The Other McCain

"One should either write ruthlessly what one believes to be the truth, or else shut up." — Arthur Koestler

TARP Watchdog Report: Administration ‘Manipulated’ Data to Hide AIG Losses

They tried to “hide the decline,” so to speak: In a scathing 338-page report released today, a federal watchdog exposes the failure of the 2008 Troubled Asset Relief Program (TARP) bailout and suggests Treasury Department officials engaged in a politically motivated attempt to hide losses at bankrupt insurance giant AIG with “manipulated” data. “Treasury should have disclosed that […]

SIGTARP Report Confirms: Homeowner Bailout Program Won’t Fix Housing Crisis

Connie Hair at Human Events reports: A new report released yesterday (.pdf) by Neil Barofsky, special inspector general for the Troubled Asset Relief Program (TARP) warns that Obama administration efforts to bailout homeowners through the Home Affordable Modification Program (HAMP) are ineffective and will not stem the sweeping tide of foreclosures. The $75 billion HAMP […]

AIG Trouble for ‘TurboTax’ Geithner

There’s blood in the water, and Congress wants answers: Shares of American International Group Inc. slid Tuesday, a day ahead of a Congressional hearing on bailout money that was given to the troubled insurer. Treasury Secretary Timothy Geithner is scheduled to testify Wednesday before a House committee about funds intended for AIG that were then […]

New IG-Gate Scandal? OMB Reportedly Makes ‘Not So Veiled Threat’ to IG

New York Daily News reports: [A]n inspector general for Congress alleged today in a letter to Brooklyn Rep. Ed Towns that the Office of Management and Budget tried to intimidate him because he wanted to warn Congress his budget was being slashed too low. The IG of Congress’ Office of Personnel Management, Patrick McFarland, alleged […]