Timothy Geithner testifies before Congress - US politics live

Jul 25, 2012 Full story: The Guardian 18

First question for Geithner: When did you alert the US Treasury and the DoJ of the possibility that Libor was being rigged, and to whom did you state those concerns? Geithner says in 2008, Euro banks had a tough time raising dollars and there was pressure to misreport.

Full Story

“Truth to Power!”

Since: Apr 07

Baltimore, MD

#1 Jul 25, 2012


"I am Not a Crook! I just Cheated on My Taxes and Allowed the Greatest Financial Fraud to Happen right under my Nose as the NY Fed Chief."

- Tim Geithner

“Truth to Power!”

Since: Apr 07

Baltimore, MD

#2 Jul 25, 2012

Geithner 'deeply offended' by charges in new book


Jul 24, 2012
By Aamer Madhani,
USA TODAY

Treasury Secretary Timothy Geithner said he is "deeply offended" by an assertion in a new book that he is too cozy with some of the country's biggest financial institutions and mishandled the $700 billion Troubled Asset Relief Program bailout fund.

In an interview last night with Charlie Rose for CBS News, Geithner slammed Neil Barofsky, the former inspector general of TARP, who offers an unflattering critique of Geithner in his book, Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street.

Barofsky argues in his book that TARP was supposed to be a program that was to help Main Street and bolster the economy but was ultimately hijacked by the interests of Wall Street.

As President Obama aides designed the financial rescue plan early in the administration, Geithner opposed imposing tough conditions on financial institutions that received bailout funds.

Barofsky charges that Geithner oversaw and shaped a policy that saw the nation's largest banks get bigger and even more powerful.

Asked by Rose about the Barofsky book and the suggestion that he was too close to the banks as a result of his time heading the New York Federal Reserve, Geithner pushed back.



http://content.usatoday.com/communities/theov...

“Truth to Power!”

Since: Apr 07

Baltimore, MD

#3 Jul 25, 2012
TARP Chief Slams Geithner



Asked by Rose about the Barofsky book and the suggestion that he was too close to the banks as a result of his time heading the New York Federal Reserve, Geithner pushed back.

"You know, I'm deeply offended by that," Geithner said. "I find that deeply offensive. You know, it's the result of a urban myth.… A lot of people thought and wrote in publications of record that I spent my life at Goldman Sachs rather than as a public servant, which is what I'd done with my life. A lot of people thought the Federal Reserve Bank of New York was a bank — a private bank — rather than the fire station of the financial system."

Geithner has never worked at Goldman Sachs, but he's been incorrectly cited in the media as having worked for the investment bank during his time in the Obama administration.

On Twitter, Barofsky wrote today he never accused Geithner of spending years at Goldman Sachs.

"Geithner resorts to straw men," Barofsky wrote on Twitter.


http://content.usatoday.com/communities/theov...

“Truth to Power!”

Since: Apr 07

Baltimore, MD

#4 Jul 25, 2012


Timothy Geithner's Treasury Department Ignored Warnings Of Mortgage Fraud: Book

Posted: 07/20/2012

If the Obama administration's mortgage-relief program has been a bit of a flop, it didn't have to be so.

In a new book, TARP's former inspector general claims that he warned Timothy Geithner's Treasury Department repeatedly that the mortgage program, HAMP, was a disaster waiting to happen. Instead of listening, he says, Geithner plowed right ahead with it, to serve the banks.

Neil Barofsky, the congressionally appointed watchdog for the Troubled Asset Relief Program, which pumped $700 billion to banks, auto makers and homeowners after the crisis, argues in the book that the Home Affordable Modification Program introduced in early 2009 was poorly thought out and executed, opening the door for abuse.

"The hurried rollout of HAMP would soon bring with it a rash of misconduct and criminal activity," Barofsky writes. "Treasury's bungling of HAMP and its refusal to heed our warnings and those of other TARP oversight bodies resulted in the program harming many of the people it was supposed to help."

As it turned out, the main beneficiaries of the mortgage program were the banks -- a repeated theme in Barofsky's book, "Bailout: An Inside Account Of How Washington Abandoned Main Street While Rescuing Wall Street," a copy of which was obtained before its release by The Huffington Post. The book is fairly blistering in its assessment of the Treasury Department's handling of the bailouts, saying Geithner & Co. consistently took pains to avoid causing problems for the banks, often at the expense of homeowners and taxpayers.

"We haven't seen the book, but we wish Mr. Barofsky well," said Treasury spokesman Matt Anderson, in response to a request for comment.

Even without Barofsky's charges, HAMP has widely been viewed as disappointing. It has given permanent relief to nearly 1 million homeowners, but that is well shy of the 3 to 4 million it was intended to help. More borrowers have had their modifications canceled than are still in the program. The program has been riddled with some of the servicer abuse and incompetence Barofsky says he saw coming.

In fact, a new Government Accountability Office report about TARP released on Thursday agrees with many of Barofsky's assessments of HAMP. The program hasn't reached nearly as many people as intended, the GAO found, and Treasury has failed to properly assess risks or ensure transparency in the program.



http://www.huffingtonpost.com/2012/07/20/timo...




