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part: "Neil Barofsky, the chief watchdog over the $700 billion TARP bank bailout program, is one of those rare creatures in Washington: he takes very seriously his responsibilities of independent oversight and accountability. .... Barofksy's clashes with administration officials have intensified of late. Last week, he issued a report documenting that the actual amount of taxpayer money theoretically put at risk in the bank bailout -- once Federal Reserve, FDIC and other programs are counted -- is $23.7 trillion, not the widely cited figure of $700 billion, a report that prompted attacks from the White House and Treasury on his credibility. Separately, Barofsky has continuously disputed White House claims that it's impossible to account for what has been done by banks with the TARP funds. Barofsky wants to compel banks to account for those funds and then publicize that information, while the administration opposes such efforts, claiming that accounting for TARP monies is impossible due to the "fungibility" of those funds. To disprove that claim, Barofsky sent out voluntary surveys to the bank which proved that those funds could be tracked (and he found TARP funds were being used by receiving banks largely to acquire other institutions and/or create "capital cushions" rather than increase lending activity, the principal justification for TARP). Most significant of all, and obviously due to Barofsky's truly independent oversight efforts, the Obama administration is now attempting to induce the Justice Department to issue a ruling that Barofsky's office is not independent at all -- but rather, is subject to, and under the supervision of, the authority of Treasury Secretary Tim Geithner. By design, such a ruling would completely gut Barofsky's ability to compel transparency and exercise real oversight over how Treasury is administering TARP, since it would make him subordinate to one of the very officials whose actions Congress wanted him to oversee: the Treasury Secretary's. " Read article for the rest. What do you think? Isn't this exactly why we need to audit the Federal Reserve? And have you SEEN the disingenuous push back from Enron's lobbyist the Fed hired to stop the audit 'oh, finding out what we did with your $23 trillion in commitments might impair our independence!' What do you think? Ron Paul's HR 1207 has over 275 sponsors now - more than a majority but B. Frank won't pass it from committee and Pelosi won't bring it to the floor. We need about 20 more sponsors to have enough votes to 'discharge it on petition' without needing either of them. And the reps who HAVE cosponsored, now that pressure is being put on them, need to know we think this is important. Will you contact your rep and Senator and ask them to support HR 1207 and S 604 Northport THEY ARE not watered down?
Because Neil Barofsky is one of those rare creatures in Washington: he takes very seriously his responsibilities of independent oversight and accountability or as the incrowd probably see it "he's not a team player" That's reason enough unfortunately in today's Washington. One of Obamas biggest campaign donors thoughout his career was Goldman Sachs. I'm sure you knew that and most of your contacts but it might start others, including those who like Obama, thinking about this The list of former Goldman Sachs employees holding top positions in the Obama administration includes: • Mark Patterson, a former Goldman Sachs lobbyist, who is the chief of staff to Treasury Secretary Timothy Geithner (himself the former president of the Federal Reserve Bank of New York). • Reuben Jeffery III, former managing partner at Goldman Sachs, who holds the post of undersecretary of state for economic, business, and agricultural affairs. • Neel Kashkari, former Goldman Sachs vice president, who is the assistant secretary of the treasury for financial stability, responsible for administering the TARP funds. • Dianna Farrell, former financial analyst at Goldman Sachs, who serves as deputy director of the National Economic Council. There is a word to describe this type of socio-economic order: Plutocracy, i.e., rule by the rich. This is the reality behind the increasingly thin veneer of democracy in America. The Obama administration in an instrument of the plutocrats, and the American people are the victims. the team I refer to when estiamting they consider this guy not a team player
I guess the actual numbers given by this "independant person" does not agree with the lies of Obama nor his administration. Anything that goes against the Obama administration seems to be hit with a "gag", or "cuffs", or firings, or............the list keeps enlarging doesn't it. I believe it is 23T$'s AND RISING. Obama and his "henchmen" attack anyone, anything, that would prove his figures false. I call that a dictator leadership. Yes we as the taxpayer should demand a full scale audit. I agree with Ron Paul.
So the Liberal math puts forth the equation that 23.7 T is actually 700 billion, but with no accountability or transparency to verify. This from the candidate that PROMISED transparency many times during his campaign. No wonder our kids can't balance a checkbook.
I am force to use Key bank by my employer. They got some bail out money and failed the stress test. What Key bank said prior to the stress test, is that they are a strong bank and will use the money to expand.
I wrote to my Representative in favor of HR 1207 way back in February. More people should do the same.
I think your socks are too tight.