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SIGTARP Calls Out Tim Geithner On Various Violations Including Data Manipulation, Lack Of Transparency, "Cruel" Cynicism, And Gross Incompetence

Tyler Durden's picture


SigTarp Neil Barofsky has just released the most scathing critique of all the idiots in the administration, with a particular soft spot for Tim Geithner.

On the failure of TARP to increase lending:

As these quarterly reports to congress have well chronicled and as Treasury itself recently conceded in its acknowledgement that "banks continue to report falling loan balances," TARP has failed to "increase lending" with small businesses in particular unable to secured badly needed credit. Indeed, even now, overall lending continues to contract, despite the hundreds of billions of TARP dollars provided to banks with the express purpose to increase lending.

On TARP's sole success of boosting Wall Street bonuses:

While large bonuses are returning to Wall Street, the nation's poverty rate increased from 13.2% in 2008 to 14.3% in 2009, and for far too many, the recession has ended in name only.

On TARP's failure in general:

Finally, the most specific of TARP's Main Street goals, "preserving homeownership" has so far fallen woefully short, with TARP's portion of the Administration's mortgage modification program yielding only approximately 207,000 ongoing permanent modifications since TARP's inception, a number that stands in stark contrast to the 5.5 million homes receiving foreclosure filings and more than 1.7 million homes that have been lost to foreclosure since January2009.

On the Treasury's scam in minimizing publicized AIG losses, and on Geithner as a Wall Street puppet whose actions are increasingly destroying public faith in the government:

While SIGTARP offers no opinion on the appropriateness or accuracy of the valuation contained in the Retrospective, we believe that the Retrospective fails to meet basic transparency standards by failing to disclose: (1) that the new lower estimate followed a change in the methodology that Treasury previously used to calculate expected losses on its AIG investment; and (2) that Treasury would be required by its auditors to use the older, and presumably less favorable, methodology in the official audited financials statements. To avoid potential confusion, Treasury should have disclosed that it had changed its valuation methodology and should have published a side-by-side comparison of its new numbers with what the projected losses would be under the auditor-approved methodology that Treasury had used previously and will use in the future. This conduct has left the Treasury vulnerable to charges it has manipulated its methodology for calculating losses to present two different numbers depending on its audience: one designed for release in early October as part of a multifaceted publicity campaign touting the positive aspects of TARP and emphasizing the reduction in anticipated losses, and one, audited by the GAO for release in November as part of a larger audited financial statement. Here again, Treasury's unfortunate insensitivity to the values of transparency has led it to engage in conduct that risks further damaging public trust in the Government.

On the perpetuation of moral hazard courtesy of TARP:

Increased moral hazard and concentration in the financial industry continue to be a TARP legacy. The biggest banks are bigger than ever, fueled by the Government support and taxpayer-assisted mergers and acquisitions. And the repeated statement that the Government would stand by these banks during the financial crisis has given a significant advantage to the larger "too big to fail" banks, as reflected in their enhanced credit ratings borner from a market perception the Government will still not let these institutions fails, although the impact of this cost may be blunted by recently enacted regulatory reform.

On the "cruel, false hope" provided by a "cynical" (if not much harsher word) Treasury Secretary:

While it may be true that many homeowners may benefit from temporarily reduced payments even though the modification ultimately fails, Treasury's claim that "every single person"  who participated in HAMP gets a "significant benefit" is either hopelessly out of touch with the real harm that has been inflicted on many families or a cynical attempt to define success as failure. Worse, Treasury's apparent belief that all failed trial modifications are successes may preclude it from seeking to make the meaningful changes necessary to provide the "sustainable" mortgage relief for struggling families it first promised. What Treasury deems a universal benefit, many homeowners, members of Congress, and a growing number of commentators describe as "cruel" and offering little more than "false hope."

On the Treasury's only real focus: bailing out Wall Street and letting Main Street to rot. Granted Hank Paulson is to be blamed here as well for being, what else, a former Goldman CEO, only intent on bailing out his cronies and receiving favorable quotes in books published by journalists known only for their legendary namedropping skills. In this case, it is also one Steve Rattner whose disastrous handling of the GM fiasco is finally coming back to haunt him:

At a time when the country was experiencing the worst economic downturn in generations and the Government was asking its taxpayers to support a $787 billion stimulus package designed primarily to preserve jobs, Treasury made a series of decisions that may have substantially contributed to the accelerated shuttering of more than 2,000 small businesses, thereby potentially adding tens of thousands of workers to the already lengthy unemployment rolls -all without sufficient consideration of the decisions' broader economic impact...That the automakers have offered reinstatement to hundreds of terminated dealerships in response to Congressional action without any apparent sacrifice of their ongoing viability further demonstrates the possibility that such dramatic and accelerated dealership closings may not have been necessary and underscores the need for Treasury to tread very carefully when considering such decisions in the future.

That's ok. There were record Wall Street bonuses to be paid in 2008, 2009, and, now, in 2010. Thank you TARP.

If after all this disclosure Geithner does not resign, well, America truly will have the Treasury Secretary, not to mention administration, it deserves. And while Timmy is packing his office, can Chris Dodd and Barney Frank please exit by the back door (no pun intended) as well, so this country can finally rid itself of the corrupt oligarchy that does everything to benefit banking and nothing to boost actual economic growth.

There is much more in the 388 page report, which we are combing through right now

Full report here


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Mon, 10/25/2010 - 14:55 | 675797 greased up deaf guy
greased up deaf guy's picture

too bad nothing will come of it...

Mon, 10/25/2010 - 15:01 | 675824 janchup
janchup's picture

The ballooning police state has other preoccupations, like being granted access to every privately owned computer in America.

Mon, 10/25/2010 - 16:32 | 676081 macholatte
macholatte's picture

Said of Google, “We know where you are. We know where you’ve been. We can more or less know what you’re thinking about.”

