Domestic Policy Subcommittee Chair Announces New Probe of TARP

If these reports are true, this raises significant questions about who the Fed is working for. There is record unemployment and businesses and consumers across American are starved for capital, if the Fed is paying higher interest rates on term deposits in order to induce banks to keep money at the Fed rather than lend, it would be an outrage,” Kucinich said.

Kucinich recounted for Barofsky the policy path which TARP followed when it was first presented to Congress:

“First Congress was told that TARP was for the purchase of toxic assets, to help keep people in their homes. Then the Bush Administration switched the program.

“Next Congress was told that the TARP funds were instead needed to bail out the banks, in the form of a direct capital infusion, to keep credit markets alive.

“If TARP isn’t about keeping people in their homes or providing credit to businesses, what is it for?

I think the vast majority of Americans would be outraged to learn their tax dollars were facilitating hoarding at the Fed and increased profit making for banks,” Kucinich said.

Kucinich said that the Domestic Policy Subcommittee, which he chairs, will ask Fed Chairman Bernanke and Treasury Secretary Geithner to explain the program.

In March, the Domestic Policy Subcommittee held a hearing entitled, “Peeling Back the TARP: Exposing Treasury’s Failure to Monitor the Ways Financial Institutions are Using Taxpayer Funds Provided under the Troubled Assets Relief Program.”

Exposing Treasury’s Failure to Monitor the Ways Financial Institutions are Using Taxpayer Funds

Geithner is adhering to obama's agenda - at some point we will realize what that agenda is, however you can bank on it not being in the best interest of the people.

Geithner and Obama, just two clowns in the circus of political shenanigans carried out by this administration and lunatic congress designed to destroy the economy ASAP.