Now maybe we can get somewhere. Until someone is cracking the whip and making sure the government/taxpayer money is being spent where it is supposed to be spent there will not be the confidence in the system that needs to be there for us to move forward. If there are unscrupulous types doing something illegal with TARP funds I hope they get buried under the jail. http://money.cnn.com/2009/04/21/news/economy/tarp_cop_barofsky/index.htm?postversion=2009042103
Without a doubt....between him and his bosses on that crackerjack oversight panel we no doubt will bring public/investor confidence to new levels...... Now for a little side wager my Gator friend.....I would submit to you that at the end of the day, we will evidence VASTLY more fraud in Obama's mortgage/foreclosure rescue plan than any wrongdoing they find on the part of bankers in the TARP program. Name your price, I will give you odds. It is a slam dunk......the easiest money I've ever made.
You may be right BT and I wouldn't venture cash I don't have either way. In any event I am glad someone with teeth may be looking into it the way it needs to be looked into.
I hope that those found guilty be punished to the fullest extent of the law and that the law will be applied consistently across the board. I trust that the process will not be a partisan one and turn into a witch hunt targeting one segment of the population over another......but it is and it will and until the President, his administration and the Congress realize that the populist war they are waging to demonize and punish the finance/investing class is counterproductive and indeed destructive to our national well-being, getting this economy out of the ditch is next to impossible....
Whoever is found guilty of fraudulent use of TARP funds needs to rot for the rest of his life alongside Madoff....plain and simple. I suspect that the rampant arrogance in the financial world has evolved into some sort of twisted sense of entitlement. That entitlement of monies earned within all the rules....even if the rules provide for self-promoted riches and need to be seriously overhauled... is one thing. But I'll bet some of these people have gone a step further when presented with billions in TARP windfall....a step that will land them in prison for a long time.
Why do you only include TARP funds in your rant? Do you not believe that those found guilty of fraudulent use of other federal programs should not also rot? Should the scores of individuals who will fraudulently apply and receive funds from Obama's mortgage "rescue" program rot as well? How about the other scores of social welfare programs rampant with fraud and abuse? Should the thousands of borrowers who submitted fraudulent mortgage applications that contributed to $ billions in losses and a worldwide credit crisis also rot? Just trying to clarify your position here......
Fraud infractions need to be pursued and prosecuted no matter who does it. However, there is such a thing as frying the big fish and guys like Madoff are pretty big fish. I suspect there may be some pretty big, bad behaving fish misusing TARP funds as well. I doubt the culprits that this new cop Barofsky is targeting decided to line their pockets with a measly couple of thousand. "Why do you only include TARP funds in your rant?" Why do I "rant" about this? You can call it a rant but I would venture that about 95% of Americans would feel just as PO'd as I am about crooks who have the unbridled arrogance and ba**s to steal TARP money.
Agreed. You'd have to define big and bad, but I have no doubt that if they do, the crack oversight panel will hunt them down, outwit them and bring them to justice.... I would venture that the overwhelming majority of law abiding citizens would be just as PO'd as I am about crooks and others who steal and misuse public and private money - regardless the acronym.
So seriously.. I haven't had a lot of time to do extra reading... I am sure she won't get busted for it, but how much teeth does this Feinstein TARP money issue have?
Is it possible this guy was a target of Barofsky? http://www.wusa9.com/news/local/story.aspx?storyid=84706&catid=158
Corey, her party has the presidency and a majority in both houses. I'm sure she'll be safe.....had she been a member of the opposition or God forbod an evil financial sort, she'd be fooked......
Fannie and Freddie have been under investigation for years now going back to at least 2004 when then CEO and former Clinton Budget Director Franklin Raines took "early retirement" while the SEC began an investigation for "accounting irregularities". Raines took his $120 million+ "good bye" package and accepted candidate Obama's offer to lead his economic policy advisory team.....my guess is that Raines will probably stay out of jail as well. I could be wrong, but I don't think so.....where is the outrage?