

Several recommendations dealt with the Making Home Affordable program, which has access to $50 billion of TARP funds.[/quote]
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So let's summarize... TARP was a fiasco. They don't know where the money went... there's still a belief it helped avoid a depression but there's no evidence in my opinion, to substantiate. And the "transparency" is transparent - in fact so transparent it doesn't exist at all. Sounds great. 700 billion down the ****ter, little to no return expected on any of it (remember all the nonsense about how we're all going to make our money back and then some!? ) and not only do we not know where the money went, but for all we know, it was spent on hookers, a lot of blow and Vegas trips to the Bunny Ranch.

Well, at least some working stiffs are making out on the deal.

I want to be shocked but I had a big feeling that this was going to happen.

It went to every Liberal wet dream and entitlement program from the last 30 years.

apdst said:

It went to every Liberal wet dream and entitlement program from the last 30 years.

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You would think Bush would have vetoed it then. Oh, and you can show some evidence that it went to those things, right?

Redress said:

You would think Bush would have vetoed it then. Oh, and you can show some evidence that it went to those things, right?

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It was out of his a couple months after it passed, so it's no wonder things went to ****.

Such a shame that two posts into the thread there is already partisan bickering. When are people going to wake up and see that reckless spending is a bipartisan issue that is ruining your country? Your debt is at the level it's at because of successive governments that don't know the definition of the word conserve.

apdst said:

It was out of his a couple months after it passed, so it's no wonder things went to ****.

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So you want to prove your statements? Or is that just something you want others to do?

Orius said:

Such a shame that two posts into the thread there is already partisan bickering. When are people going to wake up and see that reckless spending is a bipartisan issue that is ruining your country? Your debt is at the level it's at because of successive governments that don't know the definition of the word conserve.

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I was responding in kind. I have commented frequently that I think the level of deficit spending is something that needs to be fixed, and that the first step is spending cuts across the board, nothing too sacred to cut.

Orius said:

Such a shame that two posts into the thread there is already partisan bickering. When are people going to wake up and see that reckless spending is a bipartisan issue that is ruining your country? Your debt is at the level it's at because of successive governments that don't know the definition of the word conserve.

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Most people know this, but we hate each other.

Redress said:

You would think Bush would have vetoed it then.

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You would think dear leader wouldn't have voted for it. The corporatists aka the DNC currently running the show own TARP.

Originally Posted by USA Today
A Treasury Department watchdog is warning that a key $700 billion bailout program has damaged the government's credibility, won't earn taxpayers all their money back and has done little to change a culture of recklessness on Wall Street.

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The culture of recklessness on The Hill is the one that need be curbed. If only they would have followed The Constitution they were supposed to uphold. Instead it's been decades of the Wrecking Brigade... picking off our Liberty and wealth.

It's taken a few hundred/thousand imbeciles a few decades to screw the pooch. It's these fools that are largely responsible for Freddie, Fannie and all the other dung we and future generations have to dig out of.

Thanks for Nut'in... and leave us alone (fat chance).

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Bailouts that end up becoming employee bonuses (for what...) are just stupid. Bush's bailout of the financial companies was stupid. Obama's bailout of the car companies was stupid. We need to let companies fail, in order that they plan ahead to avoid failure. If we remove the ability of a company to fail because it's "too big" or whatever,... they simply don't practice good business.

Let me add a bit on where the US taxpayers money go?

Between 1992 and 2008 the US spent 3.7 billion on supporting pro-US organisations in just Russia alone. This year, according to Philip Gordon, the US will spend no less than 29 million on Russia's non governmental organisations.

According to some estimates Ukrainian Orange Revolution cost the US over 1billion.

In Georgia the US pays salaries of Saakashvili and his administration, as well as provides finance to various pro-US organisations and political projects...

Add to it the cost to the US of kept elites of Poland, Estonia, Latvia, Ukraine, Lithuania, Bulgaria, Kosovo, Afghanistan, Iraq, Czech Republic... and all the money the US spends on supporting pro-US non-governmental organisations in other countries in Europe, Asia, Africa and America...

Elena said:

Let me add a bit on where the US taxpayers money go?

Between 1992 and 2008 the US spent 3.7 billion on supporting pro-US organisations in just Russia alone. This year, according to Philip Gordon, the US will spend no less than 29 million on Russia's non governmental organisations.

According to some estimates Ukrainian Orange Revolution cost the US over 1billion.

In Georgia the US pays salaries of Saakashvili and his administration, as well as provides finance to various pro-US organisations and political projects...

Add to it the cost to the US of kept elites of Poland, Estonia, Latvia, Ukraine, Lithuania, Bulgaria, Kosovo, Afghanistan, Iraq, Czech Republic... and all the money the US spends on supporting pro-US non-governmental organisations in other countries in Europe, Asia, Africa and America...

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Yeah! **** Russia!

If anyone didnt see this coming than they had there eyes shut. I am so sick of both parties and the way they piss away our money I could just throw up. The even sadder thing is that we have no one to blame but our selves for putting up with these losers for so long. It is time we elect people who are going to do what is best for the country and not all the special intrests and personal gains like the majority of the politicans now.

A bit more on where your money go

US Joins Ranks of Failed States | Foreign Policy Journal