TARP Watchdog: "We Do Not Seem To Be A Priority For The Treasury Department"

Elizabeth Warren, in charge of oversight of the financial industry bailout, told a congressional panel Tuesday that the Treasury Department has not been cooperating with her efforts to oversee the project.

"We do not seem to be a priority for the Treasury Department," said Warren.

She added that the administration's failure to ask for more accountability has led to a situation that is difficult to oversee. "This problem starts with Treasury," she said.

Warren is testifying before the Senate Finance Committee. We'll update with video when it's available.

Warren argued that "continuous subsidization without vigorous oversight is exactly what got us into this." She complimented the administration's oversight of the auto industry, but contrasted it with the lack of the same with regard to the banks.

Warren said Congress may need to enact new legislation to give itself more access to the bailout program.

Filmmaker Michael Moore was spotted sitting a few rows behind Warren, listening intently as she spoke.

Comments

[lthuedk 1]

Be patient, Elizabeth.

Too much of the banking collapse was Bushmob-caused; that is, by it's treasury lieutenants and enforcers. Consider B of A's "voluntary" ML absorption. It was simply a matter of the biggest baddest mob with the biggest baddest weapons using the People's money and blood against the system it needed to own...our nation.

I recall writing about the homogeneous class that awaited the American people, had the cabal succeeded. There really is no controversy: As retired Supreme Court Justice Sandra Day O'Connor said (to paraphrase) ...(that) we came very close to dictatorship. President Obama is tasked with clean-up and repair of a social-economic reflection of that reality. He actually gets it and what it was that led us to the brink.

It was a coup, and a coup countered. Be thankful it wasn't much worse.

http://www.light-to-dark.com/a_retrospective.html

[strangerinthenight]

When 4.4 million jobs are lost, millions more expected, 4 millions home foreclosures, millions more to come, company lay offs, industries closing, 401k disappearing etc -

Many will perish. The populist outrage and pretty soon - another FrenchRevolution !

Time is not on the PResident's side.

[Amerigucci]

I don't know if you've noticed, but we're being flooded with polls that show favorables for Obama.

42% of Americans think "we're on the right track".

80% blame the banks, 70% blame Bush, and 26% blame Obama.

When there are so many polls in play, corporations are desperate to shape the debate by shaping poll questions, to get the numbers favorable for maintaining the status quo.

The fix is in. Unless the polls change, screw transparency and forget a fair deal for the American people. Corporations do not want to be regulated. They want their cake and they want to eat it, too. They will get the money, credit will remain at usury rates, and everything will remain behind closed doors.

And there will be no investigations, no hearings, no transparency about what Bush and Cheney did these past 8 years.

NO CHANGE; That's what we can believe in.

[crazyv]

yeah and there was a time when Bush had an approval rating of 90^%.!!!

[strangerinthenight]

NPR news said Obama's favorability is down in the 50's.

[StevieRae]

I've seen Ms. Warren interviewed on several shows. She's clearly well intentioned and has raised many questions about TARP which were not considered last Sept, pre-Obama.

The regime has changed and maybe part of the problem is too many cooks in the kitchen? Maybe the issue of how and where banks spent the first half of TARP should be pursued by the Justice Dept. with people like Ms. Warren as major resources.

[Carolab]

Keep on them, Elizabeth! WHAT are they hiding?

[Amerigucci]

The problem is that there is over $500 trillion out in bad debt. Not billion, but trillion.

There's no fixing this. Obama is letting the fat cats cushion their own falls, and stalling for time, but there is no soft landing for 98% of the rest of the world's population.

[SamKnause]

I have a question. I just started getting into politics in August 2008. Is it the republicans that don't like Michael Moore? I have seen several of his films and was extremely impressed with Sicko. I know he was on CNN with Dr. Sanjay Gupta and the next day CNN apologized to Michael Moore for things that were said in the interview. Are the people who don't like him accusing him of lying or is it a personal matter. I think it is a good thing he was at that meeting. Am I wrong, and if so why?

[truthynesslover]

Moore is a champion for working people thats why the repugs hate him.He calls them out.You may not agree with everything he has to say but at least he sets a table for discussion.

[SamKnause]

Thanks for your reply.

[alexis d]

Welcome to politics! Yes, the Republicans detest Michael Moore. And, the occasional rhetorical excess aside, he is generally quite intellectually honest, factually honest, and presents complex issues in an entertaining, human, & accurate way.

Come to your own conclusions, of course, but I think if you study public policy and its results not just in the US, but in all Western Democracies, you'll begin to see that the "center" in American political discourse is the lunatic right in every other one of those countries, and that those countries are getting better results.