Mon, 10/25/2010 - 22:46 | 676770 Attitude_Check
Attitude_Check's picture

While interesting -- how is this related to the article?

Tue, 10/26/2010 - 09:01 | 677257 blindfaith
blindfaith's picture

Guess I will change to Bing, and dump this tool bar from Google ( Chrome is a bust).  How come all the people I know that own Google shares are stock brokers?

No good for research anymore, all roads lead to eBay.

Mon, 10/25/2010 - 16:01 | 675997 Bob
Bob's picture

I've been deeply disappointed in the FBI for its absence in this mess. 

Everybody's seen Goodfellows.  I saw The Seige last weekend.  The FBI used to mean something that people believed in, Hoover notwithstanding. 

We know and even sort of understand the SEC's hands-off policy wrt the guys on the other side of The Street--but what about the FBI?

How about  FBI Director Mueller?????

These guys were "warning" of "widespread fraud" in mortgage originations years ago.  WTF have they been doing with that information since then?

Let us not forget that these are the same guys who dropped the ball with advance knowledge of 9-11 . . .

With friends like these protecting us from threats both foreign and domestic, who needs enemies?

Whose side is the FBI on?

Mon, 10/25/2010 - 16:29 | 676068 Troy Ounce
Troy Ounce's picture


According to the FBI, mortgage fraud is fraud commited by the lender, cannot possibly be the mortgage company:

More on this and the incestious relationship between the Mortgage Bankers Association (MBA) and the FBI, Department Comedy Capers:

Mon, 10/25/2010 - 16:47 | 676105 Bob
Bob's picture

So they're nothing but publicly funded goons for the banksters? 

Used to be that corporate warfare required private police forces like the Pinkerton Boyz:

So far it would appear that they've blown it on the largest orgy of organized crime in the history of mankind, after dropping the ball on the the largest incident of terrorism ever. 

Thing is, you know that agents go into that work burning to do the right thing.  Looks to me like they're being misdirected from the top.  Anybody know how morale is among the agents these days?


Mon, 10/25/2010 - 17:27 | 676135 Bob
Bob's picture Prof. William K Black on dereliction of duty by FBI

JHC!  I just got to this, TO.  Dated two days ago.  Looks like I'm in damn good company on this one. 

Looks like even HuffPo is all over it (courtesy of our own Geo Washington):

Mon, 10/25/2010 - 21:34 | 676626 unum mountaineer
unum mountaineer's picture

Let us not forget that these are the same guys who dropped the ball with advance knowledge of 9-11 . . .

i look at it like a dog you raise from a pup. maybe you teach it commands in another language that a would-be attacker would not have any knowledge about....your dog who obeys your commands no matter how much they want to go after that obvious aggressor.."sit boy".."stay".."down boy"..easy, no?

Tue, 10/26/2010 - 09:06 | 677275 blindfaith
blindfaith's picture

The Motion Picture Industry of America and The record companies.  24 armed agents bust into a church senoir center showing a film to 13 alzheimers suffers.  No money paid. 

This is important work and it has time honored priority over Wall Street messes.

Mon, 10/25/2010 - 16:13 | 676025 SheepDog-One
SheepDog-One's picture

Something will come of everything, on a long enough timeline! And this timeline is very short now, I just checked in on all the canaries, theyre lying on the bottom of their cages with their feet sticking up.

Mon, 10/25/2010 - 19:49 | 676404 Jake Lamotta
Jake Lamotta's picture

Sheep you can be a real cunt!

Mon, 10/25/2010 - 16:15 | 676028 Crab Cake
Crab Cake's picture

Nothing will come of it because you refuse to do anything to stop it; except bitch on ZH.

When is enough enough? Need they literally rape you and your family before you stand?

Mon, 10/25/2010 - 17:30 | 676169 Goldilocks
Goldilocks's picture

The “catalyst” … gold & silver is money.

Do something. Get some.

Mon, 10/25/2010 - 18:03 | 676217 kathy.chamberli...'s picture

i got so G A N G  raped three years ago. not just one rape but multiply times and multiply men. i tell you to read this article just makes you utterly sick to your stomach. who can possibly take down this type of mafia? i don't think it can be human.

Mon, 10/25/2010 - 14:56 | 675801 nope-1004
nope-1004's picture

Send the jerk to jail.



Mon, 10/25/2010 - 15:03 | 675828 ZeroPower
ZeroPower's picture

Your avatar is but a mere pipe dream.

Don't you know big gov rules all?

Mon, 10/25/2010 - 15:24 | 675898 Bill Lumbergh
Bill Lumbergh's picture

He is a CFR member...if he goes they just plug another one in and the circus continues.

Mon, 10/25/2010 - 15:38 | 675944 faustian bargain
faustian bargain's picture

They should put in Angelina least she'd be easy to look at.

Mon, 10/25/2010 - 15:57 | 675982 Problem Is
Problem Is's picture

What does my avatar tell you?

Timmay needs a comb?

Mon, 10/25/2010 - 16:20 | 676039 ZeroPower
ZeroPower's picture

Ha, larger image was key.

Mon, 10/25/2010 - 15:05 | 675840 Rahm
Rahm's picture

Jail?   All he's done is enhanced his resume in the political world.  You have got it backwards, Jail is for the private sector  /sarc (but in reality, that's how it is now-a-days)

Mon, 10/25/2010 - 15:08 | 675857 PeterSchump
PeterSchump's picture

This is the "New America".  Only Neil Barofsky will be jailed.

Mon, 10/25/2010 - 14:58 | 675809 Silverhog
Silverhog's picture

Sorry, but Gross Incompetence should be first on this list.

Mon, 10/25/2010 - 14:58 | 675811 Turd Ferguson
Turd Ferguson's picture

Holy smokes! "Scathing" is an understatement!

However, no outrage will ensue, no changes will be made.

Business as usual continues on Wall Street and "K" Street.

