Neel Kaskari has admitted that the $700 billion number for TARP was picked out of thin air, after then-Treasury Secretary Paulson said Congress wouldn't fall for a $ 1 trillion number.
Treasury Secretary Geithner is now taking this number, taken out of thin air, as the new gold standard. They somehow didn't shovel this $200 billion to Goldman, JP Morgan and friends, so Geithner is trumpeting this "management" as $200 billion available for other crony projects. His testimony today will give us further insight into what those crony projects are.
Secretary Geithner's testimony will begin at 10:00 a.m. before the Congressional Oversight Panel on TARP. According to the Treasury, he will outline the full-year report on TARP’s financial position, "underscoring that the initiative will cost at least $200 billion less than was estimated in August."
In the afternoon, Secretary Geithner goes into private plotting and will meet with Senator Warner (D-VA) and Senator Corker (R-TN) to discuss :"financial reform".
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