Remember the TARP fund that was supposed to bailout banks? Well the government ( you and me ) gave them $350 billion of a $700 billion dollar program and to date they have refused to say how they have used it. If that is not the height of arrogance, how about this. The special inspector general keeping an eye on the money says the program is at risk of fraud. GREAT!
Neil Barofsky told a Senate committee the long-term success of the program is not assured. He says under the program now called TALF for Term Asset Backed Loan Facility participants could fraudulently overvalue the collateral and then walk away if they go bad because the federal government is on the hook.
Whether it’s the TARP or TALF or this economic stimulus package now before Congress I think we are getting hosed.
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