Neel Kashkari asked to STEP DOWN
Treasurys Kashkari to testify in response to GAO report
December 10th, 2008 by selise
When TARP czar Neel Kashkari testified last month before Kucinichs Domestic Policy Subcommittee, in what I can only describe as an example of freezing over, Kuchinich and Issa joined forces to expose Kashkari and more generally the entire TARP program as a sham. Favorite line from that hearing was:
kucinich to kashkari: no one questions that you are working hard. our question is who are you working for?
Today at 10 am, Kashkari returns to testify before Barney Franks Financial Services committee to defend the TARP from criticisms contained in GAOs recent oversight report. Franks press release described the reports conclusions:
The bad news was confirmation by the GAO in its first report about the program that Treasury has no way to measure whether taxpayer funds invested in banks are being used in accordance with the purpose of the law to increase lending. The much worse news is Treasurys response that it does not even have the intention of doing so.
GAO recommended that metrics be developed to apply to how individual institutions are using their share of the 250 billion made available to them. Treasurys extremely disappointing response is to engage in “further discussions on general metrics for evaluating the overall success of the capital purchase program in addressing the purposes of the EESA.”
By rejecting the GAOs recommendation that measurement is needed and substituting a vague promise to “evaluate the overall success of the program,” Treasury is coming very close to telling the institutions that they will be free to use the funds as they wish.
Adding this blatant refusal to enforce any lending obligations on individual institutions the continued policy of ignoring the clear intent of the EESA to aid in the reduction of foreclosures put the Treasury perilously close to a breach faith with those who responded to the Bush Administrations request to establish the program. A public hearing on the issues raised by the GAO report is now essential.
Maybe we shouldnt be surprised that this is what happens when a self-described “free market Republican” is put in charge of a $700 billion market intervention. Or that Kashkari was still in business school in 2002 and that before following Paulson to Treasury from Goldman Sachs where he appears to have worked in a completely unrelated field. Was there no one with more experience available?
10 am - House Financial Services
Oversight Concerns Regarding Treasury Department Conduct of the Troubled ets Relief Program This hearing comes following a report by the Government Accountability Office on the Treasury Departments implementation of TARP. [see the 12/4/2008 GAO report, TROUBLED ET RELIEF PROGRAM Status of Efforts to Address Defaults and Foreclosures on Home Mortgage" and the 12/10/2008 GAO report, "TROUBLED ET RELIEF PROGRAM Additional Actions Needed to Better Ensure Integrity, Accountability, and Transparency" - selise]
Witnesses
Duration : 0:4:34
This entry was posted
on Sunday, December 14th, 2008 at 7:45 am in 
Sample press releases.
December 14th, 2008 at 7:45 am
Have you ever …
Have you ever thought that these hearings are just a form for people to vent anger and frustration? But nothing else, just a show. Cause all the trillions of dollars have been given anyway. Then afterwards they about pennies (even though unjust pennies)
December 14th, 2008 at 7:45 am
I wounder what …
I wounder what would happen if he loss his job, loss all his money, loss his home, loss his health, and went on foodstamps what would this man do?
December 14th, 2008 at 7:45 am
Sometimes I’m …
Sometimes I’m tempted to say to give oneself a bailout.
It’s just so disgusting- one can hardly bear to see it. But open our eyes, we must, and keep them open for possibilities of micro-economies and currencies in which to live and work.
If areas promoting ideas like this grow substantially perhaps secession will occur? But the lawlessness of Owebama’s administration will be much greater than any before it, even Lincoln.
The media could have put a stop to this but rather they were complicit.
December 14th, 2008 at 7:45 am
they will be taxed …
they will be taxed heavily the middle class has always carried the poor the rich don’t they just skim off the top whatever is given I don’t doubt the poor will suffer more as where are they going to go not all will have survival skills or even have the means to get anything I don’t know anymore what is comming next except I am almost out of debt medical had to go on our one and only card but it’s over 5k the company He worked for dropped benefits we are screwed no matter how you see it.
December 14th, 2008 at 7:45 am
You’re eventually …
You’re eventually going to have to ask yourself if your neighbor is a fat cat too. I too hate these bankers and their fiat system of lawlessness but caution all patriots to be careful about judging.
If your neighbor is living off the fiat credit system and sucking the system via a little tit, as opposed to the BIG TIT, are they SOB’s too? I say… they are. Of course the lessons will be swift and harsh on the little SOB’s but intellectually… will they ever get a clue?
December 14th, 2008 at 7:45 am
Exactly-
We are …
Exactly-
We are now seeing the futility of a country without a Constitution. We The People have a voice (majority rule) when we shouldn’t; and don’t have a voice (demanding the rule of law) when we must!
