Oversight of the Troubled Asset Relief Program

Oversight of the Troubled Asset Relief Program

The Emergency Economic Stabilization Act created the Troubled Assets Relief Program to administer up to $700 billion. Several oversight mechanisms are established by the bill, including the Congressional Oversight Panel, the Special Inspector General for TARP (SIGTARP), the Financial Stability Oversight Board, and additional requirements for the Government Accountability Office (GAO) and the Congressional Budget Office (CBO).

Contents

Financial Stability Oversight Board (FSOB)

The Financial Stability Oversight Board is created to review and make recommendations regarding the Treasury's actions.[1] Its purpose is to review the operation of TARP, to make recommendations to the Treasury for improvements, and to watch for fraud and misrepresentation. The FSOB also has the power to ensure that the Treasury follows policies in accordance with the Act and the economic interest of the U.S. It is to meet on a monthly basis and report to Congress and the Oversight Panel quarterly.[2]

The members of the board are:

Congressional Oversight Panel (COP)

[4] [5]

The "Congressional Oversight Panel" was mandated by Title 1, Section 125 of the TARP legislation [6] as an "establishment in the legislative branch." The Congressional Oversight Panel is charged with the job of reviewing the state of the markets, current regulatory system, and the Treasury Department's management of the Troubled Asset Relief Program. The panel is required to report their findings to Congress every 30 days, counting from the first asset purchase made under the program. The panel must also submit a special report to Congress about regulatory reform on or before January 20, 2009.[7] The Congressional Oversight Panel will cease to exist on December 31, 2009 unless renewed.[8]

The panel consists of five outside experts appointed as follows:

The first meeting of this board was held Wednesday, November 25, 2009, and elected Elizabeth Warren as the chairperson and Damon Silvers as deputy chairperson. As no assets have yet been purchased, (OFS instead chose to provide $250 billion to banks through the Capital Purchase Program) it is not clear whether the requirement to report after 30 days from "first asset purchase" has been violated.

On December 8, 2009, the government’s financial bailout program concluded in a year-end review that, despite flaws and lingering problems, the program “can be credited with stopping an economic panic.”[14] Also on this date, Rep. Jeb Hensarling stepped down from the panel, submitting his letter of resignation. Hensarling was replaced by Mark McWatters, a Dallas lawyer and certified public accountant who has served as an advisor to Hensarling.[15]

On October 1, 2010, Senator Ted Kaufman of Delaware was appointed by Majority Leader Reid to replace Warren on the panel, as Warren resigned to focus on her duties at the Consumer Financial Protection Bureau.[16] Three days later, Kaufman was unanimously elected as the panel's second chairperson.[17] Kaufman was succeeded in Congress by Senator Chris Coons on November 15, 2010, but he remains chairperson of the Congressional Oversight Panel as of late December 2010.[18]

Government Accountability Office (GAO)

The Comptroller General (director of the Government Accountability Office) is required to monitor the performance of the program, and report findings to Congress every 60 days. The Comptroller General is also required to audit the program annually. The bill grants the Comptroller General access to all information, records, reports, data, etc. belonging to or in use by the program.[19][20]

On December 2, 2008, GAO released their first report on the bailout.[21][22] Neel Kashkari, the OFS chairman, said in a letter to GAO [23] that the department agrees with the report's findings and most of its recommendations but questioned GAO's suggestion to require more reporting from banks, saying gathering specifics from individual banks might not be the best way to evaluate the program. House Speaker Nancy Pelosi called the report's findings "discouraging." [24] and that the report shows the program "is not accountable to American taxpayers."

Special Inspector General for TARP (SIGTARP)

The EESA created the Office of the Special Inspector General for the Troubled Asset Relief Program, appointed by the President and confirmed by the Senate. The Special Inspector General's purpose is to monitor, audit and investigate the activities of the Treasury in the administration of the program, and report findings to Congress every quarter.[19][25] Eric Thorson is the Inspector General of the US Department of the Treasury and currently is responsible for the oversight of the TARP but has expressed concerns about the difficulty of properly overseeing the complex program in addition to his regular responsibilities. Thorson called oversight of TARP a "mess" and later clarified this to say "The word 'mess' was a description of the difficulty my office would have in providing the proper level of oversight of the TARP while handling its growing workload, including conducting audits of certain failed banks and thrifts at the same time that efforts are underway to nominate a special inspector general." [1]