Yet ANOTHER OBAMA FAILURE!



“Truth to Power!”

Since: Apr 07

Baltimore, MD

#5 Jul 25, 2012



Mortgage Relief My Azz! Why Obama and Geithner SUCK



Barofsky's concerns about HAMP began when he watched a "twitchy, sweaty and obviously nervous" Geithner announce only bare-bones information about the program, as part of a broader new bailout plan, in February 2009 -- a dismal performance by Geithner that caused the stock market to tumble that day.

"The markets were hoping for detailed programs, and they expressed their disappointment with Geithner's vacuous speech with a large sell-off," writes Barofsky, 42, a former Manhattan federal prosecutor. A self-described Democrat who donated to President Obama's 2008 campaign, he was appointed by President George W. Bush.

Further details of the mortgage plan were painfully slow in coming.

"That became Treasury's modus operandi," writes Barofsky. "[F]irst, announcements intended to 'shock and awe' the media that made for good sound bites but were not particularly well thought out; then, weeks later, scattered and incomplete details that had to be reworked on the fly. And finally, poor program execution that accomplished little, if any, of the originally announced goals."

The few details that did come to light troubled Barofsky. The program was essentially going to be operated by mortgage servicers, who were not prepared to handle millions of modifications. They also had no incentive to help homeowners, according to Barofsky, because in a foreclosure they get their fees before anybody else. Barofsky worried this conflict of interest would "cripple" the mortgage plan.


http://www.huffingtonpost.com/2012/07/20/timo...

“Truth to Power!”

Since: Apr 07

Baltimore, MD

#6 Jul 25, 2012

Obama's Mortgage Relief Failure


Barofsky also worried that the program did not include "tight underwriting standards, such as requiring written verification of borrowers' residence and income." He thought mortgage servicers would "try to collect payments for loans that either did not exist or that were so deeply in default that they had no chance of qualifying for the program." And he feared homeowners could fall prey to "fraudsters, who would charge struggling borrowers large up-front fees in return for empty promises" of mortgage help.

On Feb. 26, 2009, Barofsky says, after getting no response from Treasury officials about his concerns, he sent Treasury official Neel Kashkari a set of recommendations for protecting homeowners. Kashkari, another holdover from the Bush administration, said Treasury considered itself advised. "Several" of those recommendations weren't included, however, and Barofsky says the fraud soon followed.

"After just a few months, we were already seeing a rash of just the kinds of abuses we had feared," he writes.

In response to homeowner complaints about mortgage servicers, Treasury "demonstrated no interest in taking even the most modest steps to punish them," Barofsky writes. "That was unconscionable, given the pain being inflicted on so many home owners."

In a meeting with Geithner -- this one involving fewer f-bombs than others -- Barofsky says he finally realized the root of the Treasury Department's apparent lack of interest in helping homeowners: They apparently had another goal in mind.


http://www.huffingtonpost.com/2012/07/20/timo...

“Truth to Power!”

Since: Apr 07

Baltimore, MD

#7 Jul 25, 2012

Tim Geithner & Barack Obama: A Banksters Best Friend


"In defense of the program, Geithner finally blurted out,'We estimate that they can handle ten million foreclosures, over time,' referring to the banks.'This program will help foam the runway for them.'"

To Barofsky it seemed that Geithner saw HAMP mainly as a way to stretch out the foreclosure process, giving banks time to recover from the crisis without having to be hit with a wave of foreclosures all at once.

"Helping the banks, not home owners, did in fact seem to be Treasury's biggest concern," Barofsky writes. "HAMP was not separate from the bank bailouts; it was an essential part of them."

http://www.huffingtonpost.com/2012/07/20/timo...

Since: Nov 08

Location hidden

#8 Jul 25, 2012
........liberals always have to create a villian to fight their battles, they can't do it on their own merits.

“Truth to Power!”

Since: Apr 07

Baltimore, MD

#9 Jul 25, 2012


Tim Geithner's Baby: TARP



Here's A Paragraph That Tim Geithner Doesn't Want You To Read


Joe Weisenthal
April 25, 2012|

The latest report from the TARP inspector general is out, and the very first paragraph takes aim at the idea that TARP was a money-maker for U.S. taxpayers:


"After 3½ years, the Troubled Asset Relief Program (“TARP”) continues to be an active and significant part of the Government’s response to the financial crisis. It is a widely held misconception that TARP will make a profit.

The most recent cost estimate for TARP is a loss of $60 billion.

Taxpayers are still owed $118.5 billion (including $14 billion written off or otherwise lost). But the analysis should not be focused alone on money in and money out.

TARP’s costs and legacies involve far more than just dollars and cents. Using a microscope to narrowly focus on the profit or loss of TARP risks losing sight of the bigger picture of whether TARP has been successful in meeting its goals and whether lessons learned from the financial crisis have been adequately implemented so that Treasury, banking regulators, and Congress do not find themselves in the position of rushing out another massive bailout of the financial industry, i.e., TARP 2.0.

