Bailout Madness: TARP, Derivatives, the Federal Reserve and other Shell Games

“A government that robs Peter to pay Paul can always depend on the support of Paul.”  – George Bernard Shaw

Federal Reserve under new scrutiny – Raw Story 1/15/09


Is Social Security a Ponzi Scheme? – Business Week 12/28/08

Spending vs. Tax Cuts: Everything You Need to Know in One Chart – Mother Jones 2/5/09

Is the Entire Bailout Strategy Flawed? Let’s Rethink This Before It’s Too Late – Alternet 2/2/09

Value of 2008 Bailouts Exceeds Combined Costs of All Major U.S. Wars – CNS News 12/18/08

FDIC Almost Doubles Budget as It Expects More Bank Failures  – Bloomberg 1/2/09

Bernie Sanders Demands Investigation of Banks– The Progressive 1/30/09

Barack Obama may denounce the banks as “shameful,” but Bernie Sanders is the one who wants to go after them. With subpoenas.

FDIC Settles Secondary Subprime Suit – via Implode Explode 1/30/09

The Federal Deposit Insurance Corporation has agreed to pay nearly $0.1 billion over allegations it refused to repurchase more than 1,000 defaulted subprime mortgages originated by a failed Illinois bank that it took over.

Report: Over 8 in 10 corporations have tax havens (AP)  – Yahoo 1/16/09

Eighty-three of the nation’s 100 largest corporations, including Citigroup, Bank of America and News Corp., had subsidiaries in offshore tax havens in 2007, and some of the companies received federal bailout funding, a government watchdog said

New No. 1 bank: Bank of America – CNN 1/1/09

Treasury: $10B more to Bank of America – CNN 1/13/09 

Bank Of America “Is Insolvent”, Will be “Broken Up” – George Washington blog 1/15/09

The Place Where Industry, the Military and Government Converge – Dissident Voice 1/12/09

The implosion of the Carlyle Capitol Corporation just weeks before the Bear Stearns debacle last March is little more than a distant memory in the minds of most people. Yet the facts surrounding Carlyle Capitol, like those surrounding the J.P. Morgan/Bear Stearns/WaMu deals — not to mention the JP Morgan/Enron scandal — certainly deserve further scrutiny.

To be sure, derivatives, along with “innovative” accounting techniques, are a unifying theme of these and similar eye-brow raising, but effectively submerged, stories. Chief among these submerged stories are those which surround Carlyle Capitol and its parent company the Carlyle Group. Here’s what can be said about each.

Derivative Trade: More On The Madoff Mess – Global Research 2/3/09

Treasury To Release Some TARP Contracts – TPMuckraker 1/12/09

Who’s Running TARP? You Might Not Wanna Know – TPMuckraker 1/12/09

CBS: Did Wall St. speculators create oil price bubble? – Raw Story 1/12/09

They Turned Down The TARP  – Forbes 1/23/09

Some 20% of major U.S. banks and thrifts have declined taxpayer money. Here’s who, and why.

Treasury assumes free rein on rescues – Raw Story 1/2/09

The US Treasury Department has given itself free rein in deciding the rescues of companies in the finance and auto sectors, according to two Treasury statements published this week.

Firms Hired By Fed To Manage Our Assets Won’t Say How Much They’re Being Paid – TPMuckraker 1/2/09

So, how much are the four firms hired to manage the Fed’s mortgage-backed securities purchase program getting paid for their work, and how did they get the contracts in the first place?  They’re not saying.

Treasury Opens Door to Aid for Broad Array of Firms, Industries – Bloomberg 1/1/09

The Treasury’s guidelines, published yesterday, would let officials provide funds to any company they deem important to making or financing cars. That leaves room for the government to provide money from the Troubled Asset Relief Program beyond loans already committed to General Motors Corp.,  GMAC LLC and Chrysler LLC. 

Another Government Report Finds Treasury Is Screwing Up TARP – TPMuckraker 1/30/09

Another day, another earnest report finding that the Treasury has messed up the bailout.

A new GAO report on issues of “transparency and accountability” in the TARP program finds that Treasury lacks “a clearly articulated vision” for TARP and “has made limited progress in … communicating an overall strategy” for it.

Was the ‘Credit Crunch’ a Myth Used to Sell a Trillion-Dollar Scam? – Alternet 12/29/08

Why Wall Street could go to jail – CNN 1/6/09

Corporate officers were making reassuring statements about financial prospects just days before Armageddon hit their companies — and investors’ portfolios. Here’s some prominent cases. 

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Hey, cool tips. Perhaps I’ll buy a glass of beer to that man from that forum who told me to go to your site :)

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