The Special Inspector General, Neil Barofsky, was confirmed by the Senate on December 8, 2008, and was sworn into office on December 15, 2008. Prior to assuming the position of Special Inspector General, Mr. Barofsky was a federal prosecutor in the United States Attorney’s Office for the Southern District of New York for more than eight years. Mr. Barofsky received the Attorney General's John Marshall Award for his work on the Refco matter. Mr. Barofsky also led the investigation that resulted in the indictment of the top 50 leaders of the Revolutionary Armed Forces of Colombia (FARC) on narcotics charges, a case described by the then Attorney General as the largest narcotics indictment filed in U.S. history.[26]

Under the leadership of Barofsky, the Office of the Special Inspector General for the Troubled Asset Relief Program has quietly turned into a full-fledged financial law enforcement agency. It has 45 investigators who are empowered to carry guns and badges, and 27 vehicles with sirens and lights spread out in its branch offices across the United States. SIGTARP agents are empowered to make arrests. The agency is currently engaged in 142 ongoing criminal and civil investigations, and it has already recovered assets worth $151.8 million. By the summer of 2010, SIGTARP agents were participating in raids alongside other U.S. law enforcement agencies. They worked with FBI agents in a raid on Colonial Bank in Orlando, Florida in an investigation into possible TARP-related fraud.[27]

TARP Oversight Reports

COP Reports

- Commercial Real Estate Losses and the Risk to Financial Stability, 02/11/10, http://cop.senate.gov/reports/library/report-021110-cop.cfm/
- Exiting TARP and Unwinding Its Impact on the Financial Markets, 01/14/10, http://cop.senate.gov/reports/library/report-011410-cop.cfm
- Taking Stock: What Has the Troubled Asset Relief Program Achieved?, 12/09/09, http://cop.senate.gov/reports/library/report-120909-cop.cfm/
- Guarantees and Contingent Payments in TARP and Related Programs, 11/06/09, http://cop.senate.gov/reports/library/report-110609-cop.cfm/
- An Assessment of Foreclosure Mitigation Efforts After Six Months, 10/09/09, http://cop.senate.gov/reports/library/report-100909-cop.cfm/
- The Use of TARP Funds in Support and Reorganization of the Domestic Automotive Industry, 09/09/09, http://cop.senate.gov/reports/library/report-090909-cop.cfm/
- The Continued Risk of Troubled Assets, 08/11/09, http://cop.senate.gov/reports/library/report-081109-cop.cfm/
- Special Report on Farm Loan Restructuring, 07/21/09, http://cop.senate.gov/reports/library/report-072109-cop.cfm/
- TARP Repayments, Including the Repurchase of Stock Warrants, 07/10/09, http://cop.senate.gov/reports/library/report-071009-cop.cfm/
- Stress Testing and Shoring Up Bank Capital, 06/09/09, http://cop.senate.gov/reports/library/report-060909-cop.cfm/
- Reviving Lending to Small Businesses and Families and the Impact of the TALF, 05/07/09, http://cop.senate.gov/reports/library/report-050709-cop.cfm/
- Assessing Treasury’s Strategy: Six Months of TARP, 04/07/09, http://cop.senate.gov/reports/library/report-040709-cop.cfm/
- Foreclosure Crisis: Working Toward a Solution, 03/06/09, http://cop.senate.gov/reports/library/report-030609-cop.cfm/
- February Oversight Report: Valuing Treasury’s Acquisitions, 02/06/09, http://cop.senate.gov/reports/library/report-020609-cop.cfm/
- Special Report on Regulatory Reform, 01/29/09, http://cop.senate.gov/reports/library/report-012909-cop.cfm/
- Accountability for the Troubled Asset Relief Program, 01/09/09, http://cop.senate.gov/reports/library/report-010909-cop.cfm/
- Questions About the $700 Billion Emergency Economic Stabilization Funds, 12/10/08, http://cop.senate.gov/reports/library/report-121008-cop.cfm/

