TARP Quarterly Oversight Report

07-24-2009 • US Government

Did you even know there was such a thing? 262 pages of government productivity that reveals in part: TARP, as originally envisioned in the fall of 2008, would have involved the purchase, management, and sale of up to $700 billion of "toxic" assets, primarily troubled mortgages and mortgage-backed securities ("MBS"). That framework was soon shelved, however, and TARP funds are being used, or have been announced to be used, in connection with 12 separate programs that...involve a total (including TARP funds, loans and guarantees from other agencies, and private money) that could reach nearly $3 trillion." The report goes on to note that TARP is just a small part of the federal government's overall scheme to bailout the financial system, valued by SIGTARP at $23.7 trillion. Through June 30, 2009, SIGTARP has 35 ongoing criminal and civil investigations. These investigations include complex issues concerning suspected accounting fraud, securit