Government bailout : Troubled Asset Relief Program (TARP) / Adelaide D. Lefebvre, editor.

Format:

Book

Contributor:

Lefebvre, Adelaide D.

Series:

America in the 21st century (New York, N.Y.)

America in the 21st century : political and economic issues series

Language:

English

Subjects (All):

Troubled Asset Relief Program (U.S.).

Industrial policy--United States.

Industrial policy.

Corporations--United States--Finance.

Corporations.

Economic assistance, Domestic--United States--Evaluation.

Economic assistance, Domestic.

Economic stabilization--Government policy--United States.

Economic stabilization.

Physical Description:

1 online resource (202 p.)

Edition:

1st ed.

Place of Publication:

New York : Nova Science Publishers, c2010.

Language Note:

English

Summary:

The Troubled Asset Relief Program ('TARP') represents a massive and unprecedented investment of taxpayer money designed to stabilize the financial industry and promote economic recovery. This book presents a ready reference on what TARP is and how it has been used.

Contents:

Intro

GOVERNMENT BAILOUT: TROUBLED ASSET RELIEF PROGRAM (TARP)

LIBRARY OF CONGRESS CATALOGING-IN-PUBLICATION DATA

CONTENTS

PREFACE

Chapter 1 ADVANCING ECONOMIC STABILITY THROUGH TRANSPARENCY, COORDINATED OVERSIGHT AND ROBUST ENFORCEMENT

EXECUTIVE SUMMARY

The Office of the Special Inspector General

SIGTARP's Reporting Requirements

Operations of TARP

SIGTARP's Projects and Recommendations

SECTION 1 THE OFFICE OF THE SPECIAL INSPECTOR GENERAL FOR THE TROUBLED ASSET RELIEF PROGRAM

SIGTARP's Creation and Statutory Authority

SIGTARP's Mission and Core Values

Transparency

Coordinated Oversight

Robust Enforcement

SIGTARP's Organizational Structure

Audit Division

Investigations Division

Administration and Other Mission Support

Other Executive Staff

Building SIGTARP's Organization

Hiring

Contracting

Building SIGTARP's Infrastructure

SIGTARP's New Office

Technical Infrastructure - Website and Hotline

SIGTARP's Oversight Activities to Date

Establishing Lines of Communication with TARP Managers and Vendors

Coordination with Other Oversight Bodies

Coordination with EESA Oversight Entities

Coordination with Relevant IGs - TARP-IG Council

Coordination with Law Enforcement Agencies

SIGTARP's Oversight Regarding Transparency and Internal Controls

SIGTARP's Recommendation Regarding Posting TARP Agreements

SIGTARP's Recommendations Regarding TARP Contract Language

SIGTARP's Data Collection Initiatives

SIGTARP's Letter to the Secretary Regarding Executive Compensation

SIGTARP's Letter to Treasury Concerning TALF

SIGTARP's Use of Funds Project

SECTION 2 TARP OVERVIEW

Legislative Background

Genesis and Passage of EESA

EESA Provisions

EESA Goals.

Office of Financial Stability

Purchases of Troubled Assets

Insurance of Troubled Assets

Executive Compensation Limitations

Warrants

Funding Schedule

Other Important Provisions

Reporting Requirements

TARP Oversight

Creation of SIGTARP

Implementation of EESA

TARP Mechanics

Warrants Example

Equity Investments

Loans

Insurance Investments

SECTION 3 TARP IMPLEMENTATION AND ADMINISTRATION

Overview of Implemented Programs

Capital Purchase Program

CPP Process

Application

Evaluation

Category 1

Category 2

Category 3

Settlement and Closing

CPP Terms and Conditions

Terms for Preferred Shares and Dividends

Terms of Warrants

Restrictions on Recipients

Executive Compensation

Repurchase Conditions

Reporting

Status of CPP Funds

Dividends Received by Treasury

CPP Warrants

Institution-Specific Assistance

American International Group Inc.

TARP Assistance to AIG

Economic Terms of the Deal

Conditions and Restrictions

Dividends and Repurchase Restrictions

Lobbying and Expense Requirements

Citigroup Inc.

TARP Assistance to Citigroup

Economic Terms of the Citigroup Deals

Targeted Investment Program Terms

Asset Guarantee Program Terms

Internal Controls/Access to Information

Restrictions on Dividends

Bank of America Corporation

TARP Assistance to Bank of America

Economic Terms of the Bank of America Deals

General Motors

TARP Assistance to General Motors

Terms and Conditions of GM Deal

Loan Collateral

Expense Control

Restructuring Plan and Targets.

