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The Impeachment of George W. Bush

The Impeachment of George W. Bush

By Elizabeth Holtzman and Cynthia L. Cooper
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Tag: Tarp


AP/Charles Dharapak

We Need Elizabeth Warren on the Supreme Court

Elizabeth Warren is uniquely positioned to revive the flagging spirits of the left, and help restore the country’s confidence in the Supreme Court, which has sunk to record lows.

Posted on Jul 16, 2014 READ MORE



White House/Pete Souza

Gag Me With Lawrence Summers

President Obama thinks his former economic adviser is brilliant, but as Summers’ second trip through the revolving door between Washington and Wall Street reveals, he’s just greedy.

Posted on Jul 29, 2013 READ MORE



A Treasury Department Fail, ‘SNL’ Takes on Biden, and More

A look at the day’s political happenings, including a bipartisan agreement reached on immigration reform and Obama and Clinton give a joint interview on “60 Minutes.”

Posted on Jan 28, 2013 READ MORE



Flickr / epicharmus

Why Bailouts Will Continue Until the Big Banks Are Broken Up

TARP—the infamous Troubled Assets Relief Program that bailed out Wall Street in 2008—is over. The Treasury Department announced it will be completing the sale of the remaining shares it owns of the banks and of General Motors. But in reality it’s not over.

Posted on Jan 8, 2013 READ MORE



AP/Scott Applewhite

Truthdigger of the Week: Ex-TARP Investigator Neil Barofsky

In late 2008, Neil Barofsky was appointed the Treasury Department’s investigator of the bank bailouts. In the time since, he has suffered dismissal and deprecation from his colleagues and the corporations they’re supposed to regulate.

Posted on Aug 4, 2012 READ MORE



jpellgen

Fallout From the Bungled Bank Bailout

The financial meltdown and subsequent bailout have dampened Americans’ faith in government and stirred widespread outrage. Neil Barofsky, who once served as special inspector general in charge of oversight of the Troubled Asset Relief Program, says that anger may point the way toward reform.

Posted on Jul 23, 2012 READ MORE



DonkeyHotey (CC BY-SA 2.0)

Why the Senate Won’t Touch Jamie Dimon

JPMorgan Chase is the biggest campaign donor to many of the members of the Senate Banking Committee who were charged with investigating the bank’s CEO, Jamie Dimon, in mid June.

Posted on Jun 21, 2012 READ MORE



U.S. Treasury

Treasury Projects a Profit From Bailout

Just as Mitt Romney has locked up the Republican nomination on a boast of fiscal conservatism, President Obama’s Treasury Department has said it expects to turn a tidy $2 billion profit from TARP and other extraordinary measures taken to bail out the financial industry.

Posted on Apr 15, 2012 READ MORE



epicharmus (CC-BY)

A Closer Glance at the Fed Audit, Please

It’s been available for almost six months now: the first independent audit of the Federal Reserve. In case you haven’t read it top-to-bottom, former Congressman Alan Grayson, who petitioned the study along with Rep. Ron Paul, wants to draw your attention to some of his favorite parts.

Posted on Dec 7, 2011 READ MORE



AP / Alex Brandon

The Bernanke Scandal: Full-Frontal Cluelessness

How I wish that Ben Bernanke would get caught emailing photos of his underwear-clad groin. Otherwise we don’t stand a chance of reversing this administration’s economic policy, which is shaping up to be every bit as disastrous as that of its predecessor. 

Posted on Jun 7, 2011 READ MORE



imdb.com

Access Journalism: The Movie

It is not true, as a Wall Street Journal reviewer claimed, that the HBO movie version of Andrew Sorkin’s book “Too Big to Fail” was “Too Boring to Watch.” On the contrary, the problem with the film, as with the richly anecdotal book, is that it is all too effectively misleading. 

Posted on May 24, 2011 READ MORE


Clooney
Wikimedia Commons / Efloch

Clooney Zeroes In on ‘The $700 Billion Man’

Does the name Neel Kashkari ring a bell? Think way back to the year 2008, when the word bailout was just entering the vernacular in relation to Wall Street, not prison, and when Henry Paulson was still in charge of the Treasury Department.

Posted on Apr 14, 2011 READ MORE



AP / Charles Dharapak

The False Debate on the Debt

In the ever-so-smug company of the rich and powerful, it is a given that there is never to be any expression of remorse or other acknowledgement of the pain they have inflicted on the lesser mortals they so cavalierly plunder.

