He states that Office of Inspector General was denied access to the actual documents to oversee the $700 billion program.
Ben Bernake, Hank Paulson, and Tim Geitner were the architects of TARP and dismissed Neil on his concerns of bank failure from their questionable assets.
Those assets were properties they stole through fraudulent mortgage and tax foreclosures.
Oh, heck. Just read my stuff and the Wikileaks Podesta emails on how they plotted and schemed to create TARP as their personal slush fund.
Neil, we need to do lunch.
John Podesta Wikileaks Email On TARP Bait & Switch For Detroit Land Bank Authority
Learn more: BEVERLY TRAN: John Podesta Wikileaks Email On TARP Bait & Switch For Detroit Land Bank Authority http://beverlytran.blogspot.com/2017/12/john-podesta-wikileaks-email-on-tarp.html#ixzz5GU2Cc6Gn
Stop Medicaid Fraud in Child Welfare
#perkinscoiesucks
Fw: Draft Memo to PE
John - Mona/Larry S have done a TARP strategy memo in the email below which they're anxious to email to the PE, in order for Rahm/Phil S to start executing on this on Friday.
I told Mona I thought you should review this first, but wasn't sure what your schedule is today.
________________________________
November 27, 2008
MEMORANDUM FOR THE PRESIDENT-ELECT
FROM: Mona Sutphen & Dan Tarullo
SUBJECT: Treasury Access to TARP Resources
The following memo to Rahm from Larry Summers reviews the Administration’s intent to access the remaining $350 billion in TARP resources in early December, and a short-term strategy for managing our involvement in a way that will facilitate Treasury access to the TARP funds while limiting our exposure to the extent possible.
We reviewed the memo late yesterday in a call with Larry, Tim, Phil, and Rahm. We discussed in particular the impact that Treasury’s explicit endorsement of TARP money for the auto industry might have on prospects for avoiding Congressional disapproval the Administration request. The effects of a more explicit embrace of autos in TARP are likely to move in opposite directions in the House and Senate, and it is as yet unclear whether the Administration can secure sufficient Republican support to avoid a negative vote.
Per the memo, on Friday Rahm intends to speak to the White House and Phil will begin some consultations with key members. Larry is working on a set of Q & As on this subject for your Monday press availability; Rahm asked him to develop alternate answers as a means to help focus a decision on the posture we should take on the TARP issue generally and the autos connection specifically. We likely will need to discuss this with you prior to Monday.
MEMO
Tim, Lee, Dan and I all believe that we need to move quickly to flesh out the possibility of our cooperation with Secretary Paulson to obtain continuing TARP authority. Not obtaining access to the remaining TARP capital at this time would substantially increase risk to financial system and increases the likelihood that addressing TARP related issues in January would interfere with other legislative priorities intended for rollout during that period. In order to maximize the chances of success while preserving flexibility, we believe a TARP notification should have four elements:
* Commitment to a dollar amount – perhaps $25 billion – for homeowner oriented housing measures.
* Commitment to use TARP for auto companies (if necessary).
* Use of TARP to support consumer credit – expanding yesterday’s action.
* Contingent availability for shoring up the financial system with capital infusions if necessary.
We’re confident based upon our conversations with Secretary Paulson that the administration is comfortable with all but the auto piece of this approach. We suggest as a next step that Phil do some consulting directed at figuring out our chances of voting down a disapproval motion in the Senate and that you call Josh Bolton to determine their position on autos.
Background
* The Current administration has pledged most of the original $350 billion of TARP capital.
* They believe and we concur, that the remaining unpledged capital (approx. $15 billion) is insufficient to address any contingencies that may arise between now and January 20th. In this regard, Secretary Paulson believes there is a reasonable probability that another large bank will require a rescue during this period.
* Further, it is likely that the markets will begin to focus on this fact in the short run, causing further deterioration in confidence.
* Secretary Paulson also believes that our support is necessary to garner enough votes to obtain authorization to draw the remaining $350 billion.
* In the absence of our support or in the event that it appears Congress will be unwilling to authorize the drawdown, Paulson has indicated he may need to rely on a Presidential veto of the negative vote. In our judgment there is a reasonable probability that this outcome could negatively impact confidence in the markets.
* Paulson believes he must submit a formal notice to Congress with a detailed plan by December 8th. He appears to recognize that he will need to include certain commitments on housing/foreclosure mitigation in any plan he submits and is willing to include a modified version of the FDIC approach advance by Sheila Bair.
* He also appears to understand that including a commitment to use some TARP capital on auto companies could help substantially. He indicated that the decision on autos is being driven by the White House. Paulson believes the probability of a GM bankruptcy before January 20th are low. Work done by a group led by Josh Steiner suggests greater uncertainty in that regard.
We look forward to discussing with you this afternoon.
Rahm Emanuel is an asshole.
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