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TARP Fraud

By Ilene
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Courtesy of Braunie at The Market Guardian

TARP Fraudunclesam-251x300

I am not telling you anything new when I say that market manipulation is totally illegal. It is being done with the American people’s (taxpayers) money without the knowledge or approval of the American people (taxpayers/voters), and probably without Congressional knowledge or consent. I doubt it can be done without corruption (i.e. insider trading) taking place. The opportunity is too great and so is the temptation, people are surely enriching themselves, illegally, at the taxpayer expense. Think I am off my rocker? Just read below.

Reporting from Washington and Los Angeles (LA Times) — In the first major disclosure of corruption in the $750-billion financial bailout program, federal investigators said Monday they have opened 20 criminal probes into possible securities fraud, tax violations, insider trading and other crimes.

The cases represent only the first wave of investigations, and the total fraud could ultimately reach into the tens of billions of dollars, according to Neil Barofsky, the special inspector general overseeing the bailout program.

It is very interesting that not long ago any one of today’s bad reports, by themselves, would have tanked the markets and pushed the Dow down triple digits. Today we got several terrible earnings reports and the combination of these reports can not even keep the markets in the red. As a matter of fact the DOW is now up 80 points. Manipulation? Of course it is!

Crimes suspected in 20 bailout cases — for starters

The special inspector general says TARP is ‘inherently vulnerable to fraud, waste and abuse.’ The risk grows as the plan becomes more complex, he says.

By Ralph Vartabedian and Tom Hamburger, April 21, 2009
Reporting from Washington and Los Angeles — In the first major disclosure of corruption in the $750-billion financial bailout program, federal investigators said Monday they have opened 20 criminal probes into possible securities fraud, tax violations, insider trading and other crimes.

The cases represent only the first wave of investigations, and the total fraud could ultimately reach into the tens of billions of dollars, according to Neil Barofsky, the special inspector general overseeing the bailout program. 

More here.

 

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