Mon, 10/25/2010 - 15:23 | 675897 BearOfNH
BearOfNH's picture

Hopefully in 8 days the American people will express their outrage at the polls. And a Republican House will start holding hearings on this whole mess. Strictly for political points, mind you, but I think some changes will ensue. Not enough, not soon enough, but it's a start.

Mon, 10/25/2010 - 15:46 | 675968 SRV - ES339
SRV - ES339's picture

a Republican House will start holding hearings on this whole mess.

May I assume you mean the mess 10 years of GOP policy got us into? At least the GOP majority in the house, courtesy of millions of $s pumped into key races by "black pools" of anonymous corporate contributors (thank you Justice Roberts), will give Boehner and Cantor an opportunity to prove they know how to say anything other than no... if you think these clowns are going to clean up this mess, I suspect you live in CA and will vote yes on Prop 19!

Mon, 10/25/2010 - 18:05 | 676220 tmosley
tmosley's picture

Not ten years of Republican policy, 100 years of Republicrat policy.

It's just about the worst policy there is, and it took us from an industrial superpower to a nation of economic cannibals in just a few brief decades.

Mon, 10/25/2010 - 15:48 | 675971 NotApplicable
NotApplicable's picture

Dude, you need to lay of the hopium. That shit's fatal.

Mon, 10/25/2010 - 16:25 | 676056 Crab Cake
Crab Cake's picture

I wish I could summon fairer words, but fuck the Democrats and the Republicans. I have vowed never to vote for either ever again. Two sides of the same debased coin. I refuse to participate in virtual disenfranchisement. I would literally rather be shot than vote for, or have a hand in, the criminal monopolistic actions of the two headed syndicate.

Mon, 10/25/2010 - 17:53 | 676203 Ricky Bobby
Ricky Bobby's picture

+10 The brutal truth.

Mon, 10/25/2010 - 17:05 | 676134 mrhonkytonk1948
mrhonkytonk1948's picture

Ha ha ha ha ha ha ha ha ha.  Funniest thing I've heard all week.

Tue, 10/26/2010 - 09:28 | 677310 blindfaith
blindfaith's picture


Mark my works, regardless of which bunch get in the real winners will be the corporations, not political parties, the FED, Timmy, or America.

What all these saviors of the people haven't caught on to yet, is their UNPRESENTED liability to corporation who shoved the checks under the door.

On Zerohedge we have all read how the corporation own government, the FED, Timmy etc.  But, the real hidden meaning to all this is that now, thanks to our Supreme Court, corporations can elect congressmen, be it state or federal, to wage WAR on their competitors.    Think about what that means,  take the oil companies...they can now use full force to defeat any green movement by LAW.  Could Version get a law through that makes CDMA the only approved cell phone transmission standard?  How about a law that makes any school not offering Coke vending machines in schools ineligible.  How about FOX and the Wall Street Journal the only media that has access to government information for distribution.   How about patent and copywrite changes that make it possible for a company to userp inventions in the "name of GDP prosperty and the national good".

Not possible you say...stay tuned, corporations are just learning to walk.

Think I am kidding?

Mon, 10/25/2010 - 15:49 | 675975 SRV - ES339
SRV - ES339's picture

... Guillotines for $100 Turd!

Mon, 10/25/2010 - 14:59 | 675813 sweet ebony diamond
sweet ebony diamond's picture

I think we are not giving Obama enough credit.

He put Geithner in that place in order to take the focus off of him.


Mon, 10/25/2010 - 20:50 | 676529 Ned Zeppelin
Ned Zeppelin's picture

Our Janitorial President had nothing to do with the decision about Geithner in the Treasury post.  The immediately preceding cabal had to ensure one of its own was in  in that post so they decided to stick Dumbass Timmah in there.  Obama was never asked, since under his employment contract  - same as his predecessor Bush - he had no right to appoint anyone other than Undersecretary to Excremental Affairs. 

Cleanup in Aisle 4, Mr. President. Bring the bucket. 

Anybody else notice the secret, unscheduled visit to China by Mr. Dumbass yesterday to go kiss some Chinese ass, in advance of the unveiling of QE 2.0. 

Pick me up some dim sum, dickweed. 


Mon, 10/25/2010 - 15:00 | 675817 LongSoupLine
LongSoupLine's picture

Give Barofsky a bonus.  Give Geithner the big bone.

Mon, 10/25/2010 - 15:00 | 675819 eatthebanksters
eatthebanksters's picture

too bad Timmy and the big "O' are double dutch rudder buddies...O will never let go!

Mon, 10/25/2010 - 22:29 | 676730 BrosMacManus
BrosMacManus's picture

spot on, here's the visual for those not familiar:


Mon, 10/25/2010 - 15:01 | 675822 jesus_quintana
jesus_quintana's picture

POW! Right in the kisser.

Mon, 10/25/2010 - 15:01 | 675823 Mad Max
Mad Max's picture

Newsflash: Neil Barofsky found dead of apparent heart attack / drowning / self-inflicted papercuts.  Foul play is not suspected.

Mon, 10/25/2010 - 15:18 | 675886 liberal sodomy
liberal sodomy's picture

small aircraft malfunction/shot from behind with rat pellet gun.

Mon, 10/25/2010 - 15:59 | 675995 Problem Is
Problem Is's picture

Heart attack while drowning in hot tub, bitchez...

Mon, 10/25/2010 - 15:05 | 675829 Waterfallsparkles
Waterfallsparkles's picture

Yes, Homeowners were given Modifications which most faithfully paid every month with the hope of keeping their homes.  Then after 3 to 6 months they were told they no longer qualify and have to come up the the total amount due or the Bank would forclose ASAP.  Once in Forbearance the Foreclosure process is excellerated.  To the Banks advantage.

It was like the Banks were renting to the people until they decided the time was right to Foreclose and put the house on the Market.

If the people were paying on time with the Modification why wip the rug out from under them to sell the house to someone else for less?

