Posted by: tristar3research | February 2, 2009

About Time for Accountability

Following the pre Super Bowl interview, President Obama said effectively that banks can’t have their cake and eat it two. The proposed “guidelines” will be come clearer this week, but it’s unlikely that they will be retroactive to when the first TARP funds were released. The recent GAO report was highly critical of the lack of TARP transparency

. . But the real test is whether Special Prosecutor Neil Barofsky will get the means and power to investigate where the funds are going. SPECIFICALLY.

President Obama has asked Treasury Secretary Timothy Geithner to compile a set of guidelines for banks receiving taxpayers’ money. “If a bank or a financial institution is getting relief then they’ve got to abide by certain conditions,” he said in an interview with NBC News. The president has been critical of bank executives receiving bonuses despite taking government bail-outs. The president and Vice President Joe Biden are due to meet congressional leaders later on Monday to encourage them to move forward on an $800bn (£567bn) economic stimulus package.

President Obama increasingly concerned about TARP abuse

President Obama has been increasingly concerned about TARP abuse

Bailout funds will be conditioned by requirements that recipients ACTUALLY lend ! Thank you- let’s start with helping existing businesses get affordable lines of commercial credit.


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