Main COP Reports Website: http://cop.senate.gov/reports/

SIGTARP Reports

- Quarterly Report to Congress, 01/30/10, http://www.sigtarp.gov/reports/congress/2010/January2010_Quarterly_Report_to_Congress.pdf
- AUDIT: Additional Insight on Use of TARP Funds, 12/10/09, http://www.sigtarp.gov/reports/audit/2009/Additional_Insight_on_Use_of_Troubled_Asset_Relief_Program_Funds.pdf
- AUDIT: Factors Affecting Efforts to Limit Payments to AIG Counterparties, 11/17/09, http://www.sigtarp.gov/reports/audit/2009/Factors_Affecting_Efforts_to_Limit_Payments_to_AIG_Counterparties.pdf
- 4th Quarterly Report to Congress, 10/21/09, http://www.sigtarp.gov/reports/congress/2009/October2009_Quarterly_Report_to_Congress.pdf
- Additional Appendices to 4th Quarterly Report to Congress, 10/21/09, http://www.sigtarp.gov/reports/congress/2009/October2009_Quarterly_Report_to_Congress_Appendices.pdf
- AUDIT: Extent of Federal Agencies' Oversight of AIG Compensation Varied, and Important Challenges Remain, 10/14/09, http://www.sigtarp.gov/reports/audit/2009/Extent_of_Federal_Agencies%27_Oversight_of_AIG_Compensation_Varied_and_Important_Challenges_Remain_10_14_09.pdf
- AUDIT: Emergency Capital Injections Provided to Support the Viability of Bank of America, Other Major Banks, and the U.S. Financial System, 10/05/09, http://www.sigtarp.gov/reports/audit/2009/Emergency_Capital_Injections_Provided_to_Support_the_Viability_of_Bank_of_America..._100509.pdf
- AUDIT: Despite Evolving Rules on Executive Compensation, SIGTARP Survey Provides Insights on Compliance, 08/19/09, http://www.sigtarp.gov/reports/audit/2009/Despite%20Evolving%20Rules%20on%20Exec%20Comp..._8_19_09.pdf
- AUDIT: Opportunities to Strengthen Controls to Avoid Undue External Influence over Capital Purchase Program Decision Making, 08/06/09, http://www.sigtarp.gov/reports/audit/2009/Opportunities_to_Strengthen_Controls.pdf
- 3rd Quarterly Report to Congress, 07/21/09, http://www.sigtarp.gov/reports/congress/2009/July2009_Quarterly_Report_to_Congress.pdf
- Additional Appendices to 3rd Quarterly Report, 07/21/09, http://www.sigtarp.gov/reports/congress/2009/July2009_Quarterly_Report_to_Congress_Appendices.pdf
- AUDIT: Use of TARP Funds Audit, 07/20/09, http://www.sigtarp.gov/reports/audit/2009/SIGTARP_Survey_Demonstrates_That_Banks_Can_Provide_Meaningfu_%20Information_On_Their_Use_Of_TARP_Funds.pdf
- 2nd Quarterly Report to Congress, 04/21/09, http://www.sigtarp.gov/reports/congress/2009/April2009_Quarterly_Report_to_Congress.pdf
- Initial Report to Congress, 02/06/09, http://www.sigtarp.gov/reports/congress/2009/SIGTARP_Initial_Report_to_the_Congress.pdf

Main SIGTARP Reports Website: http://www.sigtarp.gov/reports.shtml

GAO Reports

- TARP: Treasury Needs to Strengthen Its Decision-Making Process on the Term Asset-Backed Securities Loan Facility, 02/05/10, http://www.gao.gov/products/GAO-10-25/
- TARP: The U.S. Government Role as Shareholder in AIG, Citigroup, Chrysler, and General Motors and Preliminary Views on its Investment Management Activities, 12/16/09, http://www.gao.gov/products/GAO-10-325T/
- AUDIT: Office of Financial Stability (TARP) Fiscal Year 2009 Financial Statements, 12/09/09, http://www.gao.gov/products/GAO-10-301/
- TARP: Continued Stewardship Needed as Treasury Develops Strategies for Monitoring and Divesting Financial Interests in Chrysler and GM, 11/02/09, http://www.gao.gov/products/GAO-10-151/
- TARP: One Year Later, Actions Are Needed to Address Remaining Transparency and Accountability Challenges, 10/08/09, http://www.gao.gov/products/GAO-10-16/
- TARP: Status of Government Assistance Provided to AIG, 09/21/09, http://www.gao.gov/products/GAO-09-975/
- TARP: Treasury Actions Needed to Make the Home Affordable Modification Program More Transparent and Accountable, 07/23/09, http://www.gao.gov/products/GAO-09-837/
- TARP: June 2009 Status of Efforts to Address Transparency and Accountability Issues, 06/17/09, http://www.gao.gov/products/GAO-09-658/
- TARP: March 2009 Status of Efforts to Address Transparency and Accountability Issues, 03/31/09, http://www.gao.gov/products/GAO-09-504/
- TARP: Status of Efforts to Address Transparency and Accountability Issues, 01/30/09, http://www.gao.gov/products/GAO-09-296/
- TARP: Additional Actions Needed to Better Ensure Integrity, Accountability, and Transparency, 12/02/08, http://www.gao.gov/products/GAO-09-161/

