No take backsies

Geithner: No new bailout money needed

The U.S. Treasury still has about $134.6 billion available in its coffers from last fall’s bank bailout package and that should be enough for it to avoid asking Congress for more money, Treasury Secretary Timothy Geithner said Tuesday.

“We have the resources to move forward implementing all aspects of our Financial Stability Plan,” Geithner said in a letter to the panel overseeing the bailout.

Geithner will face a slew of questions Tuesday morning about his plans to shore up banks. He is scheduled to testify before the Congressional Oversight Panel for the government’s $700 billion financial rescue program, while a watchdog agency warns that Obama administration initiatives could increasingly expose taxpayers to losses.

Promise? We all heard him, right? No new money needed. He can't take that back, we have witnesses. I don't care if his fingers were crossed, the banks will just have to make due with the trillions they've already gotten.

It is nice to know that Timmy thinks we won't need to pass another multi-billion bailout package for people who seem to get physically ill at the thought of having the government looking over their shoulder as it makes them fiscally solvent. On the other hand, there is a report from a independent watchdog group that says the way the bailouts are structured leaves the taxpayer vulnerable to losses. That is surprising, who would have ever guessed that attempting to remove any shred of risk to investors and companies in an attempt to get worthless assets off the books would end up exposing taxpayers to more risk? Everyone or just everyone who heard the plan?

The report from TARP Inspector General Neil Barofsky, who just opened 20 criminal probes and six audits into how the money was spent, offered up a 250 page report on how things were going, ways things could be made better, and how he wishes the Treasury Department would listen. Among those suggestions: new "conflict of interest" rules, disclosure of private equity stakes in funds, "investor screening" programs to prevent money laundering, and exasperated cries for people to start listening to watchdogs and implementing their suggestions. In his defense, Mr. Barofsky only used three instances of the word "unfuckingbelievable", two exasperated cries of "Is anyone listening to me", and tried really hard to write the report in a tone that suggested that he thought Tim Geithner was actually going to read it and consider his smart ideas. Oh well Neil, maybe next bailout.