Here We Go Again With the Second Tranche of TARP Funding

By
Real Estate Agent with Inactive

With the first tranche of TARP funds former Treasury Secretary Paulson paid 78 biilion dollars more for banks stocks than they were worth and no funds were directed toward solving the housing & foreclosure crisis. We the public immediately lost 78 billion dollars.

With the second traunch of TARP fund Treasury Secretary Geithner wants to provide incentives to investors (aka banks) in the form of commitments to absord some of the losses from any assets they purchase should the value of these assets continue to decline. So banks could by each others worst assets at what ever price they negotiate. Then they get to keep any profits, and the tax payers would absorb any losses.

There are no new regulations. No investigations into any wrong doing and no plans or funding allocations to address the housing & foreclosure crisis.

Wall St Bankers have enjoyed unrestricted access to our elected officials and/or their minions. Paulson, Geithner, Summers and others who have worked at these banks take positions of authority in the same government agencies that are charged with oversight, investigation, and enforcement. Then we, the public, are supposed to trust them to work in the public interest. This is clearly a conflict of interest in which the public can only loose.

ENOUGH!

Please write to your representatives and tell them to seize these banks, collect the evidence, investigate crimes, make arrests, and prosecute the wrong doers.

 

Posted by

George Bennett, Principal Broker, Affiliated, GRI in Port Orford, OR 97465

Affiliated with 'Neath The Wind Realty Inc.

Comments (7)

Charles Stallions
Charles Stallions Real Estate Services - Pensacola, FL
800-309-3414 - Pensacola, Pace or Gulf Breeze, Fl.

I here with you George but instead of putting the guilty in luxury prisons lets send them to Iraq to fight the war.

Feb 08, 2009 04:45 AM
John Mulkey
TheHousingGuru.com - Waleska, GA
Housing Guru

These guys assume we're paying them for their services and must do something, even though they don't have a clue what to do.  The entire TARP program should be scrapped, but unfortunately it's much too late to do so.  In reality TARP, like most everything else coming out of DC, could be more appropriately titled the CRAP program.

Feb 08, 2009 04:46 AM
George Bennett
Inactive - Port Orford, OR
Inactive Principal Broker, GRI

Charles, I'd prefer to send them Afghanistan.

John - These people can't be trusted. But I do like people who are responsible for congressional oversight of the TARP funds like Elizabeth Warren. We need more public servants like her.

Feb 08, 2009 05:05 AM
Brian Schulman
Coldwell Banker Residential Brokerage, Lancaster PA - Lancaster, PA
Lancaster County PA RealEstate Expert 717-951-5552

George, I totally agree.  There is still no control over how recipients will spend even the second half of the TARP funds.

Feb 08, 2009 05:24 AM
Mark MacKenzie
Phoenix, AZ

George,

This is just the start of it, wait until Tuesday of this week when the "bad bank" plan is unveiled.

Feb 08, 2009 05:40 AM
George Bennett
Inactive - Port Orford, OR
Inactive Principal Broker, GRI

Brian - Thanks for commenting. There is no transparency. There are no clear goals. No measures of effectiveness. And like you NO CONTROL.

 

Mark - The Banksters have hijacked our government and they are plundering the public funds.

Feb 08, 2009 08:24 AM
George Bennett
Inactive - Port Orford, OR
Inactive Principal Broker, GRI

I just found this great quote and I had to share it.

"Politics is the art of looking for trouble, finding it everywhere, diagnosing it incorrectly and applying the wrong remedies." - Groucho Marx

Feb 08, 2009 08:42 AM

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