When it comes to TARP the Government Accountability Office is like that annoying acquaintance that everyone tries to ditch; it just won’t shut up. You see, the 2008 legislation that authorized TARP also authorized the GAO to write a progress report on the bailout program every two months. It doesn’t always make for pleasant reading. Continue Reading
Every 60 days the Government Accountability Office issues a report on the various TARP programs. Each report looks at how the Office of Financial Stability, the body currently overseeing all TARP programs, is performing on a given metric. The latest report looks at the estimated lifetime costs to U.S. taxpayers of the programs still in operation, and also at how the Treasury communicates these costs to the public. As for this latter question the short answer is: very selectively, indeed.
The following are some notable facts re the lifetime costs for some of the programs that are still up and running. Continue Reading
Until then, have a look at the top 10 FA stories from 2011. Happy New Year to you and yours!
10. Notes on global wealth. We learned some interesting things from Credit Suisse’s Global Wealth Report.
9. No time for tax reform. The tax code is “riddled with special preferences”, says one who should know — Tim Geithner, U.S. Treasury Secretary.
8. Black Friday, television and debt. The holiday season is a good time to look at whether television ads caused us to take on more debt. A study from 2009 says that they did.
7. What’s underneath the $470 billion TARP? Be prepared to throw up a little after reading the Government Accountability Office’s annual audit on TARP.
6. Greek CDS shenanigans. How to avoid calling a spade a spade.
5. What the top 1% doesn’t want you to know. Up until now a lot of the dialogue has been around hurt feelings and hypotheticals. Here’s what’s really revealing.
4. OWS? Here’s who the banks should really be scared of. We should be paying attention to another fast-spreading movement that can do a lot more direct damage to the big banks.
2. AIG chairman says that you just don’t get it. Steve Miller is the chairman of AIG, which received bailouts totaling $69.8 billion in taxpayer money. Which has not been fully repaid. Here’s what Steve said recently.
And our #1 story of the past year was… Continue Reading
Check out our top stories from the past (holiday-shortened) week and see our surprising GIF of the week after the jump!
- What’s underneath the $470 billion TARP? Last week’s publication of the annual TARP audit left many troubling questions.
- Black Friday, television and debt. Black Friday is a good time to look at whether television caused Americans to take on more debt. A study from 2009 says that it did.
- Catfights breaking out over Greek bond swap. Felix Salmon takes issue with the New York Times’ Gretchen Morgenson & her latest article on the Greek bond swap. Is he missing the point?
- Hard lessons from banking layoffs. A few articles have been written recently about the individual experiences of the most recent round of banking layoffs. Continue Reading
The Office of Financial Stability is the Guardian of the TARP. OFS is the U.S. Treasury office that oversees the $470 billion bailout programs passed in those terrible days of 2008 and 2009.
The Emergency Economic Stabilization Act of 2008 requires that the Government Accountability Office perform yearly audits of the OFS and the bailout programs it oversees. Last week the GAO published its report on OFS’ 2010 and 2011 fiscal years. Continue Reading