Last week, I discussed Treasury Secretary Geithner’s testimony before a congressional oversight panel in which he blamed America — which is not a surprise;that’s a constant theme of the Obama Administration. But first, some bailout news.
The oversight panel issued a report on the TARP bailouts, warning that the program is unwieldy because it’s too big.Worse, the way it’s being implemented puts taxpayers at a huge disadvantage. The report warns that the risks assigned to taxpayers is a lot higher than the risks assigned to private investors in TARP.
There’s reason for taxpayers and private investors to be concerned about these risks. The inspector general of TARP warns that losses due to fraud could be “staggering.” According to the report, there are at least 20 ongoing criminal investigations involving TARP money. Just imagine how “staggering” the undetected fraud is.
So while Tim Geithner blames America, we’re being warned of financial disaster. Again. And, again, warnings are ignored –just as they were when the Bush administration warned of the fraudulent housing programs that theDemocrats set up through Fannie Mae and Freddie Mac.
All Obama’s talk of transparency and change is just that: talk. Democrats are Democrats. And to them, taxpayer money will always be a private piggy bank and a gateway to their own personal power. The fraud isn’t just in the TARP program;the fraudpermeates the entire Democrat Party. (Give us a report on that, Senator Specter! Let us know how it looks to you when you get there!)
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