The Paulson/Bernanke Legacy: Criminals

I'll admit it was not just "Paulson and Bernanke."

There's Bush, Greenspan, Geithner the Hapless, and the vast majority of Congress, too...

Both from the Hotline and from other leads, SIGTARP has initiated, to date, almost 20 preliminary and full criminal investigations. Although the details of those investigations generally will not be discussed unless and until public action is taken, the cases vary widely in subject matter and include large corporate and securities fraud matters affecting TARP investments, tax matters, insider trading, public corruption, and mortgage-modification fraud

That's 20 investigations springing from less than 1 year of TARP funding, folks, according to the Inspector General/TARP.

How d'ya s'pose that could happen?

Treasury has indicated, however, that it will not adopt SIGTARP's recommendation that all TARP recipients be required to do the following:

• account for the use of TARP funds
• set up internal controls to comply with such accounting
• report periodically to Treasury on the results, with appropriate sworn certifications

In light of the fact that the American taxpayer has been asked to fund this extraordinary effort to stabilize the financial system, it is not unreasonable that the public be told how those funds have been used by TARP recipients. Treasury is now conducting regular surveys of the banks' lending activities; however, with the exception of Citigroup and Bank of America, Treasury has refused to seek further details on TARP recipients' use of funds.

The NYTimes (separately) published an article this AM which describes Geithner's 'unusually close and personal' relationships with New York bankers.

HT: Powerline