Breaking News? or simply Recycled with a twist? Bailout Overseer Says Banks Misused TARP Funds

[FrenchieCat]

Bailout Overseer Says Banks Misused TARP Funds
By Binyamin Appelbaum
Washington Post Staff Writer
Monday, July 20, 2009

Many of the banks that got federal aid to support increased lending have instead used some of the money to make investments, repay debts or buy other banks, according to a new report from the special inspector general overseeing the government's financial rescue program.

The report, which will be published Monday, surveyed 360 banks that got money through the end of January and found that 110 had invested at least some of it, that 52 had repaid debts and that 15 had used funds to buy other banks.
http://www.washingtonpost.com/wp-dyn/content/article/2009/07/19/AR2009071901770.html?nav=hcmodule

but is this really brand new news, or just old news made new because a report will
now be available?



Bail-Outrage: Misuse of Funds, Lack of Transparency a National Disgrace
Posted Nov 11, 2008 03:37pm EST
by Aaron Task in Newsmakers, Recession, Banking
http://finance.yahoo.com/tech-ticker/article/125352/Bail-Outrage-Misuse-of-Funds-Lack-of-Transparency-a-National-Disgrace?tickers=GS,MS,JPM,BAC,C,WFC,XLF




TARP funds misuse
12/29/08
http://activerain.com/blogsview/856477/tarp-funds-misuse



TARP bailout misused: Soros
Mon Jan 19, 2009 3:43pm EST
http://www.reuters.com/article/businessNews/idUSTRE50I4XZ20090119?feedType=RSS&feedName=businessNews



Banks Accused Of TARP Misuse
Berkeley, Calif.-based group tells Geithner and Bernanke that JPMorgan, Citi, BofA and Goldman are misusing TARP funds by financing Pfizer-Wyeth deal.

By Editorial Staff, American Banker
February 2, 2009
http://www.iddmagazine.com/news/189800-1.html

-----------------------------------

And so I wonder.....

Will the talking heads mention the fact that this report is dealing with TARP moneys
as administered by the Bush Administration through January, when they breathlessly report on this,
or will they allow the lines to be blurred via omission and let the Obama administration
take the heat by no mentioning the dates the report is dealing with?

Of course if the Media does the GOP's bidding, which it normally does,
this could result in a maneuver Brilliantly played by the GOP,
as it could hinder this President in gaining credibility just in time for
his big push on Health Care reform.

Politics is certainly a blood sport! Our Blood!

[vaberella]

1. What it does do is put the TARP Oversight Committee on the hot seat. n/t

[uponit7771]

2. Yeap, and get even more negative attention on GS et al. I think they've been extended to much trust

[FrenchieCat]

4. GS et al. were not in place until the very end of January...

Report is to the end of January.

[FrenchieCat]

3. Well.....

Paulson Misled TARP Oversight Committee, Says Watchdog Warren (VIDEO)
DATED FEB 6, 2009
http://www.huffingtonpost.com/2009/02/06/paulson-misled-tarp-overs_n_164589.html

[vaberella]

5. Nah....blame diversion. The OC should have been on top of that and

I'm actually surprised to find out that they answered to Paulson. They should be having direct dealings with the banks not through Paulson. Even if the OC says what it says that means that both the OC and Paulson are now in the hotseat. The Committee still has a lot to answer too and I want proof that Paulson misled them.