Video: The Warren Report – “Liquidate the Banks; Fire the Executives!”

On Tuesday, a congressional panel headed by ex-Harvard law professor Elizabeth Warren released a report on Treasury Secretary Timothy Geithner’s handling of the Troubled Assets Relief Program (TARP). Warren was appointed to lead the five-member Congressional Oversight Panel (COP) in November by Senate majority leader Harry Reid. From the opening paragraph on, the Warren report makes clear that Congress is frustrated with Geithner’s so-called “Financial Rescue Plan” and doesn’t have the foggiest idea of what he is trying to do. Here are the first few lines of “Assessing Treasury’s Strategy: Six Months of TARP”:

Four largest TARP recipients spent billions on ‘questionable transactions’: memo

Rather than using federal bailout money to reinvigorate lending to consumers, some banks that received funds from TARP have spent it on questionable items that have done little to improve the health of the country’s financial sector but have certainly helped out foreign economies such as Dubai and China.