Posted on Apr 13, 2011 READ MORE



Flickr / Michael Gray (CC-BY-SA)

Bank of America Reports $1.2 Billion Quarterly Loss

Bank of America has reported its second straight quarterly loss, $1.2 billion for the last three months of 2010 after a devaluation of its mortgage business.

Posted on Jan 21, 2011 READ MORE


Lies of the Tea Party

The disaffection and demoralization of Democrats have created a dangerous political vacuum that is being filled with misleading data, urban legends and outright lies.

Posted on Sep 29, 2010 READ MORE



Wikimedia Commons / Scrumshus

Small Business Bill Gets Senate’s Stamp of Approval

After a long struggle, partly caused by pre-midterm-election power jostling in Congress, the Senate passed a bill designed to give small businesses a leg up in a 61-38 vote on Thursday. The House is also expected to approve the bill, which some GOP types ... (continued)

Posted on Sep 16, 2010 READ MORE


ENTER_ALT_TEXT
AP / Charles Dharapak

Big Banks Get Billions, Waters Gets Busted

Broadway and Central Avenue in the Watts area of South Los Angeles are lined with dozens of small, marginal businesses, but hardly any banks. In a capitalist economy, these are streets without capital, losers in the race to the top.

Posted on Aug 9, 2010 READ MORE


Waters
Wikimedia Commons

Maxine Waters Caught in Triple Ethical Tangle

Rep. Maxine Waters may be in deep ... trouble if she’s found guilty of the trio of ethics charges that a House committee hit her with Monday. The congresswoman apparently plans to contest the violations ... (continued)

Posted on Aug 9, 2010 READ MORE


Rebuke but No Consequences for Post-Bailout Bonuses

Sticks and stones and all that: U.S. bankers are probably glad today that, as the childhood rhyme claims, “words can never hurt me,” since the Obama administration’s so-called pay czar has decided to criticize them for paying out $1.6 billion in extra payments to top execs after they received federal bailout funds—but not seek any punishment.

Posted on Jul 23, 2010 READ MORE


Goldman Sachs
AP / Mark Lennihan

Goldman Plays, We Pay

The story of the financial debacle will end the way it began, with the super-hustlers from Goldman Sachs at the center of the action and profiting wildly. Never in U.S. history has one company wielded such destructive power over our political economy, irrespective of whether a Republican or a Democrat happened to be president.

Posted on Apr 20, 2010 READ MORE


Obama
AP / Alex Brandon

The Sorry State of the Union

The state of the union is just miserable, no matter how President Obama sugarcoats it. He will claim that progress has been made in stabilizing the markets, increasing national security and advancing toward meaningful health care reform, but he will be wrong on all three counts.

Posted on Jan 27, 2010 READ MORE


Obama
bbc.co.uk

Obama Talks Tough on Banking Reform

In case you hadn’t noticed, not a heck of a lot has changed on Wall Street in the last year, despite various banking behemoths’ successful pleas for federal aid to float them out of the recession they were instrumental in creating. Well, that’s about to change—or so President Barack Obama says, at least. 

Posted on Jan 21, 2010 READ MORE


banking protest
AP / Mark Lennihan

Reich Urges Obama to ‘Take On Wall Street’

He’s not the only one saying this, but considering his background, Robert Reich is a pretty significant voice pointing out how, over a year since things went seriously south on Wall Street, “almost nothing has been done to prevent all hell from breaking loose again.”

Posted on Jan 13, 2010 READ MORE


Obama and banking leaders
AP / Susan Walsh

Obama to Banks: It’s Payback Time

On Monday at the White House, President Barack Obama reminded a group of big banking honchos (or “fat cats,” as he called them Sunday) about last year’s bailout and advised them to get busy helping the taxpayers who helped with their recovery. Well, good luck with that one.

Posted on Dec 14, 2009 READ MORE



Flickr / antiparticle

No Year-End Bonuses for Goldman Sachs Execs

Goldman Sachs has had a record year in terms of employee earnings—The Wall Street Journal says Goldman’s 31,000 worker bees brought in an average of more than $700,000 each in 2009—and that would be better news for the firm if it hadn’t been on the receiving end of major federal funding from last year’s bailout.

Posted on Dec 10, 2009 READ MORE


Timothy Geithner
Wikimedia Commons / Presidencia de la Nación Argentina

Geithner Gives TARP an Extension

The Troubled Asset Relief Program, otherwise known as TARP, was scheduled to expire at the end of this year, but Treasury Secretary Timothy Geithner told Congress on Wednesday that it’ll stick around until October 2010, partly as a precautionary measure in case of economic emergency and partly to help struggling homeowners, banks and small businesses.

