Congress Blasts Kashkari Over TARP (Slideshow)

It was a rough week for Neel Kashkari -- during the hearing this past Wednesday, titled the "Oversight Concerns Regarding Treasury Department Conduct of the Troubled Assets Relief Program," Kashkari got hammered by the House Financial Services Committee on his execution of the bailout. In case you missed it, checkout the highlights below of the Kashkari's raw hearing.

• • • • • • • • "The refusal so far to use the money for that purpose of [foreclosure reduction] has been, I think, a violation of the intent of the bill" - Committee chairman Barney Frank, D-Mass of the House Financial Services Committee

Images courtesy of AP and Getty

If want a detailed sample of the hearing click here

Comments

[FreedomCorpse]

Tell these criminals that the US government will hand them over to the foreign investors native countries justice system that have been swindled and they can be subject to the laws and punishment of those countries. What does China do to embezzlers of government wealth?

[PSTEN]

The senators are just as responsible for the lack of answers as the Tarp managers are. The Congress set the terms of the agreement and now act like they have no power over this situation to change it. This is madding to watch these senators. How could they hand over Billions without iron clad agreements to how it would be used and a process to verify that the Tarp money was used as intended. What is the matter with these people. They did not learn that when not regulated the banks will act in their own self interest. These banks in effect have taken the money and ran. This should be an outrage to every American and people should be contacting their representatives to voice their disgust with this situation.

[GerryS]

a f00l and his/her money are soon parted-

Thomas Tusser (1524-1580)

[KingBatguano]

The economy would NOT have collapsed. Kashkari is an Internet Security man who worked for NASA on a telescope , NOT an expert on economics. He was put there because the Central Banks are trying to eliminate paper currency and create a dictatorial digital currency controlled exclusively by the Banks. The people in Congress are idiots.

[PSTEN]

Yea, that really makes a lot of sense, NOT!!!

[duze]

Hey Bernie, David, Maxine, Ronald, Ginny and Melvin. As you sat there and rushed to put this con game together, telling the American people how it was going to benefit them. To their benefit Bernake and Paulson smoozed you over the most important section. This section should have stated:

"If and when they were in violation of the specific intended terms of the
bailout and the time frame of such was not within a specific period
of time what the "CONSEQUENCES" would be" also, should the stated
terms require adjustment, that adjustment would have to be approved by
Congress before it could/would be initiated. Within this specific time frame
daily oversight would be observed and reported to Congress, by the Oversight
Committee. This Oversight Committee, who would supply transparency
to the American people via internet commnication will consist of at least
4 no less than three of the members of this approving Congress"

There should have been no deviation from the terms of this agreement. However, should there be
without Congressonal Approval, legal charges will be initiated. The parties herein responsible
to inforce and include this contract are Bernake, Paulson and Kashkari.

If this contract wasn't followed to the letter, everyone involved with be incarcerated, to stay incarcerated while awaiting trial. Now that's only what I came up with sitting here in my living room.
I'm sure members of Congress should have been able to do a whole lot better.

[flyday611]

Yep, I think your right! That's why Neel was sweating so bad. He was scared Goldman would fire him up next after Barney's committee was done.

[duze]

O.K. Bernie and Maxine, as you sit and continue to get played, why didn't someone check with oversite daily to keep a tab on the money WE'RE responsible to pay back? What's the consequence going to be. We know they lied and continued to rob Americans, and so do you. Everyone in Congress has voiced their total disappointment with Kashkari, Bernake and Paulson. What are you going to do about it. Why has there never been any real consequence to these Ivory Tower thieves. They played you as well as the rest of America. As Congress rushed to go for their con game, nothing has improved for American citizens. We don't only blame them, we blame you. Americans are sick of them and sick of our elected representatives who allow them to get away with it. Do your job and stop relying on these proven thieves to do the right thing. Now its your fault.

[fonz25]

hmm. im wondering too, is Goldman running this country???

[KingBatguano]

No. The BIS Bank in Basel, Switzerland is running the Country.