Main GAO Reports Website: http://www.gao.gov/docsearch/featured/financialmarketsandhousing.html

Treasury Department and Financial Stability Oversight Board (FSOB)

- Financial Stability Plan, One Year Later, 02/10/10, http://www.financialstability.gov/latest/pr_02102010.html
- TARP Exit Strategy, Sec. Geithner letter to Congress, 12/09/09, http://www.financialstability.gov/latest/pr_12092009.html
- TARP Monthly Report - December 2009, 01/11/10, http://www.financialstability.gov/docs/105CongressionalReports/December%2520105(a)_final_1-11-10.pdf
- TARP and Office of Financial Stability Agency Financial Statement for FY2009, 12/10/09, http://www.financialstability.gov/latest/tg_12092009.html
- TARP Warrant Disposition Report, 01/20/10, http://www.financialstability.gov/latest/pr_01202010.html
- Making Home Affordable Monthly Report - December 2009, 01/19/10, http://www.financialstability.gov/docs/report.pdf
- Small Business Financing Forum, 11/18/09, http://www.financialstability.gov/roadtostability/smallbusinesscommunity.html

- FSOB Quarter Ending 31 December 2009, http://www.financialstability.gov/docs/FSOB/FINSOB_Quarterly_Report%2520_123109.pdf
- FSOB Quarter Ending 30 September 2009, http://www.financialstability.gov/docs/FSOB/FINSOB%20Quarterly%20Report%20_093009.pdf
- FSOB Quarter Ending 30 June 2009, http://www.financialstability.gov/docs/FSOB/FINSOB-Qrtly-Rpt-063009.pdf
- FSOB Quarter Ending 31 March 2009, http://www.financialstability.gov/docs/FSOB/FINSOB-Qrtly-Rpt-033109.pdf
- FSOB Quarter Ending 31 December 2008, http://www.financialstability.gov/docs/FSOB/FINSOB-Qrtly-Rpt-123108.pdf

Main TARP Reports and Transactions: http://www.financialstability.gov/latest/reportsanddocs.html

CBO Reports

- The Troubled Asset Relief Program: Report on Transactions Through June 17, 2009, http://www.cbo.gov/doc.cfm?index=10056
- The Troubled Asset Relief Program: Report on Transactions Through December 31, 2008, http://www.cbo.gov/doc.cfm?index=9961

Additional CBO Reports Citing TARP: http://www.cbo.gov/search/sitesearch.cfm?criteria=TARP

Additional Resources on TARP Oversight

- House Financial Services Committee's TARP oversight reports page, http://financialservices.house.gov/TARP.html/
- ProPublica's "Eye on the Bailout", http://bailout.propublica.org/
- Bailout Sleuth blog, http://bailoutsleuth.com/
- Huffington Post's Bailout page, http://www.huffingtonpost.com/news/bailout
- Google News' search of TARP and Bailouts, http://news.google.com/news?hl=en&&q=TARP%20or%20bank%20bailout
- New York Times' TARP page, http://topics.nytimes.com/top/reference/timestopics/subjects/c/credit_crisis/bailout_plan/index.html?scp=1-spot&sq=TARP&st=cse/
- Wall Street Journal's TARP page, http://topics.wsj.com/subject/t/TARP/4043/

Claims that oversight has not been effective

Government officials overseeing bailout don't know how it's being spent

A December 31, 2008 Associated Press article stated, "Government officials overseeing a $700 billion bailout have acknowledged difficulties tracking the money and assessing the program's effectiveness." [28]

A January 29, 2009 article from bloomberg.com stated, "Bloomberg News asked the Treasury Department Jan. 26 to disclose what securities it backed over the past two months in a second round of actions to prop up Bank of America Corp. and Citigroup Inc. Department spokeswoman Stephanie Cutter said Jan. 27 she would seek an answer. None had been provided by the close of business yesterday." [29]

