Troubled Asset Relief Plan- TARP

The Troubled Asset Relief Plan (TARP) has been set in motion since its inception to help banks with toxic assets. It started with Morgan Stanley and Goldman Sachs (Wall Street Elite) initially getting bailout funds for gross mismanagement of their business dealings.

Wall Street

The fund initially set at $700 billion dollars was taxpayer's money used to help among other things ease the credit squeeze that small businesses found themselves in after the fiasco in New York. But as always our representation in Washington allowed those with deep pockets to help themselves.

Does it surprise anyone that the Republican Treasury Secretary who lobbied hard for the government bailout of banks and insurance companies is in fact an ex-Goldman Sachs Executive? Wonder what he is up to today? Probably writing his memoirs before becoming a government lobbyist for the old boys at Goldman Sachs.

Now these companies are getting back on their feet and want to pay back the Treasury to get rid of government scrutiny of their gold mines. Yet nothing is being said of any return the taxpayers will receive? Or profits we were suppose to make?

Insurance Companies Line up for Bailout Funds

Six Major insurance companies have received executive approval to receive TARP funds to help them with their toxic assets that was received via mismanagement of investments by company officials who still retain their jobs.

The six companies are Hartford Financial Services Group, Prudential Financial, Lincoln National, Allstate, Ameriprise, and Princpal Financial Group. They have all been given approval pending negotiations of terms for large capital infusions.

What's to negotiate? Why not just dictate terms and charge a 29.99% interest rate on it just like credit card companies did during the credit squeeze. After all nothing says the taxpayer can't do that since we own the federal government.

States and Local Governments Want TARP

States and local governments are struggling because of lower values of property and unemployment is reducing drastically their tax revenue. But because this is so close to Main Street, where campaign contributions are minuscule it is doubtful they will receive anything at all.

States and local governments can search the list of government grants that are slow as a freight train in getting improved. Although some states and local governments have received some infrastructure improvement grants and some neighborhood funds but that is just a drop in the bucket and was leaked to keep the masses quiet.

It is a pity that the people that really need the bailout suffer the most. But isn't that the American way?