Sen. Ted Kaufman Will Replace Elizabeth Warren As Head Of TARP Oversight Panel

Video:  Ratigan with Senator Ted Kaufman -- Throw the bums in jail

Kaufman was just appointed to the COP on Friday by Harry Reid, and was elected Chairman today in a unanimous vote of fellow panel members.  Kaufman is known for wanting to put Wall Street bankers in jail.

As of October 3 the TARP program can no longer distribute funding, but the oversight panel will remain in place through April 3, 2011.  On the other hand, Neil Barofsky expects to work as SIGTARP for the next decade.

---

WASHINGTON, D.C. - The members of the Congressional Oversight Panel for the Troubled Asset Relief Program (TARP) today unanimously elected Senator Ted Kaufman (D-DE) to serve as the Panel's new chairman. Kaufman, who was appointed to the Panel last week by Senate Majority Leader Harry Reid, will fill the role previously held by Elizabeth Warren.

"I'm honored to be appointed to this panel and elected chair," said Senator Kaufman. "Continued oversight of the TARP is serious business, and I am eager to get started."

The Congressional Oversight Panel issues monthly reports that oversee Treasury's administration of the TARP, assess the impact of spending to stabilize the economy, evaluate market transparency, monitor efforts to prevent foreclosures, and help to ensure that Treasury is acting in the best interest of the American people.

In addition to Senator Kaufman, its members are J. Mark McWatters; Richard H. Neiman, Superintendent of Banks for the State of New York; Damon Silvers, Policy Director and Special Counsel for the AFL-CIO; and Kenneth Troske, William B. Sturgill Professor of Economics at the University of Kentucky. By statute, the Panel will continue its oversight work through April 3, 2011.

• Is Your Senator A Member Of The Bankster Party?

Comments

[DailyBail]

Senate Considers Throwing Wall Street Executives in Jail for Reckless Investments

http://dailybail.com/home/senate-considers-throwing-wall-street-executives-in-jail-for.html

[DailyBail]

Citigroup Inc. and Ally Financial Inc. units were sued by homeowners in Kentucky for allegedly conspiring with Mortgage Electronic Registration Systems Inc. to falsely foreclose on loans.

The lawsuit, filed as a civil-racketeering class action on behalf of all Kentucky homeowners facing foreclosure, also names as a defendant Reston, Virginia-based MERS, the company that handles mortgage transfers among member banks. The suit claims that through MERS the banks are foreclosing on homes even when they don’t hold titles to the properties.

http://www.bloomberg.com/news/2010-10-04/citigroup-ally-sued-by-homeowners-alleging-racketeering-over-mortgages.html

Story won't stop growing...this is becoming a very big deal...

[DailyBail]

A year after the death of Bear Stearns, former CEO Jimmy Cayne—still playing bridge!—talks to Charlie Gasparino about why he went down with his ship, where to invest now (gold?), and why other CEOs did a worse job.

http://www.thedailybeast.com/blogs-and-stories/2009-03-09/fallen-wall-street-titan-speaks/

[DailyBail]

http://www.npr.org/templates/story/story.php?source=patrick.net&storyId=130242115

A Way Out For Homeowners In Trouble Hits A Snag

[DailyBail]

Why monetary policy can't revive housing

Key factors make this recession different

http://www.boston.com/realestate/news/articles/2010/10/04/why_monetary_policy_cant_revive_housing/?source=patrick.net#headTools

[DailyBail]

Benefits of homeownership challenged

A study from the Federal Reserve Bank of Philadelphia suggests that the arguments for homeownership have been overstated, leading many into financial peril.

http://www.latimes.com/business/realestate/la-fi-home-ownership-20101003,0,878533.story?source=patrick.net#content

[DailyBail]

Jimmy Cayne on Tim Geithner: ‘This Guy Thinks He’s Got a Big Dick. He’s Got Nothing, Except Maybe a Boyfriend’

http://nymag.com/daily/intel/2009/03/jimmy_cayne_lets_loose_on_time.html

Classic quote...