Treasury Department/Department of the Treasury
June 2016: "Federal law allows United States citizens to transfer money overseas, but these foreign holdings must be declared to the Treasury Department, and any taxes on capital gains, interest or dividends must be paid — just as if the money had been invested domestically. Federal officials estimate that the government loses between $40 billion and $70 billion a year in unpaid taxes on offshore holdings."http://www.nytimes.com/2016/06/06/us/panama-papers.html
August 2013: "Two months after the Supreme Court struck down the Defense of Marriage Act, the Treasury Department on Thursday ruled that legally married same-sex couples will be treated as married for federal tax purposes."http://money.cnn.com/2013/08/29/pf/taxes/same-sex-marriage-tax/index.html
January 2013: 'So Paulson came up with a more convincing lie. On paper, the Emergency Economic Stabilization Act of 2008 was simple: Treasury would buy $700 billion of troubled mortgages from the banks and then modify them to help struggling homeowners. Section 109 of the act, in fact, specifically empowered the Treasury secretary to "facilitate loan modifications to prevent avoidable foreclosures." With that promise on the table, wary Democrats finally approved the bailout on October 3rd, 2008. "That provision," says Barofsky, "is what got the bill passed."'http://www.rollingstone.com/politics/news/secret-and-lies-of-the-bailout-20130104
July 2012: "Thus the collision course was set between Mr. Barofsky and a crew of complacent, bank-friendly Treasury officials. He soon discovered that the department’s natural stance of marching in lock step with the banks meant that he had to question its policies and programs repeatedly to ensure that taxpayers weren’t at risk for fraud and abuse."http://www.nytimes.com/2012/07/22/business/neil-barofskys-journey-into-a-bailout-buzz-saw-fair-game.htm
January 2012: "The Treasury Department is investigating a report that Freddie Mac, the mortgage giant, bet against homeowners’ ability to refinance their loans even as it was making it more difficult for them to do so, Jay Carney, a White House spokesman, said on Monday."http://www.nytimes.com/2012/01/31/business/freddie-mac-investments-under-scrutiny-by-treasury-dept.html
December 2011: 'In Washington, after a long debate over when to act and what to make public, the administration decided to invoke a rarely used provision of the Patriot Act. Since the bank had been found to be of “primary money-laundering concern,” the Treasury Department could turn it into an international pariah by forbidding American financial institutions to deal with it. President Obama was briefed, and on Feb. 10, Treasury officials pulled the trigger.'http://www.nytimes.com/2011/12/14/world/middleeast/beirut-bank-seen-as-a-hub-of-hezbollahs-financing.html
December 2010: "At the behest of a host of companies — from Kraft Food and Pepsi to some of the nation’s largest banks — a little-known office of the Treasury Department has granted nearly 10,000 licenses for deals involving countries that have been cast into economic purgatory, beyond the reach of American business."http://www.nytimes.com/2010/12/24/world/24sanctions.html
October 2010: "In early October, the Treasury issued a report predicting that the taxpayers would ultimately lose just $5 billion on their investment in A.I.G., a remarkable outcome, since the insurance company was extended $182 billion in taxpayer money in the early months of its rescue. The prediction of a modest loss, widely reported as A.I.G., the Federal Reserve and the Treasury rushed to complete an exit plan, contrasted with an earlier prediction by the Treasury that the taxpayers would lose $45 billion."http://www.nytimes.com/2010/10/26/business/26tarp.html
March 2010: "[Warren's] relationship with Treasury is chillier. In private, she has worked closely with some officials there on regulatory reform. But in her oversight role, she pounds the agency, leading some to accuse her of showboating or breeding cynicism about a program functioning better than many expected."http://www.nytimes.com/2010/03/25/business/25warren.html
October 2009: "WASHINGTON — The inspector general who oversees the government’s bailout of the banking system is criticizing the Treasury Department for some misleading public statements last fall and raising the possibility that it had unfairly disbursed money to the biggest banks."http://www.nytimes.com/2009/10/05/business/economy/05bank.html
