Thursday, March 10, 2011

TARP Bank Bailout Program a Law Enforcement Agency (Video) *Armed federal agents want more police cars*

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Office of the Special Inspector General for the Troubled Asset Relief Program

TARP Bank Bailout Program a Law Enforcement Agency

SIGTARP The $700 billion Emergency Economic Stabilization Act of 2008 (EESA) established the Troubled Asset Relief Program (TARP) and created the Office of the Special Inspector General for the Troubled Asset Relief Program. EESA was the USA financial system bailout by the federal government to strengthen market stability, improve the strength of financial institutions, and enhance market liquidity. Neil M. Barofsky is the Special Inspector General and his office is known as SIGTARP. Of the funds originally disbursed and loaned, 70% is now paid back.

Robust Criminal Enforcement SIGTARP states, "Under EESA, the Special Inspector General has the responsibility, among other things, to conduct, supervise and coordinate audits and investigations of the purchase, management and sale of assets under the Troubled Asset Relief Program ("TARP"). SIGTARP's goal is to promote economic stability by assiduously protecting the interests of those who fund the TARP programs - i.e., the American taxpayers. This is achieved by facilitating transparency in TARP programs, providing effective oversight in coordination with other relevant oversight bodies, and through robust criminal and civil enforcement against those, whether inside or outside of Government, who waste, steal or abuse TARP funds." The Special Inspector General of TARP has all the legal powers of a "federal inspector general", which includes law enforcement and the investigative, search, seizure, and arrest powers that go with it.

"Federal Agent SIGTARP" Apparently the "robust criminal enforcement against those who waste, steal, or abuse TARP funds" is being taken to the next level by SIGTARP. SIGTARP is an independent federal law enforcement agency with armed agents that now wants more police car upgrades, including lights, sirens, and radios. SIGTARP has 5 branch offices in the USA and wants 1 to 35 more police vehicles for each office. The armed agents already wear the blue federal "raid jackets" with "Federal Agent SIGTARP" in yellow lettering on the back. Eamon Javers of CNBC says SIGTARP already has:
=> 45 agents carry guns, badges
=> 27 vehicles equipped with sirens, lights
=> 142 ongoing criminal, civil investigations
=> 23 arrests by SIGTARP agents
=> $151.8 million in assets recovered

CNBC "TARP Police! Step Away From the Bailout Money!" CNBC's Eamon Javers has uncovered something most people probably don't know about SIGTARP, the auditor of TARP. SIGTARP has 45 investigators making sure no one takes advantage of TARP, and they're a lot like other Federal agents.

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