SIGTARP Calls Out Tim Geithner On Various Violations Including Data Manipulation, Lack Of Transparency, "Cruel" Cynicism, And Gross Incompetencehttp://www.zerohedge.com/article/sigtarp-calls-out-tim-geithner-various-violations-including-data-manipulation-cruel-cynicismSigTarp Neil Barofsky has just released the most scathing critique of all the idiots in the administration, with a particular soft spot for Tim Geithner.
On the failure of TARP to increase lending:
As these quarterly reports to congress have well chronicled and as Treasury itself recently conceded in its acknowledgement that "banks continue to report falling loan balances," TARP has failed to "increase lending" with small businesses in particular unable to secured badly needed credit. Indeed, even now, overall lending continues to contract, despite the hundreds of billions of TARP dollars provided to banks with the express purpose to increase lending.
On TARP's sole success of boosting Wall Street bonuses:
While large bonuses are returning to Wall Street, the nation's poverty rate increased from 13.2% in 2008 to 14.3% in 2009, and for far too many, the recession has ended in name only.
On TARP's failure in general:
Finally, the most specific of TARP's Main Street goals, "preserving homeownership" has so far fallen woefully short, with TARP's portion of the Administration's mortgage modification program yielding only approximately 207,000 ongoing permanent modifications since TARP's inception, a number that stands in stark contrast to the 5.5 million homes receiving foreclosure filings and more than 1.7 million homes that have been lost to foreclosure since January2009.
http://www.zerohedge.com/article/sigtarp-calls-out-tim-geithner-various-violations-including-data-manipulation-cruel-cynicism">more...Barofsky's full report is
http://www.sigtarp.gov/reports/congress/2010/October2010_Quarterly_Report_to_Congress.pdf">here (pdf)
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