SIGTARP Barofsky Promises Handcuffs
Video: Dylan Ratigan with Inspector General for TARP Neil Barofsky -- Feb. 1, 2010
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Watchdog: Bailouts created more risk in system >>
WASHINGTON – The government's response to the financial meltdown has made it more likely the United States will face a deeper crisis in the future, an independent watchdog at the Treasury Department warned.
The problems that led to the last crisis have not yet been addressed, and in some cases have grown worse, says Neil Barofsky, the special inspector general for the trouble asset relief program, or TARP. The quarterly report to Congress was released Sunday.
"Even if TARP saved our financial system from driving off a cliff back in 2008, absent meaningful reform, we are still driving on the same winding mountain road, but this time in a faster car," Barofsky wrote.
Since Congress passed $700 billion financial bailout, the remaining institutions considered "too big to fail" have grown larger and failed to restrain the lavish pay for their executives, Barofsky wrote. He said the banks still have an incentive to take on risk because they know the government will save them rather than bring down the financial system.
Barofsky also said his office is investigating 77 cases of possible criminal and civil fraud, including crimes of tax evasion, insider trading, mortgage lending and payment collection, false statements and public corruption.
One case concerns apparent self-dealing by one of the private fund managers Treasury picked to buy bad assets from banks at discounted prices. A portfolio manager at the firm apparently sold a bond out of a private fund, then repurchased it at a higher price for a government-backed fund. A rating agency had just downgraded the bond, so it likely was worth less, not more, when the government fund bought it. The company is not being named pending the outcome of Barofsky's investigation.
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(Just a screenshot...video is above)
Feb 3, 2010 at 3:11 PM
Reader Comments (10)
As the Daily Bail's self-appointed in-house expert on American Fraud and Third World policies, allow me to point out that this fact casually mentioned in passing by Barofsky practically NULLIFIES any REAL efforts on his behalf to investigate & punish corporate greed and theft.
By lacking the authority to initiate cases on his own, Barofsky and his entire team -well meaning and honest as they seem to be- are rendered POWERLESS lackeys of the Dept. of Justice. And since the problem in the United States is basically one of 'Control Fraud' (wherein the very people in charge of oversight are guilty of criminal activity themselves!) this all augurs VERY BADLY towards Barofsky's ability to obtain any MEANINGFUL results nor his chances of making any significant headway against the rampant corruption that's overtaken the American government and corporate world.
In other words, what the FUCK is an honest sheriff gonna do when he's forced to report to a crooked judge & mayor?
Look what happened to Spitzer; he was ACTIVELY fighting Wall St corruption when SUDDENLY -and thru an apparent "erroroneous investigation" initiated by the FBI- it surfaced that Spitzer was using prostitutes. As if they don't ALL do that in Washinton DC
.
For the average American RETARD however, that stupid fact alone (that Spitzer frequented whores) was enough to turn EVERYONE AGAINST HIM. What a fucking SMOOTH MOVE by Goldman Sachs!
That is what the media WAS for before it was bought by liberals and then stupified with the Katie Courics of the world.
Now days, a guy like Obama can go an entire campaign and one year in office without being directly asked one about his birth certificate and why he is using lawyers to fight lawsuits rather than showing a $10 document to the public.
RlR, these are your rules and yet you still get pissy. I don't get it.
RlR, these are your rules and yet you still get pissy. I don't get it. "
Now now Gobias. If we're going to have any meaningful exchange we need to AT LEAST be in the SAME PART OF THE GALAXY at the SAME TIME.
"My rules"??? "Pissy"??? http://www.youtube.com/watch?v=Qw9oX-kZ_9k
I see by your comments that you're a Birther. Well Viva Glenn Beck and I embrace you comrade!
And GOOD LUCK trying to get Goldman Sach's employee -Oscama- to show you his birth certificate. Particulary considering that you live in a country that has legalized torture, anulled habeus corpus and instituted draconianly repressive laws that basically contradict the very foundational document of your (alleged) civilization: the CONSTITUTION OF THE UNITED STATES OF AMERICA!!!!!
FUCK the asshole's birth certificate: SHOW ME THE CONSTITUTION instead !!!
OBAMA BANKER CRIMINAL TERROR TEAM PONZI SCAM GETTING STRIPPED NEXT....
Charles Biderman Bloomberg TV January 19, 2010
http://www.youtube.com/watch?v=cQyFxBG6dhY
WILL THEY HAND CUFF "OBAMA"??LOL
Charles Biderman Bloomberg TV January 19, 2010
http://www.youtube.com/watch?v=cQyFxBG6dhY
But America will recover.
last time we put these crooks in handcuffs markets made a bottom and we rallied hard after showing those crooks on TV being pulled. The markets like to see these criminals behind bars. Obama hasnt done enough and when we take the right measure by punishing these crooks, the markets will act in favor. Im the market guru and have been trading it for many many years:)
obama is the worst president for business in general. He sucks big time!!
https://www.justice.gov/opa/pr/former-ceo-3-billion-tierone-bank-sentenced-11-years-prison-orchestrating-scheme-hide-more