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The Treasury Department has been selling taxpayers' bank warrants back to bailed out banks at a secretly-negotiated discount rate. The newly introduced PROFIT Act of 2009 would require the Treasury to sell the warrant in an open auction so that the public gets a fair return on the money they put up to rescue the banks.

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Poor Little TARP Banks

May 28, 2009 - by Donny Shaw

The big banks, like Bank of America, Citigroup and JP Morgan Chase, have been getting just about anything they want out of Washington these days. There is one thing, however, that so far they have been denied: the ability to get instant refunds on taxes paid on past profits up to five years back, or "carry-back" relief. But they have begun lobbying to get a piece of the relief.

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AIG Bonuses and Tracking Changes in the Stimulus

March 17, 2009 - by Donny Shaw

By comparing the Senate version of the bill to the final conference version of the bill that was signed into law, Jane Hamsher shows that a provision to block bonuses retroactively on TARP contracts, inserted by Dodd in the Senate bill, was actually taken out by the conference committee.

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Today's Money-in-Politics Headline

February 4, 2009 - by Donny Shaw

TARP Recipients Paid Out $114 Million for Politicking Last Year: >Beneficiaries of the $700 billion bailout package in the finance and automotive industries have spent a total of $114.2 million on lobbying in the past year and contributions toward the 2008 election, the nonpartisan Center for Responsive Politics has found. The companies' political activities have, in part, yielded them $295.2 billion from the federal government's Troubled Asset Relief Program (TARP), an extraordinary return of...

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Obama to Set Executive Pay Cap

February 3, 2009 - by Donny Shaw

The New York Times reports that the Obama administration is about to announce new executive pay limits on TARP recipients. The Administration's plan seems to be stronger in some ways - and weaker in others - than what would have been mandated by Congress had they continued with their TARP reform legislation.

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Pushing TARP Transparency

January 14, 2009 - by Donny Shaw

Chris Bowers at Open Left posted this video of freshman Democrat Rep. Alan Grayson at yesterday's Financial Services Committee hearing grilling Fed Vice-Chairman Donald Kohn on the lack of transparency in the financial bailout: The related legislation here, as I've been writing about a lot this week, is the TARP Reform and Accountability Act. The bill is designed to require more accountability and transparency in how the second $350 billion tranche of the TARP money is spent. Rep. Barney...

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This morning, I wrote about a bill from Rep. Barney Frank (D-MA) designed to improve accountability of the remaining $350 billion of the financial bailout program known as TARP. Frank's bill would require bailed out firms to report how they have spent the taxpayer money,strengthen restrictions on executive pay, require the Treasury to use some of the money for foreclosure prevention, and much more.

But now Barney Frank seems to be backing away from passing his bill and, instead, is trusting that President-elect Obama will follow it even though it isn't required by law:

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Frank Seeks New Conditions for Bailout Money

January 11, 2009 - by Donny Shaw

As leaders in Congress continue to work out the details of the economic stimulus package with President-elect Barack Obama, congressional Democrats are pushing to attach new strings to the second $350 billion of financial bailout money. This week, the TARP Reform and Accountability Act, which was introduced last Friday by Financial Services Committee Chairman Barney Frank (D-MA), will be the subject of a committee hearing and, if time allows, will be brought in front of the full House for debate and voting. It would add new oversight provisions to the financial bailout program and set aside a portion of the money to be used for foreclosure prevention.

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