It is high time to move the center in our country.

[SamKnause]

Thanks for your reply.

[glockman]

factually honest?

Like when he stated that Cuba has the best health care of any third world country, and that all Cubans are satisfied with their care?

Like when he had to change that statement to say that "a near unanimous 96 percent of respondents say that health care in Cuba is accessible to everyone" after several Cuban exiles (including health care professionals) offered statements to the contrary?

That factually honest Michael Moore?

[Amerigucci]

What alexis d said ||/

And you can punctuate it. !

[SamKnause]

Thanks for your reply.

[Amerigucci]

Moore's a populist--He's like and for the 98% of Americans who have bought into a strong middle class is what makes the world go 'round.

Moore's been pilloried by the corporate rightwing because of a movie (Roger and Me) and a TVseries that exposed corporate greed and how it was destroying the working and middle classes of the US.

Both parties are in bed with corporations, but the republicans (little rs, the people who listen to Rush Limbaugh and the Christian Coalition) are loud, proud and think corporations are groovy. The democrats (little ds, citizens from the far left to the center) don't want to believe that the big Ds or the Democratic politicians would sell us all out.

Michael Moore, as a native of Flint, Michigan, a corporate town, lifelong member of the NRA, financially flush after a good while scratching a living, is a cross-section of the little ds. The worst that the Republicans come up with against him is that he's fat. Ok, he's fat. They've said his films are filled with "provable lies", but what they say are lies aren't. It's been proved that what they say are lies, aren't lies. The beauty of America is that you can check it all out for yourself. And that, you must do.

Don't take my word for anything, or anyone else's. You must use your own shoe leather, or in this case, exercise those fingertips.

Welcome to citizenship in the new millenium!

[unite4change]

The GOP, Hannity, Limbaugh and other who lean right accuse him of being a liar because he interferes with their agenda of keeping their voters ignorant. Moore's movie Fahrenheit 911 show President Bush, prior to his second term, at a black tie event saying to the attendees, "This is my base, the haves and the have mores". The GOP called it propaganda but you see the wealthy and the well connected definitely benefited the last 8 years.

[lisakaz2]

If Geithner is the problem, he ought to be canned.

[alexis d]

Geithner should be standing on a fast-moving line towards a guillotine.

[nolajam]

Tell me why you think Geithner should be canned or guillotined, please.

[truthynesslover]

Anybody know the last time the federal Reserve was audited?

[instagladiator]

Never!

[truthynesslover]

I find it a little more than ironic the same people are in charge as under BUSH in the treasury and the fed.
And even more ironic dems defending thisWerent we all outraged at the grift and lack of oversite under BUSH?Well guess what........these are the SAME PEOPL!!!

[thefooligan5]

And this is why I the phrase "Hope for the hopeless" comes to mind when I think fo America. The Dems and Repubs are becoming more like two sides of the same coin and there is no true political opposition in the nation. Look at what is debated among the two sides more often than not: flag pins, abortion, guns and other trite meaningless crap which do not directly serve the people as would a complete overhaul of the health care industry for example would.

[truthynesslover]

And we have the same cult of personality.........DO...NOT.... DARE..... QUESTION!!!!

[BlackMesa]

I disagree, they are two sides of same coin... they are playing a game with us... getting beyond rhetoric there isn't that much difference. Sure, both parties may have a few credible people but that is the exception rather than the rule.

[DontJustFollow]

I think this story is complete fabrication by all the people that want to see President Obama fail.

President Obama was crystal clear and gave each and every American his solemn word that 8 years of business as usual were OVER.

President Obama is in charge now, just ask GM - President Obama is all about transparency and accountability and protecting the American taxpayer.

Hope and Change are both here and this lady obviously does not know what she is talking about. All the money is going exactly where SoT Geithner and President Obama wants it to go and who is she to quiestion ?

[truthynesslover]

Yeah .............who cares about billiona and trillions anyway!!

[benwha]

Ya, all the money is going to Goldman Sachs et al, through a funnel also known as AIG.

[gino618]

Are you serious? She is (according to the first line of the article): Elizabeth Warren, in charge of oversight of the financial industry bailout.

What part of oversight of the financial industry bailout do you not understand? There are supposed be - by law - monthly meetings of the Financial Stability Oversight Board. This is according to the TARP legislation. There have been no meetings since January 15th.

This is in violation of the law and it falls on this Administration for it's lack of direction, leadership, and transparency.

Hope and Change is all you can say in the face of blatant disregard for the law and total incompetence in the face of national economic problems?

