From The Huffington Post:
Neil Barofsky is the man who tracks the historic bailout known as the Troubled Asset Relief Program, or TARP. The 39-year-old special inspector general monitors a dozen separate bailout-related programs that now account for nearly $3 trillion in financial commitments. A former federal prosecutor, Barofsky has subpoena power and has launched about three dozen investigations since being named to the post in December 2008. In an audit released in July, Barofsky made clear that he was intent on demanding transparency from all quarters -- including the U.S. Treasury. His next audit is due in October. During an interview with the Huffington Post Investigative Fund, Barofsky made some striking observations. Among them were:
1. He found hundreds of banks capable of tracking their use of the TARP money - despite claims by the U.S. Treasury that the task was impossible.
2. If the purpose of the TARP rescue was to increase lending, it has failed.
3. The U.S. financial system, now dependent on bigger and fewer banks, is shakier than ever.
So after hundreds of billions down a rat hole, we are in more risk then when we stated, I am not surprised. I never bought into the whole TARP idea in the first place. I don’t buy into the whole “too big to fail” nonsense or that jazz about “systemic risk”. The whole handling of the financial system meltdown seemed haphazard to me, allowing some banks to fail here and saving another one over there, all without much rhyme or reason. Turbo Tax Timmy Geithner always comes off as an incompetent and a liar to me.
Something is clearly afoot regarding TARP. Geithner seems to be trying to stymie Barofsky from digging deeper into TARP. The Other McCain has been following Barofsky and the other inspector generals who are under assault from the Obama administration with his IG-Gate Investigation. Read up on IG-Gate, something tells me we won’t be hearing the last of Barofsky.
Via: The Huffington Post
Via: The Other McCain