Posted on Dec 9, 2009 READ MORE



speaker.gov

Put Your Money Where Your Jobs Aren’t

The president is so desperate for ways to fight unemployment he issued a call Thursday for “fresh perspectives and new ideas.” Well, Nancy Pelosi has some. The House speaker wants to spend some of that hot, hot TARP money on job creation. (continued)

Posted on Dec 3, 2009 READ MORE


Bank of America Set to Repay TARP Debt

Bank of America has been cleared by the U.S. government to repay the $45 billion in TARP funds it received last year at the height of the banking crisis, and BofA may be preparing to do so before 2009 comes to a close. That said, it’s not a foregone conclusion that the transaction will take place this month, even though the company has some built-in motivation to quickly make good on its payback promise.

Posted on Dec 2, 2009 READ MORE


Left, Right & Center

‘Left, Right & Center’: The Geithner-Summers Backlash; Is Palin Dangerous?

At long last, it seems that members of Congress, of left- and right-leaning persuasions alike, are harboring serious doubts about a couple of key players on President Barack Obama’s economic task force. The right-leaning Tony Blankley thinks that this signals the cyclical, and helpful, breakdown of hyper-partisanship on Capitol Hill. Meanwhile, Robert Scheer thinks Sarah Palin is still scary.

Posted on Nov 20, 2009 READ MORE



White House / Pete Souza

TARP on Steroids

The former financial executives inside the Obama administration have labeled their bill the “Financial Stability Improvement Act,” but it’s more like the 9/11 of bailouts.

Posted on Oct 29, 2009 READ MORE



about.com

TARP Turns Its Attention to Small Banks

The government-run TARP program is preparing to shift its focus from large banks—such as Citigroup, JPMorgan Chase and Bank of America—to smaller banks, noting that small businesses are still struggling to get access to credit.

Posted on Oct 23, 2009 READ MORE



blogspot.com

Obama Orders Salary Cuts

In a move to quell public outrage, President Obama has ordered the government’s “pay czar” to cut by 90 percent the multimillion-dollar salaries that executives of seven bank and auto companies are receiving, citing the fact that these firms are entirely dependent on U.S. taxpayer money for financial survival.

Posted on Oct 22, 2009 READ MORE


Geithner
AP / Gerald Herbert

Zooming In on the Year’s Biggest Hoax

Who are these people? I am not referring to the pathetic parents of “Balloon Boy,” whose fake drama I have been unable to escape while on the treadmill this week, thanks to my gym’s insistence on tuning its flat-screen TVs to Wolf Blitzer’s nonstop self-parody.

Posted on Oct 21, 2009 READ MORE


money bags
0-60mag.com

Federal Deficit Hits Record $1.42 trillion

If you thought last year’s federal budget deficit was pretty big, you were right—and it’s three times as big now! Thanks to the magic of the recession, as well as the government’s attempts to rescue various sectors of the economy (and throw money at others, or so it appeared), the deficit for the 12 months ending last month was a whopping $1.42 trillion.

Posted on Oct 16, 2009 READ MORE



pagetutor.com

Pox Americana: The Real Cost of Bailing Out Wall Street

In the 20th century, smallpox killed more people than all of that bloody century’s wars combined. It cost $300 million to eradicate the disease. What might have been achieved with the $4 trillion we gave Wall Street?

Posted on Oct 4, 2009 READ MORE



Flickr / respres

Not Really a Lifeline for Homeowners?

John Dunbar of the Center for Public Integrity has analyzed the Obama administration’s home loan modification program, which aims to keep troubled borrowers in their homes, and finds it “highly problematic.”

Posted on Sep 1, 2009 READ MORE



Flickr / respres

A Lifeline for Homeowners? Not Really

John Dunbar of the Center for Public Integrity has analyzed the Obama administration’s home loan modification program, which aims to keep troubled borrowers in their homes, and finds it “highly problematic.”

Posted on Sep 1, 2009 READ MORE


GS building
taisha.org

Big Money for Goldman Sachs

Fresh off the bailout, Goldman Sachs raked in $3.44 billion in net profit this quarter, beating analysts’ already high expectations, and the firm’s success will pay off for employees in the form of generous bonuses. Not surprisingly, pro-Goldman types think this is all good news.