Mon, 10/25/2010 - 16:26 | 676062 NumberNone
NumberNone's picture

But you will be happy to know that the banks did collect their HAMP $1,500 in up front payments from taxpayer dollars before kicking the homeowners to the curb.  

Mon, 10/25/2010 - 15:04 | 675832 NOTW777
NOTW777's picture

when do they cancel the summer of recovery

Mon, 10/25/2010 - 15:11 | 675866 TuesdayBen
TuesdayBen's picture

Obama changes the vision to: One-thousand Points of Fright.

Mon, 10/25/2010 - 22:42 | 676763 BrosMacManus
BrosMacManus's picture

Clever; NWO biatchez!

Mon, 10/25/2010 - 15:13 | 675870 schoolsout
schoolsout's picture

I'm pretty sure the Fall of Recovery has commenced

Mon, 10/25/2010 - 15:05 | 675838 themosmitsos
themosmitsos's picture

Tim-Tim, Timmay!? Timmay!

Mon, 10/25/2010 - 19:01 | 676305 PD Quig
PD Quig's picture

Why's everyone so down on Timmy?

I mean sure, he had a bad relief appearance in Game 6 of the NLCS--giving up two singles before getting yanked--but really, he had an AWESOME September and has been dealing in the post season otherwise. Give the kid a break!

Mon, 10/25/2010 - 15:05 | 675839 John McCloy
John McCloy's picture

Neil Barofsky: I don't answer to the Treasury Secretary. I answer only to the President. 

Mon, 10/25/2010 - 15:06 | 675844 RobotTrader
RobotTrader's picture

So far, Bernanke, Geithner, LLP have acheived the impossible:

1) Rally stocks in the face of the worst economy in a generation

2) Print money, run infinite POMO's, accumulate gargantuan deficits, yet U.S. Treasuries remain the investment of choice worldwide.

3) Cap gasoline prices under $3.00/gal indefinitely, and provide virtually "free energy" to those heating homes with natural gas this winter.  All done while the Fed's foot is stomped on the Infinite Fiat Accelerator.

4) Create and run the world's first "Perpetual Motion Machine" where monetizations and POMO's crash interest rates and keep Animial Spirits levitated to get investors to chase risk assets and provide the illusion of increasing consumer confidence.

5) Permanently correlate all asset classes together, so that any hiccup, problem, convulsion, explosion, or financial earthquake will result in an immediate and urgent rush into U.S. Fiatscos and U.S. Treasuries, which places a permanent floor under stocks.

Did I miss anything?


Oh, by the way, I assume Obama is still the boss?


Mon, 10/25/2010 - 15:15 | 675880 HarryWanger
HarryWanger's picture

Which again brings me to the point of who in their right mind would even think of shorting this market?

Also, when coupled with stories like this: it becomes more apparent that we are heading to new highs by EOY - easily.


Mon, 10/25/2010 - 15:28 | 675914 Bill Lumbergh
Bill Lumbergh's picture

Harry let me ask you at what level of the S&P should we be trading?  Also, what were your sentiments at the 2007 top?

Mon, 10/25/2010 - 15:35 | 675935 HarryWanger
HarryWanger's picture

I believe the market is fairly valued right now based upon current S&P earnings. I also think the market will overshoot to the upside as they always do to close the year at the highs.

In 2007 I was holding mostly gold purchase in 2003/2004. I was trading in and out of equities daily long and short with no long term exposure. I thought the SPX was a bit rich but again, I just played what the market was giving me up or down.

Mon, 10/25/2010 - 15:50 | 675964 Bill Lumbergh
Bill Lumbergh's picture

The latest data I have for the S&P 500 is a P/E of 18 which frankly is rich unless of course one thinks the world economy is in growth mode.  As for the dividend yield we are at almost 2% which by any stretch is very low compared to the bear market bottoms of 1932 (11%) and 1982 (6%).  Time will tell how the market plays out and if Bernanke has one more bubble in him before the whole thing pops.

Mon, 10/25/2010 - 16:13 | 676019 Rasna
Rasna's picture

What is fairly valued?  The as reported number for the S&P was 16.92 while the Q3 earnings estimate is 70.17.  Pretty big discrepancy considering that most of the corp write downs (due to cutting staff (adding to unemployment and therefore consumption) have been taken).

I think that either further accounting tricks will have to be employed, which will have to later be revised, or magical thinking are the only ways that earnings meet or exceed expectations.

Given the tendency of the markets to regard any news as good news and to continue "partying like it's 1999", there is no difference between "magical thinking" and accounting slight of hand.

Mon, 10/25/2010 - 16:50 | 676111 Minion
Minion's picture

P/E doesn't matter; P/D does.  You don't get paid by investing for earnings, unless you're speculating that the bots will drive the price up because "earnings beat estimates".

We're all speculators now, thanks to easy money.  Ben blows bubbles. 

Mon, 10/25/2010 - 20:11 | 676456 Rainman
Rainman's picture

" P " is a known. " E " remains a mystery.

Mon, 10/25/2010 - 18:01 | 676215 the rookie cynic
the rookie cynic's picture

My earnings could look pretty good to if I didn't have to tell the truth. No one's been forced to mark down their losses.

The only way equities, commodities and the value of the dollar can go up at the same time is if the U.S. economy is a thriving, innovative, net-exporter.

In nominal terms the Zimbabwe stock market really kicked ass for awhile too, but the currency was toilet paper.

Ben, Timmy and company have created a nominal recovery, not a real one.


Mon, 10/25/2010 - 15:32 | 675929 AccreditedEYE
AccreditedEYE's picture

Wanger, you keep repeating the same mantra.. Why don't you put your money where your mouth is. I want you to buy AAPL right here right now in size. (And for the 4th time, why did you sell it in the first place?)

Mon, 10/25/2010 - 15:38 | 675940 HarryWanger
HarryWanger's picture

I sold AAPL at 289. I was trailing it with a very tight stop up from 240 at the time. It dropped back and I sold it. I will purchase it again or short it depending on where the market is later this week. I think we need to test the yearly highs before any pullbacks.

