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Politics : President Barack Obama -- Ignore unavailable to you. Want to Upgrade?

To: ChinuSFO who wrote (104930)	11/28/2011 8:46:35 PM
From: steve harris	Read Replies (2) \| Respond to of 149317

In Elizabeth Warren's own words: zimbio.com en.wikipedia.org TARP Troubled Asset Relief Program Purpose TARP allows the United States Department of the Treasury to purchase or insure up to $700 billion of "troubled assets," defined as "(A) residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before March 14, 2008, the purchase of which the Secretary determines promotes financial market stability; and (B) any other financial instrument that the Secretary, after consultation with the Chairman of the Board of Governors of the Federal Reserve System, determines the purchase of which is necessary to promote financial market stability, but only upon transmittal of such determination, in writing, to the appropriate committees of Congress." [4] But hold the phone, that was thrown out AFTER TARP was approved by Congress. Timeline of changes to the initial program On October 14, 2008, Secretary of the Treasury Paulson and President Bush separately announced revisions to the TARP program. The Treasury announced their intention to buy senior preferred stock and warrants from the nine largest American banks. The shares would qualify as Tier 1 capital and were non-voting shares. To qualify for this program, the Treasury required participating institutions to meet certain criteria, including: "(1) ensuring that incentive compensation for senior executives does not encourage unnecessary and excessive risks that threaten the value of the financial institution; (2) required clawback of any bonus or incentive compensation paid to a senior executive based on statements of earnings, gains or other criteria that are later proven to be materially inaccurate; (3) prohibition on the financial institution from making any golden parachute payment to a senior executive based on the Internal Revenue Code provision; and (4) agreement not to deduct for tax purposes executive compensation in excess of $500,000 for each senior executive." [10] The Treasury also bought preferred stock and warrants from hundreds of smaller banks, using the first $250 billion allotted to the program. [11] The first allocation of the TARP money was primarily used to buy preferred stock, which is similar to debt in that it gets paid before common equity shareholders. So we went from selling an idea of helping people that Congress passed, to the implementation of bailing out banks, propping up their stocks, and rewarding their executives who got caught with their pants down after successfully screwing consumers. Everyone involved in implementing the TARP fund for purposes not approved by Congress should be in jail. I've left partisanship out of it. Too many people still think it's all about (D) and (R) and as long as the majority of Americans continue to be partisan, we'll continue to be robbed blind by the politicians and their cronies. Does it really matter if it is a (D) or an (R) hand in your pocket? Do you feel better than President Obama and his cronies are stealing money from you four times faster than President Bush and his cronies did?