TARP Watchdog Reports Treasury Allowed Excessive Bonuses

By: Tuesday January 29, 2013 8:44 am

In a new report the Special Investigator for TARP cites the Treasury Department for allowing excessive pay to bailout companies: SIGTARP found that once again, in 2012, Treasury failed to rein in excessive pay. In 2012, OSM approved pay packages of $3 million or more for 54% of the 69 Top 25 employees at American [...]

Fed, Treasury Refuse to Take Libor Out of TARP Programs

By: Friday October 26, 2012 6:17 am

The Special Inspector General for TARP, Christy Romero, has recommended that the Federal Reserve and the Treasury Department stop using LIBOR, the benchmark interest rate derived in such a slipshod way that it was rigged for years. But the Fed and Treasury aren’t taking Romero up on the request. The Treasury and the Fed should [...]

SIGTARP Report Shows Failure of Treasury’s Hardest Hit Fund

By: Thursday April 12, 2012 7:39 am

The LA Times had the goods on the Treasury Department’s Hardest Hit Fund a month ago, showing that in California, the fund only paid out 2% of its allotment in the first 16 months. But that was about one state’s implementation of the program. Maybe other states did better. Well, the answer is no. An [...]

Systemically Important Firms Can Argue Their Way Out of Being Systemically Important

By: Thursday April 14, 2011 2:32 pm

Under Dodd-Frank, companies designated as a systemic risk to the economy are subject to greater regulation. And the Oversight Board designed to monitor systemic risk has come up with a novel way to determine those firms, allowing them to argue their way out of it! Financial companies under consideration for Federal Reserve oversight will get [...]

Treasury Tries Defending HAMP at House Oversight Hearing

By: Wednesday January 26, 2011 8:44 am

The House Oversight Committee is holding its first hearing since Darrell Issa got the gavel today, and it’s on TARP and foreclosures. And that bifurcation is accurate – the Republicans on the panel, for the most part, are asking about TARP, and the Democrats are asking about foreclosures. Timothy Massad of the Treasury Department (filling [...]

Geithner Essentially Nullifies Need for Systemic Risk Council

By: Friday January 14, 2011 6:33 am

Shahien Nasiripour’s article about how close Citibank was to bankruptcy in November 2008 makes for pretty good reading. But the most significant part comes well into the story, when Tim Geithner drops some truth. Regulators throughout the SIGTARP report say they made “judgment calls” on how best to handle Citi’s problems; judgment calls, I might [...]

Fun With Dick and Jane: HAMP Scenarios from the SIGTARP Report

By: Tuesday October 26, 2010 6:45 am

I said yesterday I’d get back to the SIGTARP report on the federal bank bailout and the HAMP program, and the section on “Dick and Jane” is really the best illustration I’ve seen of what can happen to families who try for a loan modification and put their lives in the hands of the servicers. [...]

SIGTARP Slams Treasury for HAMP Justifications

By: Monday October 25, 2010 12:49 pm

Neil Barofsky, the Special Inspector General for TARP, has released his latest report to Congress, and he singles out for criticism the Treasury Department’s management of the HAMP program, and their dishonest portrayals of how it impacted struggling borrowers. The inspector general’s report also said Treasury took too much credit for helping homeowners who did [...]

support firedoglake
Follow FDL News Desk