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Secretary Timothy Geithner appeared on Capitol Hill to update the Congressional Oversight Panel on the Treasury Department's TARP bailout of high finance. "Geithner conceded the government has had limited success getting banks to increase lending and improve the flow of credit," reported ABC's Betsy Stark, before following up with the really bad news from the International Monetary Fund: so far the global banking industry has written down losses of $900bn; the IMF's estimate of the total damage--$4.1tr. A possible remedy, Stark mentioned, would be for TARP funds to be converted into shares of ownership. "That helps the banks' bottom line but it is also bound to stir up fears of nationalization. No easy fixes."
From the White House, CBS' Chip Reid covered Neil Barofsky, a Geithner aide who is in charge of investigating bailout abuse, "everything from securities fraud to insider trading to public corruption." Barofsky's estimate is that TARP's losses to fraud could be "devastating," perhaps 10% of $3tr.
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