Elizabeth Warren, Tarp watchdog: "We Do Not Seem to Be a Priority for the Treasury Department"

[flpoljunkie]

Ryan Grim
[e-mail] | HuffPost Reporting From DC

TARP Watchdog: "We Do Not Seem To Be A Priority For The Treasury Department"

March 31, 2009 11:27 AM

Elizabeth Warren, in charge of oversight of the financial industry bailout, told a congressional panel Tuesday that the Treasury Department has not been cooperating with her efforts to oversee the project.

"We do not seem to be a priority for the Treasury Department," said Warren.

She added that the administration's failure to ask for more accountability has led to a situation that is difficult to oversee. "This problem starts with Treasury," she said.

Warren is testifying before the Senate Finance Committee. We'll update with video when it's available.

Warren argued that "continuous subsidization without vigorous oversight is exactly what got us into this." She complimented the administration's oversight of the auto industry, but contrasted it with the lack of the same with regard to the banks.

Warren said Congress may need to enact new legislation to give itself more access to the bailout program.

Filmmaker Michael Moore was spotted sitting a few rows behind Warren, listening intently as she spoke.

http://www.huffingtonpost.com/2009/03/31/tarp-auditor-we-do-not-se_n_181229.html

[HopeOverFear]

1. Moore must have been there making his documentary

about the bailouts.

[flpoljunkie]

3. More on Moore...

Meena Thiruvengadam reports on Congress.

The government’s private-sector bailouts already have gone mainstream, becoming the subject of a recent episode of Law & Order and inspiring music videos on YouTube. Now, the $700 billion Troubled Asset Relief Program appears to be in the sights of Oscar-winning filmmaker Michael Moore.

The documentary legend behind “Roger & Me,” “Sicko” and “Fahrenheit 9/11″ was spotted Tuesday morning at a Senate Finance Committee hearing on the rescue effort.

Moore wore his trademark baseball cap, standing out among the sea of suits. He sat in the third row, chatting with a dark-haired man as TARP cop Neil Barofsky, Elizabeth Warren, who as Congressional Oversight Panel head is overseeing the banking bailout, and U.S. acting comptroller general and Government Accountability Office chief Gene Dodaro addressed lawmakers.

Moore slipped out of the hearing before it ended, avoiding the reporters and anyone else who may have wanted to ask if the TARP was his next big project. According to the Internet Movie Database, however, Moore is working on an as-yet-untitled project on the global financial crisis.

http://blogs.wsj.com/washwire/2009/03/31/michael-moore-is-spotted-at-congressional-hearing-on-bailouts/

[Raineyb]

2. While testifying on the hill Geitner said the he was never a regulator.

That fact becomes more painfully obvious every day.

:banghead:

Regards

[Dawgs]

4. Give me a break.

I think it's fair to say that his department is pretty fucking busy.

This monday morning quarterbacking is getting embarrassing.

[Raineyb]

8. Busy giving Wall Street more of our fucking money without bothering to do a goddamn thing about

regulation. But me quoting the man is embarrassing.

Clearly you've already had a break from reality.

[MadHound]

17. 'Scuse me, but a big part of the reason we're in this mess is because Bush/Cheney/Paulson

Threw money around without bothering to find out where it went, thus they pissed away the first half of the TARP money. I really don't want to see the other half of that money pissed away in the same manner, which means that Geithner and the Treasury folks need to get some goddamn oversight and regulation put in place on that money otherwise it will be gone to, more money looted from we the people with nothing to show for. You know, 700 billion here, 700 billion there, pretty soon we're talking some real money:eyes:

As far as Monday morning quarterbacking goes, guess what, this is a democracy, we all get to be Monday morning quarterbacks. In fact if more people had been Monday morning quarterbacks, writing letters, being active in their own goddamn government, maybe we wouldn't be in the mess we're in now.

[avaistheone1]

16. No kidding. Geithner is a big part of the reason Citibank went down the tubes.

Geither was not doing his job of supervising Citi.

