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Congressional Oversight Panel

Congressional Oversight Panel

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09/17/2013

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Congressional Oversight Panel
NOVEMBEROVERSIGHT REPORT
*
November 6, 2009
*
Submitted under Section 125(b)(1) of Title 1 of the Emergency EconomicStabilization Act of 2008, Pub. L. No. 110-343
 
Guarantees and Contingent Payments in TARP andRelated Programs
 
 
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Table of Contents
Executive Summary .............................................................................................................3A. Overview .................................................................................................................6B. The Nature of a Guarantee ......................................................................................81. Legal Aspects of Guarantees .............................................................................82. How Guarantees are treated
on Government Agencies‟ Books
.......................103. How Guarantees are treated on the Books of the Entity Benefitted ................13C. The Programs ........................................................................................................131. The Asset Guarantee Program .........................................................................132. TGPMMF .........................................................................................................273. FDIC Debt Guarantees .....................................................................................354.
Other Programs that have “Guarantee” Aspects
..............................................39D. Analysis of the Creation and Structure of the Guarantees ....................................401. The Asset Guarantee Program .........................................................................402. TGPMMF ..........................................................................................................523. FDIC Debt Guarantees .....................................................................................58E. Cost-Benefit to Taxpayers ....................................................................................631. Cost/Benefit of the Programs ...........................................................................632. Moral Hazard Considerations ..........................................................................70F. Market Impact .......................................................................................................72G. The Guarantee Programs as Part of Broader Stabilization Efforts .......................741. Interdependence of TARP and Other Programs ..............................................742. Interaction with Stress Tests ............................................................................77
 
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3. The Guarantees and Exit from TARP ..............................................................78H. Transparency Issues ..............................................................................................791. Asset Guarantee Program ................................................................................792. TGPMMF .........................................................................................................813. TLGP ................................................................................................................83I. Conclusions and Recommendations .....................................................................85Annex to Section One ...........................................................................................87Section Two: Additional Views ......................................................................................92Damon Silvers .......................................................................................................92Paul S. Atkins ........................................................................................................93Rep. Jeb Hensarling ..............................................................................................94Section Three: TARP Updates Since Last Report............................................................103Section Four: Oversight Activities .................................................................................122Section Five: About the Congressional Oversight Panel ...............................................123Appendices:APPENDIX I: LETTER FROM FEDERAL RESERVE BOARDCHAIRMAN BEN S. BERNANKE TO PANEL MEMBERS, RE:COMMENTARY ON JULY GAO REPORT ON FINANCIAL CRISIS,DATED OCTOBER 8, 2009 .....................................................................................124

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