Some people just don’t like movies with happy endings. How else to explain this week’s report by the Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP)? Rather than focusing on the growing evidence we’ve seen in recent months that TARP will be far less costly than anyone expected, SIGTARP instead sought to generate a false controversy over AIG to try and grab a few, cheap headlines.
There are no “facts” in that paragraph, and there is no excuse for this coming from Treasury. Ignore that Treasury is deliberately including selling off its expected future value as part of its “break-even” calculation. Ignore that Treasury’s practice has been to count “TARP” (the first effort) as the only Government Subsidy to those institutions that have “paid back” their loans by ramping up debt and refusing to be “financial intermediaries” [Link updated] which was the half-assed justification for giving them that money in the first place. Ignore the billions of dollars of asset guarantees from the Fed that are still the only reason people pretend The Big C is solvent.
What we have is the Department of the Treasury impugning the purpose and the office of the Special Inspector General for TARP, that is the office charged with
the responsibility, among other things, to conduct, supervise and coordinate audits and investigations of the purchase, management and sale of assets under the Troubled Asset Relief Program (“TARP”). SIGTARP’s goal is to promote economic stability by assiduously protecting the interests of those who fund the TARP programs – i.e., the American taxpayers. This is achieved by facilitating transparency in TARP programs, providing effective oversight in coordination with other relevant oversight bodies, and through robust criminal and civil enforcement against those, whether inside or outside of Government, who waste, steal or abuse TARP funds. [emphasis mine]
If Tim Geithner wants to whine that someone doesn’t believe his lies, he’s welcome to do so—as a private citizen, reaping the fruits of his last few years fellating Goldman Sachs by accepting the Senior Management position that surely awaits him.
And he should do so sooner, not later.
And, by the way, Barry: you should request and then accept his resignation. Because only the thought of Joe Biden (Sen-MBNA/BofA) as President keeps me from pointing out that such releases are your responsibility, sent out as part of whitehouse.gov. Enjoy your next two years, and the Palin/Huckabee Presidency you will have wrought.