Barofsky Goes Off on TARP

[volinbham]

Yowzers. Bet Team Obama will stop claiming responsibility for TARP now...

Geithner takes a beating in this article.

http://www.nytimes.com/2011/03/30/opinion/30barofsky.html?_r=1&ref=opinion

 

[droski]

The act’s emphasis on preserving homeownership was particularly vital to passage. Congress was told that TARP would be used to purchase up to $700 billion of mortgages, and, to obtain the necessary votes, Treasury promised that it would modify those mortgages to assist struggling homeowners. Indeed, the act expressly directs the department to do just that.

But it has done little to abide by this legislative bargain

I guess artificially lowering mortgage rates to their lowest levels ever didn't help the american homeowner a lick?

 

[golfballs]

Now he's coming out with a book about it
http://www.nytimes.com/2012/07/22/b...ourney-into-a-bailout-buzz-saw-fair-game.html

And it specifically says both the Bush and Obama administrations mishandled it.

 

[milohimself]

Just read the article in the sunday times yesterday. Pretty scathing

 

[golfballs]

Just read the article in the sunday times yesterday. Pretty scathing

Not the least bit surprising though.

It just proves that the government is generally inept in dealing with projects like this.

 

[Velo Vol]

Money should have gone to people's accounts/credited to mortgage loans, rather than been injected in bank reserves.