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Congressional Oversight Panel
Panel Warns of Nightmare Scenarios for Housing Crisis
By Joseph Schuman - AOL News
(Nov. 16) -- The "robo-signing" scandal at the heart of the current foreclosure crisis may be just the tip of a legal iceberg that threatens to destabilize the American financial system just as the government is least equipped to support it. That's the judgment of the Congressional Oversight Panel, the watchdog agency created to keep an eye on the Troubled Asset Relief Program, or TARP. And it's the first official warning from anyone in the government that banks' problematic servicing of foreclosures could obscure and possibly evolve into troubles on a global scale. "At this point the ...
Sen. Ted Kaufman to Replace Elizabeth Warren On Bailout Oversight Panel
By Christopher Weber - Politics DailySen. Ted Kaufman (D-Del.) has replaced Elizabeth Warren on the panel that oversees the federal government's Wall Street bailout program. Kaufman was appointed Thursday to the Congressional Oversight Panel by Senate Majority Leader Harry Reid, MarketWatch reported. COP is charged with keeping track of the $700 billion spent as part of the Troubled Asset Relief Program at the height of the financial crisis. It will oversee TARP and report on its effectiveness until its authority expires on April 3, 2011. The outgoing senator, a longtime aide to Vice President Joe Biden, fills the seat left ...
Obama Picks Consumer Adviser, Dodging Senate Fight
By not in system - AOL NewsWASHINGTON (Sept. 17) -- In a poke in the eye to the financial community, President Barack Obama on Friday named Elizabeth Warren, an aggressive consumer advocate and Wall Street adversary, to oversee creation of a new agency to regulate banks, lenders and credit card companies. Sidestepping a Senate confirmation fight - for now - Obama stopped short of nominating Warren to actually head the new Bureau of Consumer Financial Protection. Instead, his action will let the Harvard Law School professor and expert on bankruptcy move quickly to shape the bureau. Senate Republicans view her as too ...
How a Poorer America Is Holding Back the Recovery
By Joseph Schuman - AOL News(Sept. 16) -- The nation's epidemic unemployment knocked nearly 4 million more Americans into poverty last year, swelling the ranks of the poor to the largest number in at least half a century. And if the depth of the pain wrought by the financial crisis is already familiar, what's emerging is a new picture of how that pain has undermined the economic recovery and complicated government efforts to get the country back on track. The Census Bureau today said the poverty rate climbed to 14.3 percent, or roughly one in seven people living in the U.S., from 13.2 percent in 2008. That's the ...
Panel: Taxpayers at Risk From AIG Bailout
By Joseph Schuman - AOL News(June 10) -- The government failed to exhaust all options before deciding to bail out insurance giant AIG in 2008, and taxpayers still risk "severe losses" in the deal, a federal watchdog agency warned today. The Congressional Oversight Panel, created to keep an eye on the Troubled Asset Relief Program (TARP) and other government responses to the financial crisis, assailed a series of deep flaws in the rescue of AIG even as it described the tangled market and financial and political environments confronting the Treasury and the Federal Reserve at the time of the bailout. "Through a series of ...
Congressional Watchdog Slams AIG Bailout
By Christopher Weber - Politics DailyA congressional watchdog harshly criticized the federal government's decision to bail out AIG, saying other options should have been explored before paying $182 billion to the collapsing insurance giant in September 2008. In a report released Thursday, the Congressional Oversight Panel said the enormous bailout distorted financial markets by forcing taxpayers to pay for huge losses on credit default swaps, the now-notorious bets on mortgage failures by Wall Street speculators, USA Today reported. "Markets have interpreted the government's willingness to rescue AIG as a sign of a broader ...
An Economic Time-Bomb Being Mishandled by the Obama Administration?
By David Corn - Politics DailyIs there a ticking time-bomb for the US economy? And is the Obama administration, Congress, and the media not paying it sufficient attention? That seems to be the message of a government report released this week that drew not as much notice as it deserves.This is all about those toxic assets--now euphemistically referred to by the US government as "legacy assets"--that were at the core of the economic meltdown. Though some economic news of late has been not so bad--economic contraction slowing, job losses leveling off, banks passing stress tests--these toxic assets still pollute the nation's ...
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