Dozens of U-S senators are calling on U-S Treasury Secretary Timothy Geithner to wrap up the TARP program by the end of the year. Nebraska Senator Mike Johanns is joining the chorus.
“Seven-hundred billion dollars was given to the Treasury Department through legislation to purchase toxic assets,” Johanns says. He adds, the money hasn’t been used correctly and the toxic assets are still out there.
“They remain on the banks’ books, just like they did when TARP was passed,” he says. “Instead we’ve gone out and we’ve bought General Motors, we bailed out Chrysler and AIG and on and on and on and we really haven’t kept faith with what TARP was to be all about.”
Johanns, along with 40 other senators sent a letter to Geithner this week, suggesting TARP not be extended, and instead, should come to an end by January.
Thanks to Kevin Thomas, KLIN, Lincoln