Posts Tagged ‘ tarp ’

Documents: Paulson forced 9 bankS to take TARP

NEW YORK (AP) — The chief executives of the country’s nine largest banks had no choice but to accept capital infusions from the Treasury Department in October, government documents released Wednesday have confirmed.

Obtained and released by Judicial Watch, a nonpartisan educational foundation, the documents revealed “talking points” used by former Treasury Secretary Henry Paulson during the October 13 meeting between federal officials and the executives that stressed the investments would be required “in any circumstance,” whether the banks found them appealing or not.

Paulson also told the bankers it would not be prudent to opt out of the program because doing so “would leave you vulnerable and exposed.”

The meeting was hosted by Paulson, Federal Reserve Chairman Ben Bernanke, FDIC Chairman Sheila Bair and current Treasury chief Timothy Geithner, who was then president of the New York Fed. Continue reading

House Rejects Obama’s Request For Rest Of TARP

WASHINGTON — The House expressed its bipartisan anger over a massive financial bailout package Thursday as the Obama administration undertook to assure lawmakers that it would spend the remaining money prudently and with greater oversight than the Bush administration.

In a symbolic vote, the House voted to reject President Barack Obama’s request for the unspent $350 billion in a bailout fund for the financial sector. The 270-155 tally was a moot point because the Senate had refused to block the release of the money last week. That effectively made it available to the new administration.

Thursday’s vote illustrated how the House, where members face election every two years, is much more sensitive to public opinion than the Senate, with its six-year terms of office.(1)

Ron Paul Explains How The Financial Bubble Was Created

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