Posted on Jul 14, 2009 READ MORE



Flickr / antiparticle

Goldman Sachs Execs Dumped Stock Like Crazy

Goldman Sachs is expected to announce a windfall quarter, thanks no doubt to billions in bailout money, but many people at the firm aren’t puffing their chests out. According to the Financial Times, Goldman executives dumped close to $700 million in stock between September 2008 and April 2009—after taxpayers came to the rescue.

Posted on Jul 13, 2009 READ MORE



AP photo / Brennan Linsley, pool

Foreclosure Fiasco

The Bush-Obama strategy of throwing trillions at the banks to solve the mortgage crisis is a huge bust. The financial moguls, while tickled pink to have $1.25 trillion in toxic assets covered by the feds, along with hundreds of billions in direct handouts, are not using that money to turn around the free fall in housing foreclosures.

Posted on Jun 24, 2009 READ MORE


Left, Right & Center

LRC: Iran on the Brink, Financial Regs, Health Care Snag

This week’s episode of “Left, Right & Center” takes a look at the doings in Iran and U.S. involvement there, with Truthdig Editor Robert Scheer recalling his interview of a CIA agent who said he organized the 1953 coup in that country. Other topics include two hot issues on the domestic side—U.S. regulatory proposals and health care.

Posted on Jun 19, 2009 READ MORE


Left, Right & Center

LRC: Iran, Big Bank Payback, Reregulation and Health Care

This week on “Left, Right and Center” the gang tackles three big questions: What do today’s Iranian elections mean in the polarized theocracy? What’s going on in the banking world and with the alleged TARP paybacks? And finally, given the partisan divide, will public health care ever become a viable option in the U.S.? Tune in to find out.

Posted on Jun 12, 2009 READ MORE


Sheila Bair
AP photo / J. David Ake

A Republican to Save Us

You probably don’t know much about Sheila Bair, but she is looking out for you, and that is why the big guys on Wall Street and their allies in the Obama administration are out to get her.

Posted on Jun 10, 2009 READ MORE



Flickr / The TruthAbout...

Some Banks to Repay Bailout Funds

Some of the country’s major banks are prepared to pay back money they borrowed under the TARP program, but don’t get too excited. The initial repayment is expected to be a meager $50 billion, which Timothy Geithner wants to inject right back into other troubled banks.

Posted on Jun 9, 2009 READ MORE


TARP hearing
AP photo / Pablo Martinez Monsivais

Thievery Under the TARP

We are being robbed big-time, but you can’t say we haven’t been warned. Not after the release Tuesday of a scathing report by the Treasury Department’s special inspector general, who charged that the aptly named Troubled Asset Relief Program is rife with mismanagement and potential for fraud.

Posted on Apr 22, 2009 READ MORE



NASA / U.S. Treasury

Treasury Covers for Stingy Banks

President Obama has said he doesn’t want public money going into a “black hole,” but his administration’s bank bailout looks more and more like an abyss of cosmic proportions. Not only are the bailed-out banks lending less than before, the Treasury Department appears to be engaging in creative math to obscure the gravity of the situation.

Posted on Apr 20, 2009 READ MORE



Flickr / stan

You Can’t Teach an Old Predatory Lender New Tricks

Like an abused spouse, America continues to stand by the banks, hoping they’ll change their ways. TARP funds were supposed to trickle down to the average taxpayer, but Congress is now investigating complaints that bailed-out banks such as Bank of America and Citigroup are jacking up interest rates and engaging in predatory lending.

Posted on Apr 13, 2009 READ MORE


The Best Investment Money Can Buy

In the last decade, the financial industry’s $5 billion investment in campaign contributions and lobbyists resulted in deregulation and boatloads of free money. By Bloomberg News’ account, $12.8 trillion worth of taxpayer loans, grants and guarantees—all to Wall Street.

Posted on Apr 10, 2009 READ MORE


The Nobelists vs. Obama and Geithner

The president’s plan to bail out the banks reveals a deference to the existing financial system that puts him at odds with Nobel Prize-winning economists Paul Krugman and Joseph Stiglitz.

Posted on Apr 2, 2009 READ MORE


Obama, Gensler and Tarullo
AP photo / Gerald Herbert

Obama’s Toxic Advisers

Bernie Sanders, the senator from Vermont who is independent in spirit as well as party label, has placed a hold on President Obama’s nomination of Gary Gensler to head the Commodity Futures Trading Commission. Sounds like a minor issue to get worked up about, but I see this appointment as further evidence that the president has entrusted his economic policy to the wrong people.

Posted on Mar 24, 2009 READ MORE


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