It’s all F*&^%%NG UPSIDE DOWN! dAckWarbs $hit this is frustrating.
December 14th, 2008 at 7:45 am
That’s what I think …
That’s what I think too!
Can’t keep on point, just uses the seat as a soapbox. And obviously lots here seem to like it, which is NOT CRITICISM of the folks here.
I merely hope to educate them on the fact that the Congressman did NOT win that debate and it should never have been turned into debate.
Make the guy answer Congressional inquiry- WILL YOU MAKE THOSE EXEC’s OF FAILED PUBLIC COMPANIES (NOW OWNED BY THE FED) RETURN THEIR BONUSES???
December 14th, 2008 at 7:45 am
My fear more …
My fear more immediate fear is the rounding up of thinkers, patriots, folks who HAVEN’T gotten into debt- In reality we are more dangerous to this putrid system than the ordinary sucker who bought the idea they could buy three wide screens, two cars, new furniture, or college educations with the EQUITY in their homes.
It’s a lot of hard work saving money- you have to sacrifice, live within your means and those who’ve done that will be taxed right out of their possessions in the name of fairness
December 14th, 2008 at 7:45 am
Exactly!
Exactly!
December 14th, 2008 at 7:45 am
One down… Many …
One down… Many left to go…
December 14th, 2008 at 7:45 am
kashkeri got …
kashkeri got skewered. His $3,000 suit will have to be dry cleaned after that ownage
December 14th, 2008 at 7:45 am
lol…pwned
lol…pwned
December 14th, 2008 at 7:45 am
American cars are …
American cars are !!! Even big, fat, lazy and stupid Americans buy Japanese cars instead of US cars. Let the companies DIE!!!
December 14th, 2008 at 7:45 am
Give ‘em the bonus, …
Give ‘em the bonus, then 3 moths later, shoot them in the back of the heads.
December 14th, 2008 at 7:45 am
u guys, this is …
u guys, this is very interesting to me as I always thought this bailout smelled wierd, but i talked to my dad about this, and he doesn’t trust Kucinich. He said that Detroit almost went bankrupt under his mayorship. But I think Detroit’s car industry is a joke anyway, GM making all these SUVs no one needs. Maybe I’m way off but any insight would be cool.
December 14th, 2008 at 7:45 am
Give it to ‘em!
I …
Give it to ‘em!
I am so sick of the fat cat SOBs I can not stand it!
Greedy pigs, everyone of them.
December 14th, 2008 at 7:45 am
Time to end the fed …
Time to end the fed. It never was a very good idea and it’s rapidly getting worse. Cancer is like that.
December 14th, 2008 at 7:45 am
That was what I …
That was what I call PAWNAGE! The congressman slapped that hole!
December 14th, 2008 at 7:45 am
Time for a …
Time for a REVOLUTION
wake up human monkeys
jesus wont save you
December 14th, 2008 at 7:45 am
I know I am getting …
I know I am getting so fed up I think that when people can’t pay their credit cards and loans they will be considered criminals after all they want your blood as well as the blood of your Children and theirs if they have their way it’s a never ending nightmare for us!
December 14th, 2008 at 7:45 am
Kashkari knows that …
Kashkari knows that the Congress is powerless to do or change anything the Treasury or the Fed does with our money. It’s in the bill, free rein. Not only that, they also know about the human outcry saying don’t do it by the public, yet the Congress did it anyway. So..there ya go..smug, half grins at “outrage” by a Senator, who may or may not be playing to the cameras for media exposure.
December 14th, 2008 at 7:45 am
Some of the …
Some of the Senators have seen other Senators get face time on youtube, in fact becoming youtube stars for a minute. This is great exposure for future runs for their seat. I think many of them are “playing” for the camera and hoping that they too will get the great exposure. I’m not saying don’t post the videos but just be aware and check their record before you get all “YA!” about them.
December 14th, 2008 at 7:45 am
Exactly! Notice the …
Exactly! Notice the chess game play and how the Congressman lost! He failed to stay on point which was to demand the answer to WILL YOU DEMAND (not ask) for “them” to give it back.
He (the TARP CZAR) knew the gig was up the second the Congressman became emotional and lost control of his questions. Or- perhaps the Congressman was a toying, ineffectually for the sake of the cameras and had no intention of pressing for finality. Certainly he did NOT ask the dude to ’step down’.
December 14th, 2008 at 7:45 am
what a piece of …
what a piece of crap this guy is.
December 14th, 2008 at 7:45 am
man i wouldnt trust …
man i wouldnt trust kashkari to water my plants much less run treasury.