FSOBs: "Our Review of Ourselves is That We Did an Awesome Job"
I may have missed something, hold on. First of all, LMFAO @ "FSOB" - I swear to God sometimes it's as if they create the acronyms simply for my entertainment.
July 29, 2009
Previously published on July 21, 2009
Yesterday, the Financial Stability Oversight Board (FSOB) released its third quarterly report to Congress on the Emergency Economic Stabilization Act (EESA) to Congress. The FSOB issues quarterly reports to Congress regarding its review of the Treasury Secretary’s authority. FSOB members include Treasury Secretary Timothy Geithner, Federal Reserve Chairman Ben Bernanke, FHFA Director James Lockhart, SEC Chairman Mary Schapiro, and HUD Secretary Shaun Donovan. This report, covering March 31, 2009 through June 30, 2009, concludes the following:
* EESA continues to provide meaningful support to core financial markets;
* TARP is a key stabilizing factor for the financial system and has likely prevented a greater deterioration in the availability of credit to households, businesses and communities;
* The release of the Supervisory Capital Assessment Program for the nation’s 19 largest bank holding companies helped improve investors’ sentiment toward banking organizations and financial markets more generally;
* FSOB believes that actions taken by Treasury under the TARP and under other authorities, together with those taken by the Federal Reserve continued to aid the housing market and mortgage borrowers.
Throughout the second quarter, some of the key initiatives and developments reviewed by the FSOB include: (i) stabilizing financial markets and financial institutions and maintaining confidence in the U.S. financial system, through the supervisory capital assessment program (SCAP) and capital assistance program; the expansion of the Capital Purchase Program (CPP) ; additional guidance released on the Public Private Investment Partnership Program (PPIP) ; (ii) restoring the flow of credit to consumers and businesses by expanding the Term Asset-Backed Securities Loan Facility (TALF) to include as eligible collateral both newly issued and legacy commercial mortgage backed securities (CMBS); (iii) preventing avoidable foreclosures with the announcement of the new details under the Home Affordable Modification Program; and (iv) Treasury’s efforts to support the orderly restructuring of the domestic auto companies by, among other things, providing additional working capital to GM and Chrysler; providing $7.5 billion to GMAC to support its ability to originate new loans to Chrysler dealers and consumers; and providing debtor-in-possession financing of up to $30.1 billion to support GM through its bankruptcy proceedings and efforts to achieve financial viability.
Well of course these FSOBs think everything is okay!
FSOBs CHRIST why didn't I come up with that?!?!
And how independent is the Fed when its Chairman is scheming with these folks over things like "financing", PPIP, loan modifications, et al?
Nod your head, kids and please tell me I'm not the only one who sees this. FSOBs!! I'm dying over here.