Two in a row HT's to Bayou (see below for #1). This one's on TARP, the $700Bn that TurboTaxTimmy and GWBush flushed into the sewer system known as "The Banks."
...We gave it to the banks. But no one knew what they did with it. I
proposed to Tim Geithner that we find out. He was outraged. He cursed
me out, using the F-word. He said it would bring the whole banking
system down, if I asked.
"I went ahead and sent out a letter. I didn't really have the
authority or the staff to insist. But all of the big banks wrote back.
And most of them gave me dodgy responses or gave me the brush-off.
"What did they do with the money? They were supposed to increase
lending to help bring about a recovery. None of them did that....
Thus spake Barofsky, the (former) Inspector General of Treasury.
By the way--the actual exposure from TARP is well into the trillions of dollars, not "$700 Billion."
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