Mon, 10/25/2010 - 22:48 | 676774 BrosMacManus
BrosMacManus's picture

Wanger reminds me of JB/Master Bates.

Mon, 10/25/2010 - 17:04 | 676015 Spalding_Smailes
Spalding_Smailes's picture
by HarryWanger
on Tue, 09/14/2010 - 12:19

Meanwhile, contrary to the "strong rebound" bantered about on CNBC, housing continues its not-so-flash-crash but rather a very well organized one:


"Southland home sales fell last month to the lowest level for an August in three years and the second-lowest in 18, the result of a worrisome job market and a lost sense of urgency among home shoppers. ... [sales were] down 2.1 percent from 18,946 sales in July, and down 13.8 percent from 21,502 sales in August 2009."



by HarryWanger
on Tue, 09/14/2010 - 09:33

Gotta clear 1130 area for the upside to continue. If it does, it'll move extremely fast up to 1175 area. If that happens, it's the best time to short via SDS IMO.

by HarryWanger
on Tue, 09/14/2010 - 08:38 #580760

Busy, busy summer. Haven't been able to "gamble" much. A few dips in and out of AAPL and holding tight to my precious metals. Hope to get back to some real trading soon. 

  • flag as junk (0)

  • by HarryWanger
    on Mon, 09/13/2010 - 16:37

    I have to disagree. I think we'll definitely rise to the top of this range 1160's - 1170's before any topping out. 

    Remember, everyone ratcheted down their numbers for this Q. So when they come in "as expected" with the lowered expectations, the market will rally.

    Watch what type of reaction Retail Sales gets. That will set your tone to mid to upper 1100's. After that we trend back down to the 1040 level again. Just a range with way more reason to break down than break out. Just not yet.


    Mon, 10/25/2010 - 15:16 | 675881 mikla
    mikla's picture

    Picture caption:

    Obama:  "No, I don't want to look at it."


    Bernanke:  "C'mon!  Check it out!  See it getting bigger?"

    Mon, 10/25/2010 - 16:30 | 676074 NumberNone
    NumberNone's picture

    Is he showing him the money supply?

    Mon, 10/25/2010 - 15:41 | 675948 Rasna
    Rasna's picture

    Oh, by the way, I assume Obama is still the boss?

    You are jesting, I presume!

    O has never been the boss.  He and his cronies (as have several administrations before his) serve at the pleasure of the WS, corporate and international power elite.

    Mon, 10/25/2010 - 15:45 | 675965 lsbumblebee
    lsbumblebee's picture

    It looks like Ben might be saying something about the JFK assassination.

    Mon, 10/25/2010 - 16:20 | 676041 Rasna
    Rasna's picture

    "Hey O!

    Did I ever tell you the one about JFK and Executive Order 11101?  You're going to love this.  See, hahaha, Kennedy got it into his mind that he was going to abolish the Fed..."

    Mon, 10/25/2010 - 16:57 | 676121 Bob
    Bob's picture


    Look at Barry backing away like a cowering child. 

    Mon, 10/25/2010 - 16:02 | 675998 Problem Is
    Problem Is's picture

    Did Bernank-ster just make Obummer come in via the kitchen service entrance?

    Mon, 10/25/2010 - 16:08 | 676013 eatthebanksters
    eatthebanksters's picture

    They just exited the Mens room...that's why Ben is smiling...

    Mon, 10/25/2010 - 16:58 | 676125 Bob
    Bob's picture

    It's not just a smile.  The man is aglow with love. 

    Mon, 10/25/2010 - 19:40 | 676385 hidingfromhelis
    hidingfromhelis's picture

    I can't quit you, Ben!

    Mon, 10/25/2010 - 20:39 | 676511 Bob
    Bob's picture

    Make up sex is the best. 

    Mon, 10/25/2010 - 16:16 | 676029 SheepDog-One
    SheepDog-One's picture

    Stock market rally is due to sellout traitors such as yourself and others here who play along, justify it by saying you can make a buck. Accomplices in fraud and destruction of the US, youre no better than any of them.

    Mon, 10/25/2010 - 16:32 | 676079 gerd
    gerd's picture

    Couldn't have said it better myself!

    Carl Fox: I don't go to bed with no whore, and I don't wake up with no whore. That's how I live with myself. I don't know how you (Harry Wanger) do it.


    Mon, 10/25/2010 - 17:44 | 676186 merehuman
    merehuman's picture

    to sheepdog.   A heart felt "thank you!"  I closed my shop. Will not work for dollars, Personal integrety, honor is precious to me. Will not take government dole either. Rather starve or die.

    Mon, 10/25/2010 - 20:52 | 676541 Ned Zeppelin
    Ned Zeppelin's picture

    "This the line for the men's room?" 

    Tue, 10/26/2010 - 00:50 | 676923 Minion
    Minion's picture

    1.  By buying them outright.

    2.  By buying them outright.

    3.  By allowing the price of gold to go up (see FOFOA for how this is done).

    4.  Feedback loop of frontrunning.  Nothing is perpetual.

    5.  All assets trade together against cash in a deflation.  All they added was monetization.

    Mon, 10/25/2010 - 15:06 | 675845 Joe Davola
    Joe Davola's picture

    Poor Timmy, that beeping sound you hear is gonna be Obama's bus backing up over you to finish you off.

    Mon, 10/25/2010 - 16:06 | 676006 Problem Is
    Problem Is's picture

    Timmay's dad gave Obummer's mom a CIA front company job way back when...

    Timmay and Obummer will ride off into the sunset together...

    Obummer on a jack-ass...
    Lil' Timmay on his pony...

