Voltron's Executive Summary: The TARP watchdog, Harvard Law Professor Elizabeth Warren, issued a tough six month assessment. Treasury has spent $590 billion of the original $700 billion, but has used "no cost guarantees" and the FED's balance sheet to leverage up to over $4 trillion without additional approval, and they still have not put a dent in the problem. The Treasury's approach might work if the problem is just a lack of credit but if the banks are actually insolvent (they are), it's just a big waste of time and money, which will limit our options in the future.
Full report: http://cop.senate.gov/documents/cop-040709-report.pdf
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