{"id":4998,"date":"2015-01-29T06:42:05","date_gmt":"2015-01-29T11:42:05","guid":{"rendered":"http:\/\/olduvai.ca\/?p=4998"},"modified":"2015-01-29T06:42:05","modified_gmt":"2015-01-29T11:42:05","slug":"occupied-by-wall-street-the-latest-tarp-taxpayer-screw-job-is-revealed","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=4998","title":{"rendered":"Occupied by Wall Street \u2013 The Latest TARP Taxpayer Screw-Job is Revealed"},"content":{"rendered":"<h3 class=\"post-title\"><a href=\"http:\/\/libertyblitzkrieg.com\/2015\/01\/28\/occupied-by-wall-street-the-latest-tarp-taxpayer-screw-job-is-revealed\/#more-20716\" target=\"_blank\">Occupied by Wall Street \u2013 The Latest TARP Taxpayer Screw-Job is Revealed<\/a><\/h3>\n<p><strong><em>The Treasury-created market has benefited a few savvy investors, while saddling taxpayers with a loss. Three private funds, which the report didn\u2019t name, have won almost half the shares available at auction, often netting either a profit on paper or on the resale,\u00a0<a class=\"icon none\" href=\"http:\/\/www.sigtarp.gov\/Quarterly%20Reports\/January_28_2015_Report_to_Congress.pdf\" target=\"_blank\">according to the special inspector general for the Troubled Asset Relief Program<\/a>. The Treasury, which has held 185 auctions to date, said it has raised about $3 billion on TARP investments that were originally valued at $3.8 billion, for a loss of $800 million at the auctions.<\/em><\/strong><\/p>\n<p><strong><em>The Treasury \u201cset up this market where investors could come in quickly and flip and profit,\u201d said Christy Romero, TARP\u2019s special inspector general, in an interview.<\/em><\/strong><\/p>\n<p>\u2013 From the<em>\u00a0Wall Street Journal<\/em>\u00a0article:\u00a0<a href=\"http:\/\/www.wsj.com\/articles\/hedge-funds-private-equity-win-big-at-tarp-auctions-1422421201\">Hedge Funds, Private Equity Win Big at TARP Auctions<\/a><\/p>\n<p>One story that I\u2019ve told several\u00a0times on this site has to do with the day TARP passed. How I got into work extremely early and starting irately\u00a0yelling about how TARP represented the end of America as we knew it. There weren\u2019t many people on the trading floor at the time, but my boss was there and he\u00a0<strong><a href=\"http:\/\/libertyblitzkrieg.com\/2011\/05\/12\/the-war-on-freedom\/\">told me to take a \u201cwalk around the block.\u201d<\/a><\/strong>\u00a0I politely declined, but continued to seethe at my desk.<\/p>\n<p>It\u2019s almost shocking to see the horrific transformation that has occurred in the subsequent six years. It\u2019s so bad, that many people now take things that would\u2019ve been considered unconscionable just a few years ago as part of the \u201cnew normal.\u201d There will be a horrible price to pay for this perspective.<\/p>\n<p>The latest scam unveiled by the\u00a0<em>Wall Street Journal<\/em>\u00a0is just the latest example of how and why all the income during the oligarch recovery has gone to, well, oligarchs.<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Occupied by Wall Street \u2013 The Latest TARP Taxpayer Screw-Job is Revealed The Treasury-created market has benefited a few savvy investors, while saddling taxpayers with a loss. Three private funds, which the report didn\u2019t name, have won almost half the shares available at auction, often netting either a profit on paper or on the resale,\u00a0according [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[303,305,661,2119,2202,860],"class_list":["post-4998","post","type-post","status-publish","format-standard","hentry","category-economics","tag-fed","tag-federal-reserve","tag-qe","tag-tarp","tag-us-treasury","tag-wall-street"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4998","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4998"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4998\/revisions"}],"predecessor-version":[{"id":4999,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4998\/revisions\/4999"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4998"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4998"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4998"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}