Lawmakers Grill Kashkari on Changes in TARP Plan

[D-Mack]

NOVEMBER 14, 2008, 2:11 P.M. ET

Lawmakers Grill Kashkari on Changes in TARP Plan
By MICHAEL R. CRITTENDEN


WASHINGTON -- U.S. lawmakers kept up the criticism of the Treasury Department's management of the $700 billion financial rescue plan on Friday, accusing officials of being disingenuous in the way they sold the program to Congress.

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Lawmakers were especially critical of Treasury Secretary Henry Paulson's announcement earlier this week that the $700 billion rescue plan likely wouldn't be used to purchase troubled assets from financial institutions. When conceived during negotiations between Treasury and lawmakers, the plan originally was to have the federal government buy up the assets in order to unfreeze credit markets.

"I think it's fairly obvious that Congress would have never passed the [rescue plan] had it known how Treasury would marshal the resources it was given," Rep. Dennis Kucinich (D., Ohio) chairman of the subcommittee, said during his opening remarks.

Treasury's actions to help homeowners were also a source of criticism. Kucinich accused Paulson of taking scissors to the legislation that authorized the $700 billion, cutting out the section that requires Treasury to use the program to achieve the goal of reducing foreclosures.

...

oh, they lied:p

[FRED]

Re: Lawmakers Grill Kashkari on Changes in TARP Plan

NOVEMBER 14, 2008, 2:11 P.M. ET

Lawmakers Grill Kashkari on Changes in TARP Plan
By MICHAEL R. CRITTENDEN


WASHINGTON -- U.S. lawmakers kept up the criticism of the Treasury Department's management of the $700 billion financial rescue plan on Friday, accusing officials of being disingenuous in the way they sold the program to Congress.

.....

Lawmakers were especially critical of Treasury Secretary Henry Paulson's announcement earlier this week that the $700 billion rescue plan likely wouldn't be used to purchase troubled assets from financial institutions. When conceived during negotiations between Treasury and lawmakers, the plan originally was to have the federal government buy up the assets in order to unfreeze credit markets.

"I think it's fairly obvious that Congress would have never passed the [rescue plan] had it known how Treasury would marshal the resources it was given," Rep. Dennis Kucinich (D., Ohio) chairman of the subcommittee, said during his opening remarks.

Treasury's actions to help homeowners were also a source of criticism. Kucinich accused Paulson of taking scissors to the legislation that authorized the $700 billion, cutting out the section that requires Treasury to use the program to achieve the goal of reducing foreclosures.

...

oh, they lied:p

Here's the video:

[GRG55]

Re: Lawmakers Grill Kashkari on Changes in TARP Plan

Apologies if someone has already posted this. metalman's "all puked out" comment comes to mind when I read this stuff...

Hartford, Lincoln, Genworth Buy S&Ls, May Gain Treasury Funds

By Andrew Frye

Nov. 15 (Bloomberg) -- Hartford Financial Services Group Inc.,Genworth Financial Inc. and Lincoln National Corp. plan to buy lenders, a move that may entitle the insurers to billions of dollars from the Treasury's bank rescue fund.

Hartford, which posted a $2.6 billion third-quarter loss, jumped 21 percent in New York trading after agreeing to buy Sanford, Florida-based Federal Trust Corp. for $10 million. That may allow the insurer to convert to a savings-and-loan holding company and qualify for $1.1 billion to $3.4 billion from the Treasury, according to a company statement yesterday.

Genworth and Lincoln also sought recognition as S&L holding companies as they seek to buy thrift institutions in Minnesota and Indiana...

..."Wave a wand and suddenly Hartford is not an insurance company but a bank -- it's voodoo,'' said Jim Glickenhaus, who helps manage $2 billion at Glickenhaus & Co. in New York. Treasury and lawmakers ``need to take a deep breath and see what they're doing.''...

[Rajiv]

Re: Lawmakers Grill Kashkari on Changes in TARP Plan

Here is Kucinich and Kashkari

[pwcmba]

Re: Lawmakers Grill Kashkari on Changes in TARP Plan

Was Kucinich saying that the voters with their overwhelming opposition to this bailout knew better than congress?