The stage is being set for round two of TARP. But instead of just being upfront about the need for some more printed money, the administration has turned this charade into a full blown three ring circus. TARP 2.0 is now one step closer to lift off after a congressional panel revealed what anybody with a pulse knew months ago: not all of the $81 billion that went out the door to GM and Chrysler is likely to come back. And while improved disclosure is an absolute must when it comes to banks and the products they sell to individuals, the doctrine evidently has its limits when tens of billions of taxpayer dollars are being thrown about.
“Congress and ultimately the American taxpayer have been left in the dark concerning details of Treasury’s review process and its methodology and metrics at a time when Treasury committed additional TARP funds to these companies,” the panel said.
“The Treasury auto team failed to disclose to the public both the factors and criteria it used in its viability assessments, the scope of outside involvement in its evaluations, and its basis and reasoning for selecting particular benchmarks,” according to the report. “Simply, its disclosures did not go far enough.”
On the off chance the New GM fails to exceed its predecessor’s all-time market cap high (which would put the taxpayer investment at roughly break even), the bailout for the bailout appears more likely by the day.
this is the same team that declared a 17% return on Tarp 1 based on returns from the top percentile repayment. maybe they can structure that stuff and make some real money…
what about the guy from what was it, Capstone that did advisory on Chrysler and/or GM, vaguely remember (but too lazy to check) some controversy and “ambitious” assumptions there
What the fuck has the government ever done right?
Good luck with that health care plan Messiah Munchers.
@3 protected your dumb ass from the mongolians, kept you relatively healthy, kept you relatively safe, and kept the tax curve regressive.
you don’t actually expect more, now, do you?
you dumb fuck.
Pacino:
You know, when people tell me they hate the government, that the government never does anything right, that they wish the government would just leave them alone, I tend to wonder what fucking planet they live on.
Government is what cured polio. Government is what puts roads in your neighborhood. Government is what puts aircraft carriers on the Atlantic and Pacific and everywhere in between. Government is what keeps the godamned mongolian horde from your doorstep. Government is what puts police, on your street. Government is what puts firemen, in your burning house. Government is what provides teachers to teach your children things that weren’t even godamned known a decade ago. Government provides the paramedics, that bring you back to life. Government is what keeps missiles in the silos and boots on the ground so you and your children can grow up safe. Government is what cleans the shit that you defecated into the sewer system.
Hell, Government will even listen to your grievences. Government, will even let you VOTE.
And you tell me you want Government to leave you alone? To fend for yourself? You tell me you want Government to just go away? Who the fuck do you think you are? Living in the richest, most powerful, and wealthiest country that’s ever existed in the history of MANKIND and you have the fucking nerve to tell me that Government hasn’t done shit for you?
Well, FUCK YOU.
Pacino, out.
Not all that concerned with Mongolians near term. Somewhat more concerned with Muslims.
You know, the religion of peace that is trying to kill us all.