Senate Candidate urges Hutchison and Cornyn to use their influence in Washington D.C. to help end bothched T.A.R.P. Program and require banks to reiburse Treasury
(AUSTIN) United States Senate candidate John Sharp today called on Texas Senators Kay Bailey Hutchison and John Cornyn to get to work to help bring an immediate end to the $700 billion Bush Administration plan that both voted for last year saying that an independent audit of the controversial bailout program shows that the program has failed to achieve its goals.
This is a classic example of a federal program that has wasted precious taxpayer resources" Sharp said emphasizing that he would have voted against it if he had been a member of the U.S. Senate when the vote was taken last fall. Banks that took taxpayer bailout money should immediately give it back and be forced to compete for our business on a level playing field or fail."
Sharp said the Troubled Assets Relief Program (TARP) was sold to the public as a direct infusion of capital designed to loosen credit for middle-class families and small businesses and that it was supposed to have provided mortgage relief for millions of homeowners. None of those goals has been achieved according to a special inspector generals review which also found a disturbing lack of transparency on the part of the banks and a lack of oversight by Congress on how the taxpayer funds were spent.
Texass two senators voted for this program and have a responsibility now that it has failed to put it out of our misery" Sharp said. There is growing evidence that the program is rife with abuse marked by excessive executive perks and bonuses and constitutes an ongoing burden on taxpayers to shoulder the banks financial risks."
Nearly all of the original $700 billion approved by Texas senators during the Bush Administration has now been spent much of it to bail out a huge insurance corporation and a major credit card company. In addition tens of millions of taxpayer dollars were used to pay off private bank debts buy other financial institutions and fund new private investment overseas.
According to the special inspectors review and media reports the daily average of excess federal reserves held by banks is greater than the total original $700 billion bailout. Excess reserves are made up of money available for loans that banks instead opt to leave in the Federal Reserve sometimes because the Fed pays higher interest rates on deposits.
From the start this program suffered from too many insider deals and too little transparency for the taxpayers who foot the bills" Sharp said. Its time to end it and require the banks that took our money to immediately reimburse the U. S. Treasury."
Senate Candidate urges Hutchison and Cornyn to use their influence in Washington D.C. to help end bothched T.A.R.P. Program and require banks to reiburse Treasury
(AUSTIN) United States Senate candidate John Sharp today called on Texas Senators Kay Bailey Hutchison and John Cornyn to get to work to help bring an immediate end to the $700 billion Bush Administration plan that both voted for last year saying that an independent audit of the controversial bailout program shows that the program has failed to achieve its goals.
This is a classic example of a federal program that has wasted precious taxpayer resources" Sharp said emphasizing that he would have voted against it if he had been a member of the U.S. Senate when the vote was taken last fall. Banks that took taxpayer bailout money should immediately give it back and be forced to compete for our business on a level playing field or fail."
Sharp said the Troubled Assets Relief Program (TARP) was sold to the public as a direct infusion of capital designed to loosen credit for middle-class families and small businesses and that it was supposed to have provided mortgage relief for millions of homeowners. None of those goals has been achieved according to a special inspector generals review which also found a disturbing lack of transparency on the part of the banks and a lack of oversight by Congress on how the taxpayer funds were spent.
Texass two senators voted for this program and have a responsibility now that it has failed to put it out of our misery" Sharp said. There is growing evidence that the program is rife with abuse marked by excessive executive perks and bonuses and constitutes an ongoing burden on taxpayers to shoulder the banks financial risks."
Nearly all of the original $700 billion approved by Texas senators during the Bush Administration has now been spent much of it to bail out a huge insurance corporation and a major credit card company. In addition tens of millions of taxpayer dollars were used to pay off private bank debts buy other financial institutions and fund new private investment overseas.
According to the special inspectors review and media reports the daily average of excess federal reserves held by banks is greater than the total original $700 billion bailout. Excess reserves are made up of money available for loans that banks instead opt to leave in the Federal Reserve sometimes because the Fed pays higher interest rates on deposits.
From the start this program suffered from too many insider deals and too little transparency for the taxpayers who foot the bills" Sharp said. Its time to end it and require the banks that took our money to immediately reimburse the U. S. Treasury."
