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- TARP Inspector General Gives Program, And Treasury, Low Marks
- In his latest quarterly report card for the TARP program, released October 21, Special Inspector General Neil Barofsky provides a discouraging record. For the program itself, progress in spurring loan growth is slow, and in spite of news tidbits to the contrary, the return on taxpayers' investment has been poor....
- Blog posts 2009-10-21
Additional Resources
- Treasury report: AIG should reduce pay
- WASHINGTON, Oct. 13 UPI -- The U.S. inspector general overseeing the $700 billion financial bailout has said American International Group should reduce its retention pay package. Special Inspector General Neil Barofsky plans to present a report to the House Oversight and Government Reform Committee Wednesday outlining his findings on the...
- News items 2009-10-14
- NY Fed Failed to Negotiate AIG Concessions: Audit
- WASHINGTON (Reuters) - The Federal Reserve Bank of New York used a weak negotiating strategy to try to wring concessions from AIG counterparties last year, costing U.S. taxpayers potentially billions of dollars, according to a government watchdog's audit report released on Monday.The report from the Trouble Asset Relief Program's Special...
- News items 2009-11-16
- NY Fed Failed to Negotiate AIG Concessions: Audit
- WASHINGTON (Reuters) - The Federal Reserve Bank of New York used a weak negotiating strategy to try to wring concessions from AIG counterparties last year, costing U.S. taxpayers potentially billions of dollars, according to a government watchdog's audit report released on Monday. The report from the Trouble Asset Relief Program's...
- News items 2009-11-16
- NY Fed Failed to Negotiate AIG Concessions
- By David LawderWASHINGTON (Reuters) - The Federal Reserve Bank of New York used a weak negotiating strategy that failed to wring concessions from AIG trading partners last year, allowing them to reap nearly $30 billion in payments from U.S. taxpayers, a government audit report said on Monday.The New York Fed...
- News items 2009-11-17
- Japanese Suppliers First in Line for Auto Supplier Bailout
- Two Japanese auto-parts suppliers appear to be the first to ask the U.S. Treasury for some of the bailout funds set aside for auto suppliers, and the irony is intoxicating. Asian imports are one of the big reasons for the fall of General Motors and Chrysler. By introducing competitive products...
- Blog posts 2009-04-28
- TARP Audit Finds Geithner Gave Away The Farm
- Special Inspector General for TARP (aka "SIGTARP") Neil Barofsky said something we've all known for a while: the government gave away the farm when AIG failed. If you recall, AIG's failure meant that the companies on the other side of all of its contracts counterparties were going...
- Blog posts 2009-11-17
- AIG Bailout Is Both Criticized and Justified by TARP Report
- Congress, journalists and former American International Group CEO Hank Greenberg all agree that the November 2008 deal between the New York Federal Reserve and AIG's creditors was sleazy or just plain stupid. Now the special inspector general for the Troubled Asset Relief Program, Neil Barofsky, has weighed in with his report. It both...
- Blog posts 2009-11-17
- Who Will Flunk the "Stress Test?"
- Who will fail the "stress test?" Good question. The Obama administration will soon be checking a number of the country's largest banks which have received some of the $700 billion federal bailout money. The feds want to know whether the banks have sufficient capital and...
- Blog posts 2009-02-25
- AIG CDS: The Unwinding Begins
- Tyler Durden submits: As Zero Hedge reported first, strange things happened in January and February when AIG was allegedly unwinding CDS trades with its trading counterparties. As we reported, the taxpayer funded loss that AIG presumably experienced on wholesale CDS unwinds may have well been the reason for the...
- External links 2009-04-07
- Beyond SIGTARP's $23.7 Trillion Headline
- Donald Marron submits: Neil Barofsky, the Special Inspector General for the Troubled Asset Relief Program affectionately known as SIGTARP, is making headlines with his estimate that the government has provided “potential support totaling more than $23.7 trillion” in fighting the financial crisis. That estimate will be officially released on Tuesday...
- External links 2009-07-21
- More AIG Controversy: Maiden Lane III
- The Baseline Scenario submits: By James Kwak As everyone knows by now, Neil Barofsky, special inspector general for TARP, has a new report out on the decision by the Federal Reserve Bank of New York last Fall to make various AIG AIG counterparties (primarily some very big banks with...
- External links 2009-11-20
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