And remember the cretinous scum telling us we might even make a PROFIT months ago (including 'bamer)?
"US overpaid for for bank stocks; $254b brought in assets of $176b" by Associated Press | February 6, 2009
WASHINGTON - The federal government overpaid for stocks and other assets in attempting to help financial institutions last year, a government watchdog said yesterday, taking further issue with the beleaguered $700 billion rescue program.
Elizabeth Warren, chairwoman of the Congressional Oversight Panel for the bailout funds, told the Senate Banking Committee that Treasury in 2008 paid $254 billion and received assets worth about $176 billion.
The figures were reached by extrapolating the results of a study of 10 government transactions, comparing the price paid by Treasury and the value of the asset at the time of purchase. Warren did not present details of the transactions the panel analyzed. A full report will be released today.
In a bright spot for the rescue program, however, banks that received capital infusions from Treasury have already paid $271 million in dividends to the federal government. A Treasury official said yesterday that banks are expected to pay more than $1.5 billion in dividends by the end of this month. Among them is Wells Fargo, which received a $25 billion infusion. The bank said this week it would pay Treasury $371 million in dividends.
Oh, the Treasury got dividends -- and the taxpayers got a return of pennies on the dollar!!!
Still, lawmakers and watchdog groups continued to express frustration with the implementation of the rescue plan, known as the Troubled Asset Relief Program. Congress approved the plan last fall, but members of both parties criticized spending decisions by the Bush administration and former Treasury Secretary Henry Paulson.
The misgivings come as new Treasury Secretary Timothy Geithner is preparing to place the Obama administration's imprint on the program with a sweeping new framework for helping banks, loosening credit, and helping reduce foreclosures. Geithner plans to unveil the changes next week.
"The plan will strengthen transparency and accountability measures so that taxpayers know where and how their money is being spent and whether it's achieving real results," said Treasury spokesman Isaac Baker.
Pffffffffttt! It's just the same old shit, day after day!
As for getting results:
"It may never be known whether the initial $700 billion plan accomplished its objectives"
Referring to overpayment on assets, Warren said Treasury has failed to specify its goals and methods in helping more than 300 institutions.
"There may be good policy reasons for overpaying, but without a clearly delineated reason, we can't know that," Warren said.
Senate Banking chairman Christopher Dodd, a Connecticut Democrat, said the overpayment was sure to "raise eyebrows."
"I can understand some gap," he said. "No one is expecting perfection between the price you pay and what you think you're getting. But that's a pretty large disparity."--more--"
Yeah, where were you, Chris?
"Dodd set to refinance two loans under scrutiny
HARTFORD - Senate Banking Committee Chairman Chris Dodd, whose two mortgages with a troubled lender are under a Senate ethics investigation and whose committee has oversight over the mortgage and banking industries, said yesterday he will refinance the loans.
So he's going to pay more, right?
Dodd said he sought no special treatment from Countrywide Financial Corp., when he refinanced his Washington and East Haddam, Conn., homes in 2003. Dodd has acknowledged participating in a VIP program at Countrywide, which he thought referred to upgraded customer service, not reduced rates. "Knowing what I know now, I regret having ever done business with Countrywide," Dodd said.
The bank, a leading subprime lender at the center of the mortgage meltdown, was sold to
It's called BUYING THEM OFF!
Dodd played a key role in crafting the $700 billion Wall Street rescue plan, which allows the government to spend billions of dollars to buy bad mortgage-related securities and other devalued assets from troubled financial institutions.
--more--"So that's what he was doing while you taxpayers were fleeced!
"TARP already $78b short of promises" by Associated Press | February 7, 2009
WASHINGTON - The Obama administration will impose tighter conditions on banks receiving money under the $700 billion financial rescue program but for now is not expected to ask Congress for more money in its sweeping overhaul of the bailout, industry and congressional officials said yesterday.
Yaaaaaaayyyy!!!!
The decision not to request more money would be a relief to lawmakers, given that the administration is unveiling its changes in the midst of a debate over an economic recovery package expected to cost $800 billion.
It is a RELIEF to the TAXPAYERS, too!!!! Maybe our assholes can get a rest.
The program Treasury Secretary Timothy Geithner is set to unveil Monday could cost more than the $350 billion still unspent in the Troubled Asset Relief Program. But officials said the administration would have room to overhaul the program before determining whether to seek more money from Congress....
Oh, so they STILL MIGHT ASK for MORE MONEY?
That's about as sure a thing as you can get in this world!
So why the DECEPTIVE LEAD PARAGRAPH, MSM?
****************
Key members of Congress had urged the administration not to request more money for the rescue program. Congress approved $700 billion last fall, but since then, many lawmakers have complained that the Bush administration implemented a confused and ad hoc strategy.
Why are they complaining? They told US they had oversight and conditions, blah, blah, blah!
And Congress ain't stoo-pid; they'd like to keep their heads.
"Until they are successful in showing the average American that the money is being used reasonably, there's no point in asking for it, because they won't get it," House Financial Services Committee chairman Barney Frank, a Massachusetts Democrat, said this week....
Well, since they will NEVER KNOW if the money accomplished its objectives that means NO MORE BAILOUTS!!!!
--more--"
Good, because at that clip I'm already tapped out.
