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TARP Special Inspector General Christy Romero on the potential losses to taxpayers from the bailouts.
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They're trapped -- talk a brand new inspector general report showing relatively bags are having trouble raising the gas -- government back.
That watchdog group also saying that the financial bailout could cost taxpayers.
Upwards of sixty billion box that's just days after the Treasury Secretary was saying all of this -- turn a profit TARP special inspector general -- Iraq.
Joining me right now -- thank you very much for being with us.
Thank you very much -- I'm not -- star role that dead.
You know a lot of this won't be paid back I guess some realty -- how much they would be paid back what happens.
Well that costs of TARP you know really relies on things like.
Losing money on the on the auto bailouts.
It in the ends of the the taxpayers are not going to get paid money that goes out to the housing programs.
And -- actually a hold us seventy percents.
Stake in AIG and so.
Ultimately profit or loss of -- depends upon what we're able to get for for that as well as our interest in over 400 banks.
But how do you know -- that they won't eventually be able.
To pay that.
Well these are our estimates are on their -- estimates right these are treasuries testaments.
And so ultimately treasury it looks sat at what's expected to come back him.
One of the things that has been really widely held misconception is that is that -- gonna make a profit and that's really is something that's based off of.
Yeah.
Secretary had to know that I mean as secretary had to know that so he there.
Didn't know that or he lie.
-- their numbers we're reporting on their -- -- snow at Treasury Secretary so.
It either he's not getting a briefing on this or someone didn't -- and it's a salmon mr.
secretary you know -- -- you're wrong us.
Well I think there's got to be greater transparency here sink -- looking add that greater transparency.
These are just not clear if there is there's estimated loss of sixty billion dollars and that's what.
I don't you need to know you've got to the point I think right in the beginning because when you started talking about.
You know this bearded there -- number was just for financial institutions and ought.
Then it went and autos and it women you know and directly cancer -- it started going to other nefarious uses and and then.
You could almost see the writing on the wall right.
Well I think one of the things that that is really has -- look at is this bigger picture.
Mean it's not just about money and money Alice in this money went and then.
Absolutely -- and and other government response of the financial crisis bride.
Greater financial stability but it wasn't not without profound long term consequences you've got moral hazard.
You've got too big to fail banks -- -- -- didn't lend the money out and then on top of that sink TARP has detected -- is stopping investigating.
Why eight.
Collar crime which is associated with -- And his name is all right thank you very very much -- repairs thank you Tamara I'll just as around as they do on this show all the time.
Those are regular -- of this year will be don't Fox News we were against these ballots in the Bush Administration.
Against the continuing an acceleration of the Obama administration.
This is not a right or left issue with many folks it's not have red or blue issue it's Green it's his money don't know immigrant.
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