Elizabeth Warren, chairwoman of the Congressional Oversight Panel for the bailout funds, reported to the Senate Banking Committee on Thursday that Treasury in 2008 paid $254 billion and received assets worth about $176 billion.
She Explained that the figures were reached by extrapolating the results of a study of 10 government transactions, comparing the price paid by Treasury and the value of the asset at the time of purchase.
The Mission of the U.S. Department of the Treasury as presented on their website is to:
"Serve the American people and strengthen national security by managing the U.S. Government's finances effectively, promoting economic growth and stability, and ensuring the safety, soundness, and security of the U.S. and international financial systems."
One of the Department's specific responsibilities is to enforce Federal Finance Laws.
Secretary Paulson and his staff at the Treasury failed on an epic scale to:
Ensure the safety, soundness, and security of the U.S. and international financial systems.
Investigate any of the financial institutions that were responsible for this Economic Crisis.
Meet their fiduciary responsibilities to the public when they payed more than 44% over the market value for the assets purchased with TARP funds.
Today, according to a Reuters, U.S. Treasury Secretary Timothy Geithner will convene his first meeting as Chairman of the President's Working Group on Financial Markets Thursday (today), but the expanded gathering also will include top banking regulators and White House economic adviser Larry Summers.
The group, created in the aftermath of the 1987 stock market crash to ensure orderly and efficient markets, is led by the Treasury and normally includes the heads of the Federal Reserve, the Securities and Exchange Commission and the Commodity Futures Trading Commission.
It appears to be a step in the right direction but amidst so much caos in the fog of this crisis it is too early to tell.