Banks won't say how they are spending bailout money

A December 22, 2008 Associated Press article stated, "The Associated Press contacted 21 banks that received at least $1 billion in government money and asked four questions: How much has been spent? What was it spent on? How much is being held in savings, and what's the plan for the rest? None of the banks provided specific answers... Some banks said they simply didn't know where the money was going." [30]

A review of investor presentations and conference calls by executives of some two dozen US-based banks by the New York Times found that "few [banks] cited lending as a priority. An overwhelming majority saw the bailout program as a no-strings-attached windfall that could be used to pay down debt, acquire other businesses or invest for the future." [31]

Federal government paid $254 billion for assets that were worth only $176 billion

On February 5, 2009, Elizabeth Warren, chairperson of the Congressional Oversight Panel, told the Senate Banking Committee that during 2008, the federal government paid $254 billion for assets that were worth only $176 billion.[32]

Bailout recipients spent $114 million on lobbying and campaign contributions in 2008

On February 4, 2009, it was reported that during 2008, the companies that received bailout money had spent $114 million on lobbying and campaign contributions. These companies received $295 billion in bailout money. Sheila Krumholz, executive director of The Center for Responsive Politics, said of this information, "Even in the best economic times, you won't find an investment with a greater payoff than what these companies have been getting." [33]

Bank of America throws $10 million Super Bowl party

A February 2, 2009 ABC News article titled, "Bailed Out Bank of America Sponsors Super Bowl Fun Fest" stated that Bank of America sponsored a Super Bowl event at a five star resort in Palm Beach, which was described as "... a five day carnival-like affair... 850,000 square feet of sports games and interactive entertainment attractions for football fans..." Although the bank refused to answer ABC News' questions about the cost of the event, a confidential source told ABC that the cost was approximately $10 million.[34]

Oversight Efforts

XBRL Proposed as tool to aid in TARP Oversight

At the Domestic Policy Subcommittee hearing of the Oversight and Government Reform Committee on March 11, 2009, XBRL was proposed as a mechanism for automating the data entry and processing of financial filings to aid in TARP oversight.[35]

References

  1. ^ Amendment to HR 1424, Division A, Section 104.
  2. ^ Nothwehr, E. (2008), "Emergency Economic Stabilization Act of 2008" University of Iowa Center for International Finance and Development
  3. ^ http://www.fhfa.gov/Default.aspx?Page=67
  4. ^ http://politics.remedy.org.ua/pelosi-reid-name-members-of-tarp-omission/
  5. ^ Henriques, Diana B. (December 2, 2008). "Bailout Monitor Sees Lack of a Coherent Plan". The New York Times. http://www.nytimes.com/2008/12/02/business/02tarp.html?em. Retrieved May 20, 2010. 
  6. ^ http://publicmarkup.org/bill/emergency-economic-stabilization-act-2008/1/125/
  7. ^ Amendment to HR 1424, Division A, Section 125.
  8. ^ Section 125 references Section 120 for its termination date, and section 120 states terminates 31 December 2009 unless renewed by a letter from the Secretary.
  9. ^ http://www.politico.com/blogs/thecrypt/1108/Pelosi_Reid_name_members_of_TARP_oversight.html
  10. ^ easybourse.com
  11. ^ http://somd.com/news/headlines/2008/8822.shtml
  12. ^ http://www.politicker.com/new-hampshire/14766/sununu-appointed-oversight-panel
  13. ^ http://blog.aflcio.org/2008/11/19/afl-cio-silvers-named-by-congress-to-panel-reporting-on-bailout
  14. ^ Calmes, Jackie (December 10, 2009). "Audit Finds TARP Program Effective". The New York Times. http://www.nytimes.com/2009/12/10/business/economy/10audit.html. Retrieved May 20, 2010. 
  15. ^ http://www.nasdaq.com/aspx/stock-market-news-story.aspx?storyid=200912101738dowjonesdjonline000705&title=republican-tarp-critic-leaves-oversight-panel
  16. ^ "Sen. Kaufman Appointed to Congressional Oversight Panel". Congressional Oversight Panel. October 1, 2010. http://cop.senate.gov/press/releases/release-100110-kaufman.cfm. Retrieved December 24, 2010. 
  17. ^ "Sen. Kaufman to Chair Congressional Oversight Panel". Congressional Oversight Panel. October 4, 2010. http://cop.senate.gov/press/releases/release-100410-chairman.cfm. Retrieved December 24, 2010. 
  18. ^ "Thank You, Senator Kaufman". Daily Kos. November 15, 2010. http://www.dailykos.com/story/2010/11/15/920771/-Thank-You,-Senator-Kaufman. Retrieved December 24, 2010. 
  19. ^ a b Sweet, Lynn. "Bailout bill 'Emergency Economic Stabilization Act of 2008' searchable summary", Chicago Sun-Times, September 28, 2008.
  20. ^ Amendment to HR 1424, Division A, Section 116.
  21. ^ USA Today
  22. ^ text of the report from gao.gov
  23. ^ ibid
  24. ^ ibid
  25. ^ Amendment to HR 1424, Division A, Section 121.
  26. ^ http://www.sigtarp.gov/about_ig.shtml
  27. ^ http://www.cnbc.com/id/41975030
  28. ^ Officials: tracking bailout money is difficult, Associated Press, December 31, 2008
  29. ^ Obama Records Pledge Tested By Citigroup Guarantees, bloomberg.com, January 29, 2009
  30. ^ Where'd the bailout money go? Shhhh, it's a secret, Associated Press, December 22, 2008
  31. ^ McIntire, Mike (January 17, 2009). "Bailout Is a Windfall to Banks, if Not to Borrowers.". The New York Times. http://www.nytimes.com/2009/01/18/business/18bank.html. 
  32. ^ Watchdog: Treasury overpaid for bank stocks, February 5, 2009
  33. ^ U.S. bailout recipients spent $114 million on politics, Reuters, February 4, 2009
  34. ^ Bailed Out Bank of America Sponsors Super Bowl Fun Fest, ABC News, February 2, 2009
  35. ^ http://www.marketwatch.com/news/story/xbrl-us-testifies-domestic-policy/story.aspx?guid={44E803FE-0A15-4E0E-BA03-CD0CDC0FAC13}&dist=msr_4