No wonder the election went the way it did with thought processes such as yours on that side of the aisle.

[gino618]

You should take the advice of your own screenname when looking at grown-up political and economic matters : Don't Just Follow....

[benwha]

hear hear

[unite4change]

Gino610, let me take it a step further, Don't Just Follow Republicans!

[alexis d]

Sorry, you are wrong. I worked hard to get Obama elected, and have liked most of what I've seen from him so far. The free rein he has given the financial industry, however, is totally unacceptable. This woman is doing her job, and I thank & salute her for it.

[plumnelly]

I agree.

[Beachrunner]

Want to see what a trillion dollars looks like? Check it out . . . . .


http://www.pagetutor.com/trillion/index.html

[Amerigucci]

It's all up to We, the people.

As long as we remain sheep, we will be fleeced.

As long as Obama's approval numbers remain high (and those won't change until more of We, the people, learn the facts) he'll do nothing.

The problem is, as always, the American people who don't want to rock the boat or are ignorant of this information. People want to trust Obama, believe in him, and don't want to believe they've been hoodwinked again.

[Dostoevsky]

Conditions have to get very bad before they will pay attention and really demand reform. Just look at all the political revolutions (good or bad) in modern history. The United States. France. Germany. Russia. China. Latin America.

[petridish]

She is a very sharp lady and I have a lot of respect for her opinion. Obama is owned by the banks.

We have been sold out, no hope, no change.

[WeTellTheTruth]

Joseph Stiglitz, Nobel Prize-winning economist, on............ Obama bailing out the bankers toxic assets with taxpayer money.


"QUITE FRANKLY, THIS AMOUNTS TO ROBBERY OF THE AMERICAN PEOPLE"

http://www.telegraph.co.uk/finance/financetopics/recession/5045421/Geithner-rescue-package-robbery-of-the-American-people.html

[truthynesslover]

That about sums it up!

[unite4change]

Can any republican politician, pundit, radio talk show host or voter comprehend. They never seem to understand or get the information presented correct. I don't want to believe but it seems like they are the party of illiterates and love being ignorant. They follow mindlessly like sheep and believe anything they hear. They profess to be children of god but they love to hate.

[alexis d]

Yes, it is. There need to be riots in the streets. Now.

[Mavsreader]

When and if I ever take to the street, it will be CONGRESS' FAILURE not President Obama. If I ever saw a group get a free pass, it is them. No accountability or responsibility. Explain to me their inaction since say August 2008--where even the most marginal citizen knew re-regulation is necessary.
The press? More interested in covering an election than demanding re-regulation this fall. MSM thinks I am more interested in President Obama's polling numbers than re-regulating the financial industry, letting Congress get away scott-free again.

[JINROH]

There wont be.......YET...

Not until the unemployment rates,the 'official ones' (ones cooked just like CPI) the sheeple swallow,get much,much higher.When all the 'bailouts' (read : robbery in broad daylight) fail,as they will.And the Treasury and FED RES cant sell anymore debt,and we get hyperinflation,then the masses will wake up.When bread is 90 dollars a loaf,or 900 dollars a loaf,and real wages are down... When oil is 10 or 20+ a gallon,or more.When prices rise 10's or 100's of percent daily....Then the tens of millions of ' DontJustFollow ' of the US will wake up,and realize that O was a fraud.Just as Bush was was a fraud.

Most people are completely unaware that the countries finances (dollar/bonds/treasuries) are on the brink of collapse.We will see a lot more bond auction failures,and pension plans blowing up soon.

[Beachrunner]

I agree.

[iplaw]

Thank god (the official American Patron) that Michael Moore is taking an interest in this. It is quite apparent that either none of our elected officials understands what is going on, or they are in collusion with the perpetrators of this multi-trillion dollar fraud. Michael Moore may be the one person with the balls and the inclination to blow the whistle on the full extent of this crime. Unfortunately Moore does not understand that applying such an extreme bias on his views cause most people to dismiss everything he says. More unfortunate is that our people have devolved to the level where they really cannot understand anything beyond very basic concepts. I doubt even Moore can explain the current financial pillaging in a way simple enough for Americans to understand.

[Jsens3]

I admire Elizabeth Warren, the author of "The Two Income Trap," but I think she is learning it is one thing to publish learned matter from the academic tower at Cambridge MA than to try to pry information from reluctant bureaucrats whose sole goal in life is to cover their rears and keep their jobs. As inept as the bureaucrats often prove themselves to be, they are unerringly on the alert when anything threatens to expose them. Good luck, Elizabeth, you'll need it. Those hangers-on will fight tooth and nail to keep those cushy jobs.