Read more: http://articles.businessinsider.com/2012-04-2...


“Truth to Power!”

Since: Apr 07

Baltimore, MD

#10 Jul 25, 2012


TARP and the Incompetence of Tim Geithner


By Big Tent Democrat,
Section Economy
Mon Jul 23, 2012


Neil Barofsky:

In the year since I stepped down as the special inspector general of the Troubled Asset Relief Program, the sadly predictable consequences of the government’s disparate treatment of Wall Street and Main Street have only become worse. As the banks amass size and power, Main Street continues to get pummeled.

Part of the current economic malaise can be traced directly to Treasury’s betrayal of its promise to use TARP to “preserve homeownership.” The Home Affordable Modification Program has brought little meaningful improvement, with fewer than 800,000 ongoing permanent modifications as of March 31, 2012, a number that is growing at the glacial pace of just 12,000 per month.

What Barofsky said. Tim Geithner is a corrupt incompetent. If Obama loses, Geithner will be one of the main reasons why.

“i hope we can change this!”

Since: Aug 08

usa

#12 Jul 25, 2012
this whole obama circus is making nixon look like a boy scout...
Dan Salazar

Long Beach, CA

#13 Jul 25, 2012
Geithner is so arrogant, insulting, smug, and ill mannered. He is as egotistical and pompous as Pelosi or Obama. These people act like Nazi's in the Third Reich.
I can't believe Americans don't demand that these people be thrown out of Office immediately.

Since: Feb 07

Location hidden

#14 Jul 25, 2012
Calling anyone a TARP Baby can be a slur.
The laughing liberal wrote:
Tim Geithner's Baby: TARP
Here's A Paragraph That Tim Geithner Doesn't Want You To Read
Joe Weisenthal
April 25, 2012|
The latest report from the TARP inspector general is out, and the very first paragraph takes aim at the idea that TARP was a money-maker for U.S. taxpayers:
"After 3½ years, the Troubled Asset Relief Program (“TARP”) continues to be an active and significant part of the Government’s response to the financial crisis. It is a widely held misconception that TARP will make a profit.
The most recent cost estimate for TARP is a loss of $60 billion.
Taxpayers are still owed $118.5 billion (including $14 billion written off or otherwise lost). But the analysis should not be focused alone on money in and money out.
TARP’s costs and legacies involve far more than just dollars and cents. Using a microscope to narrowly focus on the profit or loss of TARP risks losing sight of the bigger picture of whether TARP has been successful in meeting its goals and whether lessons learned from the financial crisis have been adequately implemented so that Treasury, banking regulators, and Congress do not find themselves in the position of rushing out another massive bailout of the financial industry, i.e., TARP 2.0.
Read more: http://articles.businessinsider.com/2012-04-2...

“Yeah, but...”

Since: Sep 11

MILKY WAY

#15 Jul 25, 2012
The laughing liberal wrote:
Geithner 'deeply offended' by charges in new book
Jul 24, 2012
By Aamer Madhani,
USA TODAY
Treasury Secretary Timothy Geithner said he is "deeply offended" by an assertion in a new book that he is too cozy with some of the country's biggest financial institutions and mishandled the $700 billion Troubled Asset Relief Program bailout fund.
In an interview last night with Charlie Rose for CBS News, Geithner slammed Neil Barofsky, the former inspector general of TARP, who offers an unflattering critique of Geithner in his book, Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street.
Barofsky argues in his book that TARP was supposed to be a program that was to help Main Street and bolster the economy but was ultimately hijacked by the interests of Wall Street.
As President Obama aides designed the financial rescue plan early in the administration, Geithner opposed imposing tough conditions on financial institutions that received bailout funds.
Barofsky charges that Geithner oversaw and shaped a policy that saw the nation's largest banks get bigger and even more powerful.
Asked by Rose about the Barofsky book and the suggestion that he was too close to the banks as a result of his time heading the New York Federal Reserve, Geithner pushed back.
http://content.usatoday.com/communities/theov...
Geithner's deeply offended?

Well I'm deeply offended by a tax cheat telling me I don't pay enough taxes!

The nerve of Obama's guys! Really!

Since: Feb 07

Location hidden

#16 Jul 25, 2012
(smile)
Gravediggers

United States

#17 Jul 25, 2012
Never forget that Geithner cheated on his taxes

http://www.washingtonpost.com/wp-dyn/content/...

A TAX CHEAT running Treasury! Typical Obama appointee.
Curtis Lowe

San Antonio, TX

#18 Jul 26, 2012
Face it people. Obama, Geithner, Bernanke, and the IRS have us by the short hairs and we have no real freedoms at all. Thank you Woodrow Wilson and FDR you goddamned dickheads!
BoB

Bedford, OH

#20 Jul 26, 2012
It was Turbo Taxes FAULT!!!

Even-though, I was told 3 times during the year, I HAD TO PAY MY TAXES (with a check from the employer (which is that not also considered income, that TAXES need to be paid on???)), Turbo Tax didn't tell me!!!

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