Where did all the money go?

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    Oct 02, 2009 3:56 AM GMT
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    Oct 05, 2009 1:28 AM GMT
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    Oct 05, 2009 1:32 AM GMT
    Does the Federal Reserve manipulate the stock market?

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    Oct 05, 2009 1:33 AM GMT
    It's amazing that the people who are supposed to know where the money went, don't.

    And yet they have their jobs....
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    Oct 05, 2009 1:50 AM GMT
    The problem isn't that NO ONE knows where the money went, it's that a FEW people know, because a FEW people decide, and have made it so that NO ONE else is ALLOWED to know.

    Neil Barofsky, special inspector general for the Treasury’s Troubled Asset Relief Program (TARP, the overall bailout/stimulus program), said, "U.S. taxpayers may be on the hook for as much as $23.7 trillion to bolster the economy and bail out financial companies." He added, "“TARP has evolved into a program of unprecedented scope, scale and complexity."
    http://www.bloomberg.com/apps/news?pid=20601087&sid=aY0tX8UysIaM

    The Financial Times reported further on Barofsky's claims:

    He added in his own report to Congress that “disagreements remain” between the office of the special inspector-general for the troubled asset relief programme (Sigtarp) and Treasury over a scheme to shift toxic assets and that there were “fundamental vulnerabilities . . . relating to conflicts of interest and collusion, transparency, performance measures, and anti-money laundering”.
    http://www.ft.com/cms/s/0/ab533a38-757a-11de-9ed5-00144feabdc0.html

    In a special report, Barofsky recommended to the Treasury, "that it do more to reveal how TARP money is being spent. Treasury has adopted some of its recommendations, but rejected others — including one of the most important: Giving taxpayers precise details on how TARP funds have been used by banks."

    "Barofsky's office has long advocated that the Treasury require banks to detail how the TARP money they've received has been used. The department has refused, saying that once an investment is made in a big bank, it's not possible to track how it's used. Barofsky's office rejected that assertion, and did its own survey of 360 institutions, finding that most could say how they'd used the money."
    http://news.yahoo.com/s/mcclatchy/20090809/pl_mcclatchy/3286769
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    Oct 05, 2009 5:48 AM GMT