Word: tarp
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...chair of the Congressional Oversight Panel for the Troubled Asset Relief Program (TARP), Warren pretty much supervises the bailout...
...banks to sell their toxic assets. Some banks may be so deeply in debt that even the proceeds from the sales won't be enough to fill their capital needs. In that case, the stress tests may prove useful in another way. Geithner has only about $35 billion of TARP money left to plug the remaining holes for the 19 largest banks. After that, he has to go back to Congress for more money - at which point he'll need the stress tests to convince bailout-weary Representatives to shell out even more for the banks...
...Goldman reached this trading climax with the help of TARP funding," says analyst David Hendler, who follows Goldman and other financial firms for CreditSights. In a report to clients, Hendler wrote that subsidized funding from the government has "manufactured" these outsized gains for Goldman. "Goldman's results were unbalanced and . . . . due to extremely high risk taking...
...banks' conditions deteriorated and the economy worsened, those demands have faded. AIG, Merrill Lynch and other Wall Street firms have come under fire for paying out rich bonuses to executives despite receiving billions in government assistance. In response, lawmakers have tightened executive compensation rules for banks that have received TARP funds. While Goldman's profits are sure to raise eyebrows, it is not clear that it did anything wrong...
...firm wants to speculate on interest rates that's fine. There is nothing that prevents them from using TARP that way," says Dean Baker, who is the co-founder of the Washington, D.C. liberal-leaning think tank the Center for Economic and Policy Research. "But I am not sure that helps the economy, and if they were to get that wrong the firm and taxpayers would be much worse...