According to a 250-page report submitted to Congress by Neil Barofsky, the Special Inspector General in charge of oversight of the Troubled Asset Relief Program (TARP), the Ben Bernanke-led Federal Reserve and the Timothy Geithner-led US Treasury Department are obstructing justice by not cooperating with efforts to maintain transparency in the federal government’s economic bailout program.
Whether this obstruction could lead to prosecution is unknown, but Bernanke and Geithner are playing with fire because Barofsky is the only one of three monitors over the TARP program that has the authority to file criminal charges and has already successfully filed against a Tennessee banker who received TARP funds. That banker pled guilty in April.
Barofsky does not have to go to the Justice Department as his office has authority to file criminal charges without first obtaining approval from the US Attorney General Eric Holder.
When the US Treasury Department was not transparent about who received funds under the TARP program, Barofsky threatened to obtain information directly from banking institutions. Geithner argued that such an accounting was impossible and impractical, if not even impossible, and would be a waste of time.
Barofsky went around the US Treasury Department and The Federal Reserve and surveyed 364 financial institutions directly. The results of Barofsky’s survey and other tips received over a fraud hotline have resulted in 35 criminal investigations which are now underway.
The big question is whether names like Hank Paulson, former head of the Treasury, or Geithner, the current US Treasury chief, or the Federal Reserve’s Bernanke, are on Barofsky's list.
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None of them will be charged with anything because that's how the bigwigs in charge do around here. They do whatevah' they want.
ReplyDeleteBTW, swine flu is 'picking up steam' according to CDC so you can expect come september/october there's going to be a 'mandatory flu vaccine' which will contain squalene, which causes gulf war syndrome.
The criminals will be charged about the same time as GWB, Cheney, and B.O.
ReplyDeleteImportant puppets get immunity for life.
I think these people mentioned in the post, will be charged with crimes on or about the 15th of Never.
ReplyDeleteI took my sister on a sight-seeing trip to DC yesterday. I introduced the Fed Res as "the home of the greatest criminals ever", the Treasury as "Second place" and the congressional bldg as "the biggest collection of thieves you'll ever see outside of a prison". She thinks I should start a DC Criminals tour, but that would take more than 90 minutes...
ReplyDeleteWhen Bernie Maddoff did it he was dragged to jail simply because he is not part of the top criminal mafia (government).
ReplyDeleteIf he was a paid-for elected official there would be no problem at all. Or if he let the mob have their cut, if he bought off the right people - ahem - if he did a "Goldman Sachs" - then again no problem.
I have to hand it to America. It simply is getting reamed from every angle but just won't die yet.
The looting of the Treasury, sabotage from every point N,S,E and West. Like an car that had its oil drained from the engine and it is still driving down the highway refusing to seize up.
So if we wanted to shake the economy to the very bone and totally disrupt what people thought of it we could:
ReplyDelete1. Have the Secretary of the Treasury appear on camera on National TV and get down on one knee to the Speaker of the House and with a glim face and hat in hand, appear to beg the Speaker to consider with all haste to pass a bill to up-pump billions into the economy based on his three page statement.
2. Have the Chairman of the Fed to appear on C-Span day after day and promote "It's bad but we got a handle on it" speeches that instill in American minds that "Its going to be allright let him do whatever he needs to".
3. Then have a near fist-fight among the Congress about whether or not to pass this bill and have the resistant Congressmen/Women appear on TV bad-mouthing it all, yet going straight to the desk to vote it in.
4. Coin a phrase on MSM about the "Pain felt on Wallstreet and Mainstreet".
5. Tighten credit so tight that untold employers cant get Operational Funds and are forced to lay off thousands.
6. We could pull this off say around 15 Sep 08, which would kill the Holiday Season Retail Business and drive out hundreds of businesses, both large and small creating even more layoffs.
7. Then we could bundle up billions in what we will call TARP funds and hand it out to whomever we choose.
8. In 2009 we can insist that things are "improving" . We can coin another phrase "green shoots" are appearing. This buys us time.
9. In late summer we can run up the Markets.
We can buy in low and get out quick with the run up.
10. September/October 2009 we can do a S**T hits the Fan scenario in the Markets and totally wipe out the US Economy once and for all.
Bernie Lomax starring as the US Economy.
ReplyDeleteThe article: Ben "Systemic Risk" Bernanke proves that Bernanke knowingly maintained a strict monetary policy long after he knew of the sub prime problem as he knew it would cause of the "Depression".
ReplyDeleteIt shows that he probably engineered it on purpose!
If you want to sleep tonight, Don't Read It!
"In contradiction to the prevalent view of the time, that money and monetary policy played at most a purely passive role in the Depression, Friedman and Schwartz argued that "the [economic] contraction is in fact a tragic testimonial to the importance of monetary forces" (Friedman and Schwartz, 1963, p. 300).
.....
The slowdown in economic activity, together with high interest rates, was in all likelihood the most important source of the stock market crash that followed in October.
In other words, the market crash, rather than being the cause of the Depression, as popular legend has it, was in fact largely the result of an economic slowdown and the inappropriate monetary policies that preceded it.
Of course, the stock market crash only worsened the economic situation, hurting consumer and business confidence and contributing to a still deeper downturn in 1930."
Governor Ben S. Bernanke
Money, Gold, and the Great Depression.
At the H. Parker Willis Lecture in Economic Policy, Washington and Lee University,
Lexington, Virginia.
March 2nd, 2004
You can read also: Preparing for the Crash, The Age of Turbulence Update: 22/07/09., which tries to accomplish Greenspan Mission Impossible:
That is mission impossible. Indeed, the international financial community has made numerous efforts in recent years to establish such oversight, but none prevented or ameliorated the crisis that began last summer. Much as we might wish otherwise, policy makers cannot reliably anticipate financial or economic shocks or the consequences of economic imbalances. Financial crises are characterised by discontinuous breaks in market pricing the timing of which by definition must be unanticipated - if people see them coming, then the markets arbitrage them away."
Alan Greenspan
The Age of Turbulence: Adventures in a New World [Economic Order?].
Plea for a New World Economic Order. explains the nature and causes of economic depressions and proposes a plausible alternative solution.
I think the only people who don't understand are those in power. They say Canada is six months or a year behind US consciousness but the US legislature is not even aware of the US consciousness.
ReplyDeletescary
ReplyDeleteA New World Economic Order is the EXACT thing we need to avoid. That's one of the goals of the elite.
ReplyDeletehi..Because we have similar content, why not we linking our blog together in form of reciprocal link. I will add your blog in My Friends section at my left sidebar. If you have suggestion please mail me.
ReplyDeleteErrr...not the admin here...but I looked at 'depression manage' blogspot and that's about managing the emotional illness called 'depression'.
ReplyDeletePerhaps there is a link here....I don't know.
*Strange Happy Face*
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