the promise
Posted by admin on August 2nd, 2009
Associates have suggested that the banks never intended to help homeowners and were never accountable on this issue . . . but, then, what’s this?
February 20, 2009
Geither: TARP II ($350 billion) to Assist Homeowners, Be More Transparent and Less Risky to Taxpayer
Sec. Geithner repeated through his speech that the plan would impose and enforce “new, higher standards for transparency and accountability” in the financial system. Under the new plan, banks will undergo a stricter vetting process before the Treasury agrees to loan them rescue money . . .
Geithner also said the new plan will entail ‘a comprehensive housing program’ to assist the ‘millions of Americans [who] have lost their homes, and [the] millions more [who] live with the risk that they will be unable to meet their payments or refinance their mortgages.’ Geithner also said YOUR money will be safer under the new plan: “It is important to recognize that these programs involve loans, guarantees, and investments with terms and conditions that protect taxpayers and help compensate the government for risk. Because of these terms and conditions, the risk to taxpayers will be less than the headline,” he said.
I’m very confused. Where is this money supposed to go? Why have bankers given themselves bonuses? When Wells Fargo comes knocking at my door for mortgage money, will it be acceptable for me to say, “Love to pay you, but I’ve given myself a bonus with the money that would otherwise have gone to you.” Isn’t turn-about fair play? Why are they exempt from responsibility but I am not? Yo, Mr. Geither, can you help explain this? Can anyone?
This is the segment I would like to see on “Lie To Me.” Meetings with those bankers as they explain their actions to people. Think of the audience . . . this is a built-in 1.9 million people. That is superb number for anyone’s career be they writer, producer, actor!
Tags: $350 billion to assist homeowners, comprehensive housing program, Geithner, TARP, taxpayer, transparent