    Mon, 10/25/2010 - 15:06 | 675846 Milestones
    Milestones's picture

    As I recall from over a year ago Timmy was selling his house in D.C. Did that ever transpire (sale) and what did his loan mortgage look like? Things on the up and up so to speak? Maybe Mr Washington could enlighten us on that little "tale of woe" (dough) or this gentleman poster.   Milestones

    Mon, 10/25/2010 - 15:06 | 675847 plocequ1
    plocequ1's picture

    Gee all these fucking problems and no one gives a crap. I think ill go eat something

    Mon, 10/25/2010 - 15:12 | 675868 redpill
    redpill's picture

    Try an Inflation Protected Sandwich?

    Mon, 10/25/2010 - 15:15 | 675875 plocequ1
    plocequ1's picture

    Oh, You mean a Shit sandwich? Yes, Its a huge shit sandwich and were all going to have to take a bite.

    Mon, 10/25/2010 - 15:24 | 675900 redpill
    redpill's picture

    that would be a Sandwich Hedged In Treasuries in a general sense.

    Mon, 10/25/2010 - 16:02 | 676002 Cheesy Bastard
    Cheesy Bastard's picture

    Yeah, but the more bread you got the less shit you gotta eat!

    Mon, 10/25/2010 - 16:52 | 676115 Minion
    Minion's picture

    Nice avatar change - the junking stopped, eh?

    Mon, 10/25/2010 - 16:17 | 676031 SheepDog-One
    SheepDog-One's picture

    Obama and the markets will very soon be serving up shit sandwiches for all, enjoy.

    Mon, 10/25/2010 - 15:08 | 675849 TuesdayBen
    TuesdayBen's picture

    Upon learning that Obama insisted on placing a blatant tax-cheat in charge of the UST and hence the IRS, I knew Obama would be a failure as POTUS and that the country was fucked.  Obama could not at that time have exhibited weaker judgement or set a poorer example.

    Mon, 10/25/2010 - 16:01 | 676001 Rudolf Havenstein
    Rudolf Havenstein's picture


    Mon, 10/25/2010 - 22:25 | 676721 cranky-old-geezer
    cranky-old-geezer's picture

    I saw it as O giving Americans the finger saying "Welcome to your future bitchez."

    Mon, 10/25/2010 - 15:07 | 675854 crzyhun
    crzyhun's picture

    Ohhh please, Dearest Leader and its gnome Timmy, they are not going anywhere until 2012.

    Besides, who will make anything of this??

    Mon, 10/25/2010 - 15:08 | 675856 ratava
    ratava's picture

    the best paying jobs always attract the least mentally and morally qualified people.

    Mon, 10/25/2010 - 15:10 | 675860 Widowmaker
    Widowmaker's picture

    "On the failure of TARP to increase lending:"

    You must whip it!

    "On TARP's sole success of boosting Wall Street bonuses:"

    You must whip it!

    "On TARP's failure in general:"

    You must whip it!

    It's not to late.

    To whip it good.

    (sorry, couldn't resist)

    Mon, 10/25/2010 - 15:16 | 675878 redpill
    redpill's picture

    The beatings will continue until morale improves

    Mon, 10/25/2010 - 15:15 | 675871 buzzsaw99
    buzzsaw99's picture

    It is nice to read intelligent and truthful analysis from outside the blogsphere once in awhile.

    Mon, 10/25/2010 - 15:14 | 675873 unwashedmass
    unwashedmass's picture


    timmy isn't going to resign! he's got the market now at major highs!!!!! and everyone who actually matters is going to get a big christmas bonus!!!!

    i mean, really, you guys!!!! what do you want!!!!

    Mon, 10/25/2010 - 16:11 | 676024 ATG
    ATG's picture

    Claim: timmy isn't going to resign! he's got the market now at major highs

    Fact: The market below where it was in October 2007 and April 2010

    Mon, 10/25/2010 - 16:19 | 676036 SheepDog-One
    SheepDog-One's picture

    Major highs my ass, what are you looking at to conclude that? Its COST us $26 trillion to achive a market level of 12 years ago? Gee wow big deal.

    Mon, 10/25/2010 - 15:14 | 675874 NOTW777
    NOTW777's picture

    think burnett will interview neil? LOL

    is SIGTARP a right wing blog

    Mon, 10/25/2010 - 15:44 | 675962 buzzsaw99
    buzzsaw99's picture

    hey erin, show us your titties!

    Mon, 10/25/2010 - 15:15 | 675877 lizzy36
    lizzy36's picture

    Barofsky FTMFW.

    Mon, 10/25/2010 - 15:55 | 675989 NotApplicable
    NotApplicable's picture

    While it's nice to see Barfosky's words, I'll point out that's all they are, merely words.


    Mon, 10/25/2010 - 15:16 | 675884 papaswamp
    papaswamp's picture

    Wow if TARP is this bad I wonder how TALF is doing?

    Mon, 10/25/2010 - 15:21 | 675893 Phil
    Phil's picture

    Resignation can now only be in the timing.  IMO ---post next week's elections.  Probably having a hard time finding anybody who wants the job

    Mon, 10/25/2010 - 15:22 | 675895 bugs_
    bugs_'s picture

    are all my cruel cynicisms so small?

    Mon, 10/25/2010 - 15:38 | 675939 NOTW777
    NOTW777's picture

    listen to this lying fed head - blinder; upset theres not more fraud and stimulus; says its the fault of republicans saying no to fraud.

    Mon, 10/25/2010 - 15:43 | 675953 BennyBoy
    BennyBoy's picture

    Having failed at every post he's ever held, it's time for Timmy to get kicked upstairs agin.

    Can you say President Timmy?

    Mon, 10/25/2010 - 15:50 | 675976 wiskeyrunner
    wiskeyrunner's picture

    Late afternoon selloff, just means we rally overnight. The stock index futures rise 90% of the time overnight.

    Mon, 10/25/2010 - 15:54 | 675986 TeamAmerica
    TeamAmerica's picture

    Current administration performing below inflated expectations.

    Prior administration revised downward.

    Consensus expectation for next administration subject to market conditions.

    Stay tuned America!



