The Treasury Department and the Federal Reserve lied to the American public last fall when they said that the first nine banks to receive government bailout funds were healthy, a government watchdog states in a new report released today. Full Story »
Posted by Michael Bugeja
Since the first two words in TARP are "troubled asset," and everybody has called that money "bailouts," I'd have thought most people assumed it was given to banks that were in trouble. So I'm not even sure why this merited a story.
The Bush administration wasn't transparent and truthful? Stop the presses! A real shocker. Almost as much breaking news as the linked story about allegations of financial bribery in Congress. Who would have ever thought such a thing?
I think this article is extremely relevant for us today because of the financial crisis. I had no idea that some government officials knew those banks were in financial trouble, and It's outrageous that someone knew and didn't do anything about it before the banks needed huge amounts of money. What I didn't understand is why this article said "the watchdog"- who or what is the source? Why can't the public have a name?
This breaking news story concerns lies that former Treasury Secretary Henry Paulson and the Federal Reserve made in reference to banks receiving taxpayer dollars. The banks were said to be sound, but were failing, and on the word of Paulson, the government acted, giving those institutions billions. In the end, as the story notes, it helped Wall Street, not Main Street.
If you read the series of reviews I did on TARP for NewsTrust, calling the program the "Traitorous American Robbery Program," you'll note how journalism--which this site stands for--could have come to the truth, if publishers didn't downsize the press corps. Instead, we learn about these things from government watchdogs rather than the public ones of the Fourth Estate.
“The lesson is straightforward,” the watchdog advises. “Accuracy and transparency will enhance the credibility of Government programs like More »
I am always in constant wondermnent about people on both sides when information likes comes out. Does anyone honestly believe Bush was telling the truth from the about Iraq? TARP is a scheme for financial power elites to support each other with the full complicity of political elites. Same thing with stimulus program and now with the healthcare program. Obama and the dems have done nothing - why becasue they are part of the system. You paid for SG $93 million bonus to a trader ... More »
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