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Video: Inside Look - Monitoring TARP Funds
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This Link is located in the Public Channel Bloomberg Financial Videos.
Posted by MyPropsMonkey 346 days ago (feedproxy.google.com). Views: 1,669
Tags: wall street finance economics video |
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Interview with Harvard Professor Elizabeth Warren, Chairwoman of TARP Congressional Oversight Panel (Bloomberg News)
In the interview, Warren reveals that her own calculations show the government is secretly getting only 66 cents worth of stock and warrants for every 100 cents of TARP funds "invested," despite Paulson's claim to her, to Congress, and to the American people that the government is getting "par" (100 cents).
So far, this equates to $78,000,000,000 of secret under-the-table giveaways, direct from the pockets of taxpayers to the banksters who caused the crisis. It makes the AIG bonuses look like peanuts -- $78 billion is 455 times the size of the $165 million in AIG bonuses.
This is not some wackjob conspiracy theorist saying this, she is the person the government appointed to oversee TARP (at this point they surely wished they picked someone else). Can you imagine the phone calls she is receiving from a panicked Treasury Department at this point?
(By the way, the AIG bonuses, as outrageous as they were, were "legal" in the sense of they were based on existing contracts. If Warren's calculations are correct, the government and banks are involved in a highly illegal, and much more expensive, game of taxpayer manipulation. Yet the American public has no idea. TARP is too complex for most to attempt to understand, which is exactly how Paulson wanted it.)
reddit comment: She was very clear: Paulson just flatly and knowingly lied to the public and to the congress that the money that was put into the banks was 'at par', i.e 100 dollar's worth for every 100 dollar put in. It was only 66, she calculated.
Isn't that against the law? Just giving away many billions of public money to your cronies at the banks and using all kinds of pretext to keep that a secret? This is Goldman Sachs (Paulson), looting the treasury in plain daylight!
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