[LSparkle]

5. Treasury is WOEFULLY understaffed at this point ...

I won't speculate on whose fault that is (the vetting process
is onerous, the Rethugs may be holding up confirmations), but
I hope once Geithner has a full staff, the department will be
better able to juggle all of its responsiblities.

[Supersedeas]

13. and the GoP Elites would like to keep it that way

[avaistheone1]

22. I am quite confident a lot of Democrats are happy that Treasury is understaffed too.

[Thrill]

6. I'm sure he will speak to them. The guy has been pretty damn busy and he isn't fully staffed

And maybe he could speak to her if he doesn't have to keep going before Congress over and over again.

Yes, getting the Toxic Assets Program, the Housing program, and working on Regulations is more of a priority than speaking to her

[Bluenorthwest]

10. Not fully staffed

Because no one wants to hitch their wagon to Tim. Who can blame them? Staffing up is part of his job, is it not? The ability to attact subordinate talent is part of being a leader. That is just how it is.

[avaistheone1]

19. This is more than a matter of Treasury "speaking to her".

Elizabeth Warren should be able to look right over their shoulders at exactly what Treasury is doing with TARP. She should have access to all the reports, files and meetings. Warren should exercise her own discretion of what she wants to see, what she wants to be apart of, and what she doesn't want to see.

Pushing her aside and Treasury saying they are too busy is just an excuse. They are not too busy to meet with Goldman Sachs, or Bank of America. They are not too busy to cut the taxpayer checks to Wall Street.

Who benefits when Elizabeth Warren is not allowed to oversee Treasury? Cui bono?

[Aloha Spirit]

7. A bunch of news pieces now on lack of transparency for TARP. Just the opposite of what I see...

a bunch of new info just released at financialstability.gov (as I posted earlier), and the GAO report which ABC says is critical of the Treasury, actually is very positive
"Treasury has continued to improve the integrity, accountability and transparency of TARP. For example, it recently expanded monthly surveys of the largest institutions' lending activity to cover all CPP participants, as GAO recommended. These surveys should provide additional important information about how the capital investments are impacting participants' lending activities and capital levels. Treasury also continues to develop a process to monitor compliance with the terms of the agreements but has not yet hired asset managers." and on and on

I respect Elizabeth Warren a great deal.
I will wait for the transcript before taking this article at face value.

[flpoljunkie]

12. 'She complimented the administration's oversight of the auto industry...'

She complimented the administration's oversight of the auto industry, but contrasted it with the lack of the same with regard to the banks.

If Elizabeth Warren is concerned, we ought all be concerned.

[Marie26]

9. This is so frustrating.

Everyone knows exactly what needs to be done, & the Treasury Dept. refuses to do it. They're actually *stonewalling* regulations & accountability for the banks.

[chill_wind]

14. She'll probably have to get someone like Carl Levin to threaten The Treasury Dept

with a subpoena to get their attention. That's what Sen Levin had to finally threaten when he wanted copies of Tarp contracts to investigate Citbank's. It worked.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x4979094#top

[avaistheone1]

24. Then that needs to happen sooner rather than later.

[polichick]

11. Warren is an impressive woman imo...

...and makes great sense whenever she appears on TV (with Rachel, etc.)

I agree with her pov ~ wish the President would listen to her.

Bless patriotic truthtelling citizens like Warren and Michael Moore!!

[avaistheone1]

21. I like her too. She comes across well She seems very intelligent

and trustworthy. Warren is very easy to understand I think.

[AtomicKitten]

15. This is concerning. Hopefully fully staffing Treasury will remedy this. n/t

[avaistheone1]

20. Yup. I am sure they will get around to that once the banksters have

all of the taxpayer money they want. Relax, the foxes are in charge of the hen house.

[AtomicKitten]

23. much was forked over during Junior's reign

[avaistheone1]

18. Again we are seeing a difference with how the administration is handling the financial industry

through the Treasury Department, versus how the auto industry is being handled.

Anyone have the administration's explanation for this?