Bail Outs A Bust?
Taxpayers are finding out that the government is vulnerable to fraud under the federal bank bailout program. A 250 quarterly report that is sent to congress is designed to eliminate “toxic assets” from finical institutions, but the special inspector concluded that its tilted in favor of private investors and creates, “potential unfairness to the taxpayer.”
This report examines the $700 billion T.A.R.P. and was scheduled for release on Tuesday. Inspector General Neil Barofsky used blunt language and offered a series of recommendations to protect the public. He also takes the Treasury to task for not implementing previously given advice and then gives little praise for some of the created safeguards. The report states that the public-private partnership could total $2 trillion.
“The sheer size of the program … is so large and the leverage being provided to the private equity participants so beneficial, that the taxpayer risk is many times that of the private parties, thereby potentially skewing the economic incentives,” the report states.
The report also comes along when lawmakers have been demanding evidence that the government’s role is unclogging credit and banks are being held accountable. Even though the injection of government money, bank lending has declined.
“In light of the fact that the American taxpayer has been asked to fund this extraordinary effort to stabilize the financial system, it is not unreasonable that the public be told how those funds have been used by TARP recipients,” the report states.
“Over the last two months, we’ve significantly increased the amount of transparency into the programs, including actively measuring lending & requiring banks under the new capital program to report on how every dollar of government resources goes toward increasing lending to consumers and businesses,” Treasury spokesman Andrew Williams said.
He Was The Law
Welcome to Oregon City, Oregon, where a former Clackamas County Sheriff’s deputy was arrested on Monday night. Police were called out around 7:30 p.m. on a report of a domestic situation.
A woman called police from a nearby grocery store, after running away from the home. She went on to tell police that she had been injured in a fight with Brandon Claggett and he is “suicidal”.
Police got to the home and entered into a standoff at the husbands home. Police were able to get a hold of Claggett on his cell phone, but he wasn’t coming out anytime soon. Claggett was actually not at home and he was on his way to pick up his kids in Salem.
Officers convinced Claggett to meet them at the grocery store, where he was quickly arrested. Tuesday, police went to the house with search warrants and recovered evidence and several guns. Claggett was charged with kidnapping, menacing, unlawful use of a weapon, and assault.
Claggett resigned after 14 years on the Clackamas County Sheriff’s force. Back in October 2008, he was accused of inappropriately touching a 20 year old woman who was with him on a ride along.
Your Sentence: Silence
Welcome to Pocatello, Idaho, where an eastern Idaho Judge lost his patience with a defendant’s behavior. Judge Peter D. McDermott of the 6th District, ordered Nicklas Frasure, 23, mouth to be shut using duct tape.
Frasure is accused of violating his probation by not taking his medication. He was originally convicted of felony theft back in 2008. Frasure was released from a mental hospital back in October of 2008.
Frasure continually interrupted court proceedings with verbal outbursts and unusual behavior. McDermott order bailiffs to silence Frasure, so they could continue with proceedings. The bailiffs found a roll of duct tape, which they tore off a piece and placed it over Frasure’s mouth.
Kent Reynolds, Frasure’s lawyer had earlier asked the judge for a mental competency evaluation. Judge McDermott said that he would consider the request, but no immediate ruling on the request.
“He’s obviously not mentally competent,” Kent Reynolds told the judge.
At the end of the hearing, the judge ordered bailiffs to remove the duct tape and went on to further comment on how he hoped Frasure’s condition would improve with being under state care.
As Frasure was being led out of the courtroom, he responded to the judge with, “You want to arm wrestle?”
Ninja Steals Fail
A “Ninja” attempted to steal the cash from a Weymouth, MA., dry cleaner on Tuesday. Unfortunately his stealth skills failed, when a convenience store clerk notice the man wearing a ski mask and carrying a sword.
Needless to say the clerk contacted the police, but when the robber noticed the clerk on the phone he pulled off his ski mask. When she confirmed that she was calling the police on him, he took off to a different store.
The ninja attempted to rob Galaxy Cleaners, but ran into another snag when the store clerk couldn’t open the cash register. The ninja did have at least 1 skill that was working for him. Local police are still looking for the ninja, who is said to be in his early 20′s.
Links:
Bail Out’s Fail
He fought the law
Silence is Gold, but Duct Tape is Silver
Ninja Pirates
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