Wikimedia Foundation. 2010.

Игры ⚽ Нужен реферат?

Look at other dictionaries:

  • Troubled Asset Relief Program — TARP redirects here. For other uses, see Tarp. This article is about the Treasury fund. For the legislative bill and subsequent law, see Public Law 110 343. For the legislative history and the events leading to the law, see Emergency Economic… …   Wikipedia

  • Public-Private Investment Program for Legacy Assets — On March 23, 2009, the United States Federal Deposit Insurance Corporation (FDIC), the Federal Reserve, and the United States Treasury Department announced the Public Private Investment Program for Legacy Assets. The program is designed to… …   Wikipedia

  • Congressional Oversight Panel - COP — A panel created by the U.S. Congress in 2008 to oversee for the U.S. Treasury s actions aimed at stabilizing the U.S. economy. The Congressional Oversight Panel (COP) is empowered to review official data and hold hearings in order to develop… …   Investment dictionary

  • Chinese economic stimulus program — The stimulus includes plans to rebuild areas damaged by the 2008 earthquakes.[1] The 2008–2009 Chinese economic stimulus plan (simplified Chinese: 扩大内需十项措施; traditional Chinese …   Wikipedia

  • Credit rating agencies and the subprime crisis — Main article: Subprime mortgage crisis Credit rating agencies played a very important role at various stages in the subprime crisis. They have been highly criticized for understating the risk involved with new, complex securities that fueled the… …   Wikipedia

  • National Asset Management Agency — Agency overview Formed Late 2009 Jurisdiction Ireland …   Wikipedia

  • Northern Rock (Asset Management) — This article is about the bad bank of Northern Rock. For the current bank, see Northern Rock. For a discussion of the nationalisation of the bank, see Nationalisation of Northern Rock. Northern Rock (Asset Management) Type Public ownership[1][2]… …   Wikipedia

  • List of Occupy movement protest locations in the United States — Contents 1 List 2 Gallery 3 See also 4 References …   Wikipedia

  • Occupy movement in the United States — See also: List of Occupy movement protest locations in the United States and List of Occupy movement protest locations The General Assembly meeting in Washington Square Park, New York City on October 8, 2011 The Occupy movement began in the …   Wikipedia

  • Late-2000s financial crisis — The TED spread (in red) increased significantly during the financial crisis, reflecting an increase in perceived credit risk …   Wikipedia

Share the article and excerpts

Direct link
… Do a right-click on the link above
and select “Copy Link”