Taxpayers Stuck With Billions In TARP Losses

Irene Garcia, Judicial Watch

4/26/2012

While the Obama Administration laughably claims that its disastrous bank bailout has turned a profit, a federal investigation reveals this week that hundreds of small financial institutions can’t afford to repay the government loans and its costing U.S. taxpayers tens of billions of dollars.

This is hardly earth-shattering news considering the well-documented history of the $700 billion Troubled Asset Relieve Program (TARP), the president’s brilliant idea to rescue the nation’s ailing financial institutions. Instead, it’s turned out to be a troubling experiment of U.S. tax dollars with virtually no oversight.

In the last few years a variety of federal probes have documented that TARP is severely mismanaged and that its rife with waste and abuse. In fact, a 2009 TARP Inspector General report revealed that dozens of criminal investigations had been launched into the controversial bailout experiment and that the risk would only grow. The probes have centered on securities fraud, tax law violations, mortgage modification fraud and insider trading involving recipients of the federal money.

And now… the rest of the story. …..