Reporting Requirements

Oversight

Chrysler

GMAC

TARP Assistance to GMAC

Terms and Conditions of GMAC Deal

Chrysler Financial

Terms and Conditions of Chrysler Financial Deal

Status of Institution-specific Assistance

Term Asset-Backed Securities Loan Facility

TALF Program Details

Lending Program

Asset Disposition Facility

Treasury Participation in TALF

TALF Process

Tarp Operations and Administration

Office of Financial Stability

Conflicts of Interest

Post-employment Restrictions on Employees

Internal Controls and Compliance

TARP Administrative and Program Expenses

Current Contractors and Financial Agents

SECTION 4 LOOKING FORWARD: SIGTARP'S STRATEGY AND ONGOING RECOMMENDATIONS TO TREASURY

Audit Division Strategy

Strategic Focus

Tactical Implementation

Use of TARP Funds

CPP Application Process

Premature Funding Incident

Audit Coordination

Investigations Division Strategy

SIGTARP Hotline

Law Enforcement Agency Partnerships

SIGTARP Recommendations for Operation of the TARP

Oversight Language in TARP Agreements

Asset Management Issues

Potential Fraud Vulnerabilities Associated with TALF

GLOSSARY OF TERMS

Sources

ACRONYMS

REPORTING REQUIREMENTS FOR THE SPECIAL INSPECTOR GENERAL FOR THE TROUBLED ASSET RELIEF PROGRAM

A - Description of Categories

A.1 Capital Purchase Program231

Verbatim from Treasury's Initial Section 105(a) Troubled Asset Relief Program Report to Congress, 12/5/2008

A.2 Systemically Significant Failing Institutions Program232

A.3 Targeted Investment Program233.

Verbatim from Treasury's website detailing the program description of the Target Investment Program

A.4 Asset Guarantee Program234

Verbatim from Treasury's Report to Congress Pursuant to Section 102 of the Emergency Economic Stabilization Act dated 12/31/2008

A.5 Automotive Industry Financing Program235

Verbatim from Treasury's website detailing the program description of the Automotive Industry Financing Program

A.6 Term Asset-Backed Securities Loan Facility236

Verbatim from Treasury's Initial Section 105(a) Troubled Asset Relief Program Report to Congress dated 12/5/2008

B - Listing of Troubled Assets Purchased, by Category and Financial Institution

C - Explanation of the Secretary

C.1 Capital Purchase Program237

Verbatim from Treasury's website detailing the program description of the Capital Purchase Program

C.2 Systemically Significant Failing Institutions Program238

Verbatim from Treasury's website detailing the program description of the Systemically Significant Failing Institutions Program

C.3 Targeted Investment Program239

Verbatim from Treasury's website detailing the program description of the Target Investment Program

C.4 Asset Guarantee Program240

Verbatim from Treasury's Report to Congress Pursuant to Section 102 of the Emergency Economic Stabilization Act, dated 12/31/2008

C.5 Automotive Industry Financing Program241

C.6 Term Asset-Backed Securities Loan Facility242

D - For a Listing of Each Financial Institution Troubled Assets Were Purchased from, see Section B of this Appendix

E - Listing and Detailed Biographical Information.

F - Current Estimate of the Total Amount of Troubled Assets Purchased

G - Insurance Contracts

H - For a Detailed Statement of All Purchases, see Section B of this Appendix For a Detailed Statement of All Obligations, see Section F of this Appendix Detailed Statement of all Expenditures and Revenues

WARRANTS

PUBLIC ANNOUNCEMENTS OF AUDITS

U.S. Department of the Treasury Inspector General248

KEY OVERSIGHT REPORTS AND TESTIMONIES

Federal Reserve Board Office of the Inspector General249

Government Accountability Office250

Federal Deposit Insurance Corporation251

CORRESPONDENCE TO MEMBERS OF CONGRESS

CORRESPONDENCE WITH TREASURY GENERAL COUNSEL

CORRESPONDENCE WITH TREASURY

ORGANIZATIONAL CHART

End Notes

Chapter 2 TESTIMONY TO THE SENATE COMMITTEE ON BANKING, HOUSING AND URBAN AFFAIRS, NEIL M. BAROKSKY *

INDEX.

Notes:

Description based upon print version of record.

Includes bibliographical references and index.

Description based on print version record.

ISBN:

1-62100-245-4

OCLC:

750173104