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Table of Contents
Executive Summary ............................................................................................................ 3
Section One: Assessing TARP Strategy ............................................................................. 7
A. The Federal Government’s Current Strategy ..................................................... 8
B. Historical Approaches and Lessons ................................................................ 35
C. Europe: Current Crises and Response ............................................................. 60
D. Taking Stock: Options for Moving Forward.................................................. 70
Section Two: Additional Views ........................................................................................ 88
Section Four: TARP Updates Since Last Report .............................................................. 96
Section Five: Oversight Activities .................................................................................... 98
Section Six: About the Congressional Oversight Panel .................................................. 100
Appendices:APPENDIX I: LETTER FROM TREASURY SECRETARY MR. TIMOTHYGEITHNER TO CONGRESSIONAL OVERSIGHT PANEL CHAIR ELIZABETHWARREN, DATED APRIL 2, 2009 .................................................................. 101
APPENDIX II: LETTER FROM CHAIRMAN OF THE FEDERAL RESERVE BOARDOF GOVERNORS MR. BEN BERNANKE TO CONGRESSIONAL OVERSIGHTPANEL CHAIR ELIZABETH WARREN, DATED APRIL 1, 2009 ................ 110
APPENDIX III: LETTER FROM CONGRESSIONAL OVERSIGHT PANEL CHAIRELIZABETH WARREN TO TREASURY SECRETARY MR. TIMOTHY GEITHNER,DATED MARCH 30, 2009 ................................................................................ 125
APPENDIX IV: LETTER FROM CONGRESSIONAL OVERSIGHT PANEL CHAIRELIZABETH WARREN TO TREASURY SECRETARY MR. TIMOTHY GEITHNER,DATED MARCH 25, 2009 ................................................................................ 132
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