Word: tarp
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...billions of dollars to troubled financial institutions. So where did the money go? And what assurances does the American public have that the money's not being wasted? In his first report to Congress, a Special Inspector General charged with overseeing the so-called Troubled Assets Relief Program (TARP) tries to answer these questions. (See pictures of the Top 10 scared traders...
...groundwork laid by the Special Inspector General in anticipation of fraud: "[The Special Inspector General for TARP] is already working closely with FBI's Washington Field Office on joint projects and has met with representatives of the New York Field Office as well ... [The Special Inspector General for TARP] and the New York State Attorney General's Office are coordinating efforts with respect to TARP recipients' compliance with executive compensation restrictions...
...their own volition. The board at B of A has been savagely attacked over the last several weeks because it did not insist on better due diligence in the buyout of Merrill Lynch and for allowing large bonuses to be paid to employees after the firm had taken TARP money...
...President Obama recognized the real risk here: some very good bankers might not want to work for maximum-wage pay and could bolt their TARP-constrained companies. Why, for instance, would JPMorgan Chase CEO Jamie Dimon, perhaps the most astute operator in banking, want to labor for a measly 500 large to run a company with $2.2 trillion in assets...
...Obama took office, he and Pelosi diverged on bailing out the failing auto companies. Looking to secure as much support as possible for the controversial aid package, Obama did not rule out Republican proposals to use a fund set up in early 2008 to modernize the industry rather than TARP money - a move Pelosi vehemently opposed. Pelosi was forced to swallow a compromise, though that deal died in the Senate and ultimately President Bush used money from the bank bailout to help Detroit. (See pictures of the remains of Detroit...