Word: warrener
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Follow the Money If the question hinges on whether Warren can say exactly how TARP money has been spent so far, then the answer is probably no - but then that may be an unrealistic goal. The eight monthly reports released by the oversight panel to date spend almost more time talking about what isn't known than about what is. They repeatedly assert that the Treasury Department and the Federal Reserve should be more forthcoming...
...panel has been plagued by controversy, which has also hampered its effectiveness. Its two Republican members complain that the panel has drifted away from its core mission under Warren's leadership and spends too much time editorializing on the plight of middle-class families, the focus of Warren's academic research. Her relationship with Treasury has been rocky. She got into a low-level war with former Treasury Secretary Henry Paulson and his staff over their perceived unwillingness to share information, and she had a shaky start with Geithner, who didn't seem to take the panel seriously at first...
...From a public relations perspective, though, Warren has been a success. She has taken to the spotlight like a seal to water and has smoothly made the cable-TV rounds to chide the close-knit club that determined financial policy in the past. She argues that now, finally, taxpayers "have a seat at the table." If this sounds like advocacy, that might be exactly what Democratic Party bosses had in mind when they selected her. Since a special inspector general was also appointed to investigate Treasury's actions, Warren's oversight panel was left with little actual power...
...recent days, 10 top banks have begun to repay some $68 billion in TARP funds. According to Warren, knowing exactly what happened to money spent under TARP is less important than simply keeping the pressure on. "We certainly haven't achieved perfect transparency," she says...
...Warren's concern for the middle class is the prism through which she sees every economic indicator. It is also the driving force behind her work with the oversight panel. The first two reports it issued, in December and January, criticized Paulson's department for its lack of transparency and argued that its policies were doing little to help reduce home foreclosures or alleviate stress on families. Even if accurate, those early pronouncements did not help to pave the way to a functional working relationship between Warren and the people she was supposed to oversee. Former Treasury officials seem...