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Meanwhile -- -- hit that keeps giving -- apparently keeps never remotely getting paid back.
News today that hundreds of banks still can't repaid money -- -- off that original 700 billion dollar financial rescue program that became known.
-- are the problem while they don't have the months.
A lot of them are actually stealing from their own credit lines -- -- to make the monthly payments sort of like you only using our Visa to bail for -- -- Vastly oversimplifying it to a fellow doesn't do such things.
-- veracity not one bit surprised by these developments.
-- course the former inspector general is thankless task was to hold both banks and politicians feet to the fire and make sure.
That TARP -- wasn't wasted -- in bail out an inside account of Al Washington -- main street while rescuing Wall Street -- spells out.
How we never learn and apparently still aren't.
Learning and from that I I always recognize and as inspector gadget.
And I think this is a gift I have for use.
Because you really were looking out for us much like this animated character.
On dips if you go go gadget I guess they're great to be -- -- could argue that we you and I talked -- Fox News and it would get -- the nitty -- UN the last person world for this to.
You talked about in your book saying -- hiring someone like me you had no audit experience have been a mistake.
Or more troubling still may be treasured pick me for that reason.
I always thought that was the case but then you surprised everybody oh my god this has rougher than any accountant to -- It's in my background as federal prosecutor for eight years -- -- securities fraud I didn't mortgage fraud I did yes I cut my -- a large international.
New drug kingpins going after them and my -- gets perfect experience of its violent.
I will say this thing is as rough as -- treasury they never try to have me assassinated tortured or killed as as the drug guys did data -- are you haven't heard -- -- heard about it.
At least it maybe figuratively -- -- actually.
But you know when I was -- went down I assumed it was.
And that my job was going to be.
Lock up people people we're gonna try to steal this money whether -- banks bankers from other types of flies it would be you know drawn to his government honey.
But when I got there he was shocking when I saw how much on the banks -- really taking control of Washington and -- dictating the terms of their own ballot was.
Your job to begin you there was a 700 billion -- -- department right allocated the -- -- even beginning to backs.
Right some who wanted some who it was forced on to hear them -- -- -- -- -- -- -- -- Without -- -- the original idea of the program when I was what which was the buy troubled assets which was basically mortgages and mortgage related bonds -- with the original plan to stop a -- To stop a free fall to plug some of the holes that were building in the banks around here -- and having huge huge losses because of the drop in value of these of these assets.
And the idea -- TARP was gonna come -- take that you freedom from those those those toxic assets.
But that was kinda not such a good plan and wasn't really that the economy is falling apart too quickly so Hank Paulson decided to take -- quick -- And just shovel the money into the banks right away.
To keep them from collapsing.
Well we -- -- fast market conditions and leaving aside a lot of this money eventually found its way for a number of other nefarious purposes auto makers and stimulus efforts.
To the bank -- you argued that it wasn't properly utilized or that they hoodwinked regulators or the regulators were in bed with -- -- politicians afraid to touch them.
That the banks.
By that you know.
Oh absolutely so when it was describe and treasury promised to explain what they were doing.
They sold this as we're gonna give this money to the banks and they're going to lend it back into the economy.
So we can have a real economic recovery on something which you know four years later we're still waiting for.
But the promised.
They didn't take any efforts whatsoever to accomplish that goal.
There were no restrictions there were no conditions there were no incentives there were no requirements they basically just gave in this giant pile money and said okay we'll trust you.
And that -- Employment here's what different would -- unity of expert here that they were so -- lending to everybody and getting penalized and ripped a new one sport.
That they went the other way because Lawson was all over there you know what on that so is -- a human nature and Kansas say we're we're not gonna repeat the same mistake put its money from you are not.
-- clearly though the pendulum swung too far in either direction.
Which cases don't give them money and seated at the purpose of it is to increase lending if you're not gonna do anything policy wise to get that to happen but what what the problem here the -- At the -- -- it was that there's this and this was permitted the entire bailout they were so afraid of offending the backs of upsetting the -- they would tell me.
-- if we have any conditions the banks will run away they won't participate.
And there's also is inherent deference when I was trying to make recommendations.
I -- to prevent fraud to present.
Banks taking advantage of this because moved loopholes -- created.
And again I was told owner -- we don't have to worry about that we can trust them they would never risk their reputations by putting profit and hope you'll -- -- ridiculous things that showed.
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