Flashback Video: Flashback: Paul Ryan Begs Nancy Pelosi To Pass TARP

A big government guy...

Flashback Video: Paul Ryan BEGS Congress to Pass TARP ( PATHETIC )

Is this really the right person to make Speaker?

Obama and Biden tout success of GM bailout, but GM is the biggest TARP laggard

Bank of America, Citigroup, Chrysler and Chrysler Financial have paid TARP off, but GM still owes taxpayers at least $25 billion.

Of the top bailout recipients, GM is the biggest laggard, the TARP watchdog says in his latest quarterly report to Congress. Bank of America, Citigroup, Chrysler and Chrysler Financial all have paid off their debt and left the TARP program. Even AIG has paid back more than 75% of what it owes taxpayers.

GM, on the other hand, still owes more than half the $50 billion in federal funds it received when the combination of the recession and its costly union contracts drove it into bankruptcy. And its lending arm, GMAC (now Ally Financial), still owes $14.5 billion.

Actually, GM may be deceiving us about what they claim to have paid off.

What's worse, it's not clear that GM actually repaid what it's gotten credit for repaying. Check out this note buried in the inspector's report: "As part of a credit agreement with Treasury, $16.4 billion in TARP funds were placed in an escrow account that GM could access only with Treasury's permission."

As it turns out, GM got Treasury's OK to "repay" more than $6.7 billion "using a portion of the escrow account that had been funded with TARP funds." So GM is merely paying the government back with government money, not money GM is earning selling cars, as the administration has claimed.

Inspector General for TARP: Taxpayers will actually lose $60 billion

The White house claims taxpayers will make $24 billion off the TARP bailout. The Tarp Inspector General has a different number.

The current estimate of the eventual loss that taxpayers will be left with from the Troubled Asset Relief Program (TARP) is $60bn, according to a report from the watchdog for the programme.

"It is a widely held misconception that TARP will make a profit," said Christy Romero, the inspector general for TARP.

Taxpayers are still owed $119bn from TARP, with the majority of that still tied up in the rescue of insurer AIG, carmaker General Motors and mortgage lender Ally Financial. The figure fell $133bn in January, according to the watchdog's quarterly report to Congress, as more banks have repaid the loans they received.

A reluctant Congress passed TARP in the autumn of 2008 as stock markets plunged, credit markets froze and America's financial system tottered. Federal Reserve chairman Ben Bernanke is said to have told a meeting of top Congressman that the country would not have an economy the next day if Congress did not find the votes needed.

Flashback: Obama Promised in ‘08 “every penny” of TARP would go back to taxpayers (video)

Then Senator Obama didn't want President Bush to have a blank check with the TARP funds. He promised “every penny” of TARP would go back to taxpayers. Of course, that promise has expired. Now, President Obama wants to spend the returned TARP money again.



Obama is such a liar.

Obama administration thinks they are above SCOTUS

The Obama administration filed legal papers with the Supreme Court arguing that the SCOTUS had no right to hear the Chrysler bankruptcy case filed by Indiana debt holders. The Obama administration thinks they can do what ever they want with Chrysler and TARP money. From SCOTUSBLOG:

The Obama Administration argued Monday that no court, including the Supreme Court, has the authority to hear a challenge by Indiana benefit plans to the role the U.S. Treasury played in the Chrysler rescue, including the use of “bailout” (TARP) funds. The Indiana debt holders, U.S. Solicitor General Elena Kagan wrote, simply have no right to raise that issue, thus putting it out of the reach of the courts.

The government’s brief opposing a plea to delay the Chrysler sale can be downloaded here. The main case at the Court is Indiana State Police Pension Trust, et al., v. Chrysler LLC (application 08A1096). (The other filings in the Chrysler proceeding before the Court, and this blog’s weekend coverage, can be found at this link.)(emphasis mine)

Nancy Pelosi wants more TARP money than the 700 billion already wasted

Do all our Congressmen and Congresswomen own bank stock? We have already committed 700 billion dollars to bail out banks and institutions posing as banks. House Majority Leader Nancy Pelosi doesn't think that will be enough. She is willing to spend waste more tax dollars. I warned that Barack Obama's Presidency would be the most expensive in history. Hold onto your checkbooks.

Pelosi signals willingness to add to TARP funds


WASHINGTON (Reuters) - U.S. House Speaker Nancy Pelosi said on Sunday the federal government may need to pump more taxpayer funds into the faltering banking system and that taxpayers should receive equity as compensation.

Pelosi told ABC's "This Week" program that "some increased investment" might be needed beyond the $700 billion approved last year under the Troubled Asset Relief Program, or TARP, to stabilize the nation's banks and get them to resume making loans. Excerpted from reuters.com