    Mon, 10/25/2010 - 16:11 | 676021 TooBearish
    TooBearish's picture

    Awesome not we have regulators fingering themselves in public basically saying - we could have done it better- its our turn to save the world....let em go bust fuk this

    Mon, 10/25/2010 - 16:19 | 676033 Problem Is
    Problem Is's picture

    And a Week Before the Elections...
    No one heard the Barofsky report because:

    1. Obummer, Timmay and Frank&Dodd want it hid...
    2. TBTF put it under a lid...
    3. Jamie&Lloyd said it won't touch my bonus a bit...

    The MSM busied themselves reporting on:

    1. McDonnell is a witch...
    2. Sarah Palin McMILF's tits...
    3. Tiger's dick...
    4. What Amerikan idol quit...

    As the ignorant Amerikan public once again failed to read, guzzled beer and like their president gazed blankly at ESPN as they sailed on the raft together down the river of oblivion...

    Mon, 10/25/2010 - 18:06 | 676223 Dburn
    Dburn's picture


    Well Done

    Mon, 10/25/2010 - 16:25 | 676058 Precious
    Precious's picture

    You forgot to mention that Soro's magic tool, Chuck Schumer, also needs to retire.

    Mon, 10/25/2010 - 16:33 | 676080 williambanzai7
    williambanzai7's picture

    Mon, 10/25/2010 - 18:31 | 676251 the rookie cynic
    the rookie cynic's picture

    Sweet. Should add a cracked plate on the ground labeled "American Taxpayer".

    Mon, 10/25/2010 - 20:55 | 676548 RockyRacoon
    RockyRacoon's picture

    You know what, William?  The spinning plate is a special "rigged" construction, and they look like they are spinning whether they are or not.  A superb metaphor you have chosen.

    Mon, 10/25/2010 - 16:41 | 676099 macholatte
    macholatte's picture


    Dollar at Risk of Becoming 'Toxic Waste'

    Mon, 10/25/2010 - 16:51 | 676110 Paul Bogdanich
    Paul Bogdanich's picture

    It cost them $600 million to get Obama elected in 2008.  The will spend $1.2Bn if necessary in 2012 for the same purpose.  To have your political cover for you bank robbery standing and steadfastly "looking forward" as the statute of limitations expires behind him is what this is all about.  All the rest is merely windowdressing.  They need the eight year so the theft goes completely cold.    

    Mon, 10/25/2010 - 17:19 | 676155 Shameful
    Shameful's picture

    Why pay to have him elected again?  Wouldn't it be cheaper and more effective to buy another candidate and run him/her from the red team?  Get to come in to probably a majority and some good will to once again abuse the hell out of the suckers. That's the whole point of the two headed one party system to swap them out when one of them sustains to much looting fatigue.  The other side steps up and continues the looting and the team out of power gets to whine and regain strength.

    Mon, 10/25/2010 - 20:54 | 676545 Ned Zeppelin
    Ned Zeppelin's picture

    Meet New Boss. Yes, same as Old Boss. 

    Mon, 10/25/2010 - 16:54 | 676120 JonNadler
    JonNadler's picture

    I will e-mail my congressman!!

    Mon, 10/25/2010 - 17:42 | 676182 RichardENixon
    RichardENixon's picture

    Yeah, kids! And after that let's go over to Andy's house and put on a show!

    Mon, 10/25/2010 - 18:00 | 676209 Temporalist
    Temporalist's picture

    People in the United States have been ignorant and complicit with the actions of the Federal government and Fed central bankers for long enough.

    For generations the people have been getting robbed and even participated in their own fleecing by voting in imbeciles for "programs," "policies," "beliefs" and "stances" that align with their social, religious and economic beliefs but all they have to do instead is ask is it legal.  Is it in the Constitution or not?  Is there Rule of Law or not?  You can't make it up as you go.  And the legal system has been usurped by weaklings that will not stand up for what is right but are also complicit in the undermining of the taxpayer to feed the machine.

    To those generations who have watched and done nothing or aided and abetted in the criminal coup I ask what has the government done for you lately?  Is depreciating your income and savings enough?  Or crashing the value of your home?  How about lying about WMDs to start a war and kill hundreds of thousands of people?  And do you feel safer while living out of your car?  And is your social security enough to help anymore?  Do you have enough to cover your medication and health care costs, the same system that you paid into for your whole working life?  And how much does college cost now that Uncle Sam loans the money to all comers?  Did you want education debt to surpass credit card debt?  Are you happy that your government makes your children debt slaves?  Are you happy that your government created GSEs like Fanny and Freddie and paid executives millions upon millions of dollars and politicians like Frank and Dodd among many others benefited immensely before and after destroying the real estate market and now your government owns 70-95% of all mortgages (have heard both numbers).  Are you happy that your government bailed out Wall St. bankers who bundled mortages into derivatives MBS, CDO, CDS and crashed banking systems around the world with "products" they didn't understand or even knew to be complete garbage?  Does it make you happy that your government wants to arrest and jail someone for smoking pot in their own home but will allow scammers and global criminals to walk free for small fines?  Is it really ok with you that the government is either masterminding or participating in the raping of your wealth and freedom?

    Mon, 10/25/2010 - 21:50 | 676650 StychoKiller
    StychoKiller's picture

    Very good!  Now, post it on, and -- pay close attention to the asinine rebuttals -- 'cause you KNOW they'll be asinine!

    Mon, 10/25/2010 - 17:34 | 676174 Return2Sanity
    Return2Sanity's picture

    Woo-hoo! Now I have someone to write in on the next presidential election ballot as VP for William Black. Go Neal!

    Mon, 10/25/2010 - 18:18 | 676238 Bill Lumbergh
    Bill Lumbergh's picture

    I think William Black would make a great Treasury Secretary in a Ron Paul administration...we need people with some balls to make things happen.

