CQ Article: Bailout Watchdog Calls for Financial System Overhaul, but GOP Dissents

The panel installed to oversee the $700 billion bailout of the financial industry issued a report Thursday calling for a complete overhaul of the regulatory structure of the nation's financial system.

The Congressional Oversight Panel (COP) outlined proposals to limit systemic risk in the financial system and increase regulations on an industry that has been criticized as too cavalier and risky in recent years. The panel monitors the Troubled Asset Relief Program (TARP) signed into law (PL 110-343) last fall.
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"Given the differences regarding our views of the systemic weaknesses that led to the crisis and, more importantly, policy recommendations for reform, we have chosen not to support the panel report as presented," the Republican report said. More...

THIS JUST IN(SERTED)
House Republicans are holding their annual winter retreat at The Homestead resort in Hot Springs, Va., about four hours from the Capitol. (Photo courtesy The Homestead)

Citigroup: Mile High Club

Citigroup's 15 Month Net Operating Losses = $29 billion
Citigroup's Economic "Taxpayer" Bailout = $50 billion
Citigroup (planning on) taking delivery of a $50 million luxury jet,
Priceless.


One of the world's largest banks, Citigroup has lost more than $28.5 billion over the past 15 months, including $8.3 billion in just the fourth quarter alone.


While the U.S. government secures troubled Citigroup assets with our money, plans are were still in place to take delivery of the $50million Dassault Falcon 7X luxury business jet.

John Thain's New Office - Our New Orifice

2008: while Merrill Lynch reports $15+ Billion in losses, Merrill Lynch CEO John Thain redecorates his office for the low-low price of $1.2 Million "tax-payer" economic-bailout dollars. John Thain's 2008 Salary compensation was $83.1 million.

On January 16 2009, Bank of America (BofA) announced that Merrill suffered an unexpected loss of $15 billion for the fourth quarter of 2008, nearly collapsing BofA's purchase. Bank of America CEO Ken Lewis said that without $138 billion in government assistance, including the infusion of $20 billion from the federal government he would have pulled out of the Merrill deal, which was approved by BofA shareholders in early December.

The following is a list of items in (our) new office:

• Area Rug $87,784
• Mahogany Pedestal Table $25,713
• 19th Century Credenza $68,179
• Pendant Light Furniture $19,751
• 4 Pairs of Curtains $28,091
• Pair of Guest Chairs $87,784
• George IV Chair $18,468
• 6 Wall Sconces $2,741
• Parchment Waste Can $1,405
• Roman Shade Fabric $10,967
• Roman Shades $7,315
• Coffee Table $5,852
• Commode on Legs $35,115