Tag Archives: TARP

Obama’s Big Sellout

Unbelievable article in Rolling Stone slamming Obama and the people with whom he’s surrounded himself. During the campaign, he slammed Bush for cronyism, the act of hiring people who are friends or family. Obama puts Bush to shame with his own version. This guy is downright shady in his dealings. The author of the article, Matt Taibbi shows incredible detail and research by proving and listing everyone involved. I will warn you that there are some bad words as only Rolling Stone can get away with. The piece is long, but well worth it if you want to know the real agenda behind the most dishonest president in our history and his cronies. You might want to get yourself something to nibble on and a drink before sinking your teeth into this one. So sit back  and read the story of Obama and his crooked little friends. Enjoy.

Obama and his Wall Street cronies

Barack Obama ran for president as a man of the people, standing up to Wall Street as the global economy melted down in that fateful fall of 2008. He pushed a tax plan to soak the rich, ripped NAFTA for hurting the middle class and tore into John McCain for supporting a bankruptcy bill that sided with wealthy bankers “at the expense of hardworking Americans.” Obama may not have run to the left of Samuel Gompers or Cesar Chavez, but it’s not like you saw him on the campaign trail flanked by bankers from Citigroup and Goldman Sachs. What inspired supporters who pushed him to his historic win was the sense that a genuine outsider was finally breaking into an exclusive club, that walls were being torn down, that things were, for lack of a better or more specific term, changing.

Then he got elected.

Read the rest here:

http://www.rollingstone.com/politics/story/31234647/obamas_big_sellout

2 Comments

Filed under Barack Obama, Economy, TARP, Wall Street

Obama administration looks to use TARP for deficit reduction

Correct me if I’m wrong, but didn’t we borrow the TARP money? So we are going to pay the debt with borrowed money? Is it any wonder why the American people have no confidence in Congress? And why do they think that it’s helpful to small businesses to to let them borrow more money rather than letting them keep their own money to begin with? This is government folks, and they want to run everything.

ObamaMoney

The Obama administration may begin using leftover bailout funds to pay off the deficit, the president’s budget director said Thursday.

Office of Management and Budget Director Peter Orszag told a summit this afternoon sponsored by Bloomberg News that the $210 billion in unspent funds from the Troubled Asset Relief Program (TARP) may be used in part to pay off the deficit. “We’re reorienting TARP towards assistance for responsible families and lending for small businesses,” Orszag said.

Read the rest of the article here:

 

Leave a comment

Filed under TARP

Obama: Excessive pay ‘does offend our values’

Do you want to know what offends me and my fellow hard-working Americans, Mr. President? Having a government tell people how much they should make and actually define what excessive is. It also offends me that we have a position of “Pay Czar” and that this person at his sole discretion decides how much people can make. Yet Freddie Mac is giving its chief financial officer compensation worth as much as $5.5 million, including a $2 million signing bonus. The government-controlled mortgage finance company doesn’t have to follow the executive compensation rules because it is being paid outside the TARP. This is government hypocrisy at its finest.

WASHINGTON – The Treasury Department on Thursday ordered seven companies that received billions of dollars in government bailouts to halve total compensation for their top executives. But the big reductions will not apply to pay earned before November.

Kenneth Feinberg, the Treasury official leading the pay review, told reporters that average salaries for the top 25 executives are being cut 90 percent starting next month.

The action will apply to the top executives at Bank of America Corp., American International Group Inc., Citigroup Inc., General Motors, GMAC, Chrysler and Chrysler Financial.

Meanwhile, the Federal Reserve unveiled a proposal Thursday that for the first time would police banks’ pay policies to ensure they don’t encourage employees to take reckless gambles like those that contributed to the financial crisis.

Read the rest of the article here:

http://www.msnbc.msn.com/id/33428472/ns/business-us_business/

Leave a comment

Filed under Barack Obama, Economy, TARP

TARP report slams lack of transparency

Who wants to bet that Special Inspector General Neil Barofsky will either be fired or have some information come out on him from the pure as the driven snow Obama Administration? This guy will be excoriated for being honest with the American people. Good for you Mr. Barofsky. and all the best in your job hunt.

Special Inspector General Neil Barofsky

Special Inspector General Neil Barofsky

In a scathing report out Wednesday, a government watchdog blasts the Treasury Department for its handling of a $700 billion bailout program and for not adopting all of its earlier recommendations.Special Inspector General Neil Barofsky, who is in charge of overseeing the Troubled Asset Relief Program (TARP), said Treasury’s failure to provide more details about the use of TARP funds has helped damage “the credibility of the program and of the government itself, and the anger, cynicism, and distrust created must be chalked up as one of the substantial, albeit unnecessary, costs of TARP.”

Barofsky has made 41 recommendations to better implement the program, of which Treasury has executed 18 and partially adopted seven.

 Read the rest of the article here:

http://www.usatoday.com/money/industries/banking/2009-10-20-treasury-bailout-banks_N.htm

Leave a comment

Filed under TARP