    Mon, 10/25/2010 - 18:16 | 676233 steelhead23
    steelhead23's picture

    Return2Sanity - I'm quite certain you were making a joke - but you know, as both major parties have demonstrated that they are lapdogs and the banksters are the masters, the growing public anger at their failures shows there truly is a unique political opening.  Don't even talk about the Tea Party - a poorly defined movement that was easily co-opted by the Kochs.  But a real party, one based on the rule of law and a commitment to reclaim the financial playing field, could potentially become a real player in U.S. politics.  I know - I'm a hopeless dreamer but I have determined that the boyz in D.C. will NEVER wake up.  I am reminded of the fairy tale - Sleeping Beauty.  Only in the current version, the banksters remain awake and they steal everything, even the king's crown while everyone sleeps.  Barofsky and Black, having escaped the evil ones' spell are running about wildly, trying to get others to awaken.  But sleep is comforting.  To wake up means knowing that we are being ripped-off.  The banksters are doing everything they can to ensure that DC remains somnolent.  And it is working.  But Jamie, Lloyd, et al., are you sure they'll remain asleep?

    Mon, 10/25/2010 - 18:22 | 676245 Arkadaba
    Arkadaba's picture

    I do wonder at the timing of this report and Bair's comments - maybe just a little desperate pre-election sound and fury?

    Mon, 10/25/2010 - 19:12 | 676323 the rookie cynic
    Mon, 10/25/2010 - 19:21 | 676336 PD Quig
    PD Quig's picture

    I don't advocate violence, but it wouldn't be an altogether bad thing to remind them all that there are an awful lot more of us than them.

    Mon, 10/25/2010 - 21:00 | 676557 RockyRacoon
    RockyRacoon's picture

    I think they know that.  What else explains extended unemployment and growing roles of food assistance?  It ain't the kindness of their hearts that prompts it; it is the gnawing fear that wakes them up at 2 AM of gathering hordes of common folk.

    Mon, 10/25/2010 - 21:45 | 676640 Bob
    Bob's picture

    For pennies on the dollar. 

    Mon, 10/25/2010 - 19:23 | 676345 Rockfish
    Rockfish's picture

    Where is the surprise? HE WHO OWNS THE GOLD MAKES THE RULES, breaks the rules, ignores the rules and is exempt from the rules. Aways has been always will be.

    Mon, 10/25/2010 - 20:51 | 676538 Ivar Kreuger
    Ivar Kreuger's picture
    by macholatte


    Dollar at Risk of Becoming 'Toxic Waste'


    Time to buy the dollar, just at the lows in the next week here.


    Mon, 10/25/2010 - 21:55 | 676661 tony bonn
    tony bonn's picture

    i can't believe barofsky was allowed to publish guess is that obama will order his assassination....

    Mon, 10/25/2010 - 22:08 | 676690 MilleniumJane
    MilleniumJane's picture


    What would Alex P. Keaton think of Timmy?

    Tue, 10/26/2010 - 01:25 | 676957 Fraud-Esq
    Fraud-Esq's picture

    They (banks and Congress) put a gun to FASB's head and got themselves bonuses from 2008 - 2016 while standing on insolvent rubble. We're not even forcing them to recap their own insolvent banks under a shadow old FASB regime, so that they may once again pay themselves bonuses when they're solvent under the old FASB rules.

    We're not even doing THAT, which convinces me we're still in the bust-it-up-for-insurance phase of the meltdown.  

    Wed, 11/10/2010 - 23:29 | 718655 No More Bubbles
    No More Bubbles's picture

    Geithner needs a rope tied around his neck; hanging from a tree......

    Why do we tolerate these fraudsters?

    Wed, 02/23/2011 - 02:06 | 987754 shawnlee
    shawnlee's picture

    I think they know that.  What else explains extended unemployment and growing roles of food assistance?  It ain't the kindness of their hearts that prompts it; it is the gnawing fear that wakes them up at 2 AM of gathering hordes of common folk. watch winder |640-863 | 1Y0-A05 | links of london charms

    Wed, 04/20/2011 - 05:42 | 1187231 shawnlee
    shawnlee's picture

    They (banks and Congress) put a gun to FASB's head and got themselves bonuses from 2008 - 2016 while standing on insolvent rubble. We're not even forcing them to recap their own insolvent banks under a shadow old FASB regime, so that they may once again pay themselves bonuses when they're solvent under the old FASB rules.testking \ test king \ testkings \ a+ practice exam \ ase practice exam \ ccda practice exam \ ccent practice exam \ ccia practice exam \ ccie practice exam \ ccip practice exam \ ccna practice exam \ ccna security practice exam

    Mon, 04/25/2011 - 07:15 | 1202916 george22
    george22's picture

    They (banks and Congress) put a gun to FASB's head and got themselves bonuses from 2008 - 2016 while standing on insolvent rubble. We're not even forcing them to recap their own insolvent banks under a shadow old FASB regime, so that they may once again pay themselves bonuses when they're solvent under the old FASB Air Mass Meter

    Mon, 05/23/2011 - 00:03 | 1301120 kummar
    kummar's picture

    That explains a lot, thanks Tyler, that's one of the most interesting pieces I've read recently on ZH or elsewhere. From that you can pretty much see the character of the next criris as the moral hazard and imbalances are still there.That explains a lot, thanks Tyler, that's one of the most interesting pieces I've read recently on ZH or elsewhere. From that you can pretty much see the character of the next criris as the moral hazard and imbalances are still theretestking 000-119
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    Mon, 05/30/2011 - 06:29 | 1322092 kummar
    kummar's picture

    That explains a lot, thanks Tyler, that's one of the most interesting pieces I've read recently on ZH or elsewhere. From that you can pretty much see the character of the next criris as the moral hazard and imbalances are still therepass4sure 70-162 \ pass4sure 70-669 \ pass4sure 70-693 \ pass4sure 70-443 \ pass4sure 98-367 \ pass4sure 70-512 \ pass4sure 70-169 \ pass4sure 70-178

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