Paulson May Have Let Bank Of America Off The Hook, Says Kucinich

At a hearing on the Bank Of America-Merrill Lynch merger Thursday, Congressman Dennis Kucinich (D-Ohio) explains how Hank Paulson and Ben Bernanke were able to bailout BOA without firing it's executive board. Kucinich notes that in other similar situations, such as with the Royal Bank of Scotland, top management was dismissed as part of the terms with which to bail out the bank. Not only did Bank of America's board keep their jobs, explained Kucinch, but the company also received money from the Troubled Asset Relief Program. (0:54)
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Frank Admits Past Housing Legislative Mistakes, Proposes TARP For Main Street

Rep. Barney Frank (D-Mass.) admits the government initially did too much to put lower income people into housing, but says the proposed "TARP for Main Street" program will help communities purchase foreclosed homes (0:43).
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Liddy: AIG Has Paid "Several Billions" Of Taxpayer Money Already

By Kayleigh Harvey - Talk Radio News Service

Edward Liddy, Chairman and CEO of AIG appeared before the House Oversight and Government Reform Committee today. Congresswoman Marcy Kaptur (D-Ohio) asked, “Have you paid the taxpayers back any of the money they have lent you to date?”

Liddy responded, “Yes.”

Kaptur: “How much?”

Liddy: “Several billion dollars”

Kaptur: “Several Billion?”

Liddy: “Yes”

Kaptur asked for a list of dates, sums to be submitted for the record. Liddy agreed.

Kaptur then questioned Liddy about his connections with Goldman Sachs which revealed that Mr. Liddy has shares to the market value of $3 million from Golden Sachs.
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AIG Chairman Makes Assurances But No Certainties

By Kayleigh Harvey - Talk Radio News Service

Edward Liddy, Chairman and CEO of AIG appeared before the House Oversight and Government Reform Committee today. Chairman of the Committee Edolphus Towns (D-N.Y.) asked Liddy whether he "could assure that AIG would not need any additional Federal money," and whether he "could assure that taxpayers would get their money back?" Liddy made "assurances" that efforts were being made, but no certainties that this would be the case.
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Special Inspector General of TARP: "Rest assured, we will bring any fraudster to justice"

Neil Barofsky, Special Inspector General of the Troubled Asset Relief Program (SIGTARP), explains his agency's role as the sole oversight body which has the authority for criminal law enforcement when fraud is detected with government loans. He explains that an audit is being conducted to find out who knew what when, how, and why regarding AIG bonuses. (2:02)
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Frank calls for more regulation in financial markets

By Michael Ruhl, University of New Mexico - Talk Radio News Service

Today in a hearing House Financial Services Committee Chairman Barney Frank (D-Mass.) said that the federal government must help to bring about regulations in financial institutions which presently are operating unrestrained in the free market. Frank emphasized that these moves are not about "diminishing the role of the private sector as a wealth creator," but is about placing safeguards on newly developed market entities. (01:44)
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Congressman Kennedy (D-RI) lays out frustrations about TARP

by Christina Lovato, University of New Mexico-Talk Radio News Service


Today at an Oversight and Government Reform Committee, Congressman Patrick Kennedy (D-RI) talks about the problem he has with the TARP funds and says that the American people are having to pay the bill while others get off for free. (01:40)
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Kucinich: Real change is going to be necessary

by Christina Lovato, University of New Mexico-Talk Radio News Service

Today at an Oversight and Government Reform Committee hearing Chairman Dennis J. Kucinich expressed his thoughts about the Troubled Assets Relief Program (TARP) funds. Kucinich talks about Neel Kashkari, the acting Interim Assistant Secretary for Financial Stablization, Department of Treasury, and his silence on TARP. (02:29)
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"Was the First 350 of the TARP spent well?"

By Kayleigh Harvey - Talk Radio News Service

Representative J. Gresham Barrett (R-S.C.), asks this questions to Chairman of the Federal Reserve, Ben Bernanke, at the House Financial Services Committee today.
February 10, 2009.
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Bush on auto bailout: "I haven't made up my mind yet"

President Bush said that he has not yet decided whether he will use TARP funds to bail out the auto industry (0:26).
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Congress will not grant more TARP funds until the Treasury Department stalls foreclosures

Speaker of the House Nancy Pelosi (D-Calif.) says that she has been working with Rep. Barney Frank (D-Mass.) to create legislation that would only give the Treasury Department the second half of TARP funds when the provisions of the law, namely the requirement to provide aid to those suffering from the housing crisis, are met (0:20).

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Treasury Department defends funding healthy banks

Neel Kashkari, the Interim Assistant Secretary of the Treasury for Financial Stability, defends the Treasury Department's decision to fund healthy banks, comparing it to an individual who receives a stimulus check being more likely to spend it if they are in a healthy financial condition. Karshaki goes on to say that this decision is imperative to bringing confidence back to the credit market (0:27).
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TARP inspector general nominee says he will bring tenacity to position

During a House Finance Committee Hearing TARP Inspector General nominee Neil Barofsky was asked if he will be a strong enough inspector general. He responded that by pointed to his record as a tenacious prosecutor and said that he will apply the same dedication to the inspector general position (0:29)
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Bush did not ask TARP inspector general nominee about political beliefs

During a Senate Finance Committee hearing Neil Barofsky was asked why President Bush chose Barofsky, who is a Democrat and Obama supporter. Barofsky responded that he was not asked about his political beliefs and assumes he was nominated because the President found him the best person for the job (0:30).
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Chamber of Commerce stance on the TARP

U.S. Chamber of Commerce Executive Vice President and Chief Operating Officer David Chavern expresses the USCC's stance on the current TARP financing being proposed by Congress for the auto industry.
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