August 2009: "The report comes as the Obama administration is prodding lenders to do more to help borrowers. Less than 10 percent of delinquent borrowers eligible for assistance through Make Home Affordable have received help, according to Treasury Department estimates released this month. The administration is aiming to more than double the number of borrowers helped under the program to 500,000 by Nov. 1."http://www.washingtonpost.com/wp-dyn/content/article/2009/08/25/AR2009082502975.html
December 2008: "Congress wanted to guarantee that the $700 billion financial bailout would limit the eye-popping pay of Wall Street executives, so lawmakers included a mechanism for reviewing executive compensation and penalizing firms that break the rules. But at the last minute, the Bush administration insisted on a one-sentence change to the provision, congressional aides said. The change stipulated that the penalty would apply only to firms that received bailout funds by selling troubled assets to the government in an auction, which was the way the Treasury Department had said it planned to use the money."http://www.washingtonpost.com/wp-dyn/content/article/2008/12/14/AR2008121402670.html
July 2008: "The announcement, which followed a week of losses in many financial stocks, was orchestrated to calm the markets before they opened on Monday. It coincided with the Treasury Department’s announcement of measures to potentially shore up the liquidity and capital of Fannie Mae and Freddie Mac."http://www.nytimes.com/2008/07/16/business/16short.html
July 2008: "The Internal Revenue Service plans to tighten the rules for a multibillion-dollar program created to make sure offshore bank customers pay their United States taxes....said the Treasury Department would soon require auditors to root out fraud and report it to the I.R.S."http://www.nytimes.com/2008/07/15/business/15tax.html
July 2008: "Democratic Congressional leaders on Tuesday pushed back their timetable for approving emergency housing legislation after Republicans voiced growing skepticism and, in some cases, angry opposition to the Bush administration's proposal to rescue Fannie Mae and Freddie Mac, the government-chartered mortgage finance companies....Democratic leaders have said they would incorporate the Treasury Department’s plan to aid the mortgage giants into a package of housing legislation that also includes a plan to help hundreds of thousands of borrowers at risk of foreclosure to refinance their mortgages."http://www.nytimes.com/2008/07/16/business/16rescue.html
May 2008: "The 2-to-1 ruling, which could have implications not only for blind people but also for vending machine-manufacturers and even companies that make wallets and purses, found that the Treasury Department had failed to demonstrate that it would be too burdensome to make bills of different sizes or add features that can be read by touch to distinguish monetary value."http://www.nytimes.com/2008/05/20/washington/20cnd-money.html
May 2008: 'With tax return information just a few keystrokes away, IRS employees succumb to curiosity often enough that the agency has its own word for such browsing: UNAX, (pronounced you-nacks) , for "unauthorized access." In congressional testimony last month, a Treasury Department investigator said employee prying was on the rise, with 430 known cases in 1998, and 521 last year.'http://blog.wired.com/27bstroke6/2008/05/five-irs-employ.html
August 2007: "The Bush administration, with the Treasury Department heading the efforts, is looking for more limited solutions. Administration officials are working on their own ideas to let the F.H.A. insure slightly more expensive homes, which could make it easier for people with low incomes or weak credit to switch out of subprime mortgages and into more traditional fixed-rate loans."http://www.nytimes.com/2007/08/28/business/28workout.html
October 2007: After the suit was filed, the government changed its rationale for excluding Professor Ramadan, now saying that he had contributed about $1,300 to a charity in Switzerland from 1998 to 2002. That charity, later designated a terrorist organization by the Treasury Department, in turn made contributions to Hamas, which had already been designated one. Professor Ramadan’s second-hand contribution amounted to material support for terrorism, the government said.http://www.nytimes.com/2007/10/22/us/22bar.html
December 2006: As the new undersecretary of the Treasury in charge of domestic finance, Steel supervises thousands of federal employees and helps oversee the nation's multi-trillion-dollar financial markets. At the same time, he moonlights as the unpaid chairman of the Board of Trustees of Duke University, a major recipient of federal funds and one of the country's most richly endowed colleges.http://www.washingtonpost.com/wp-dyn/content/article/2006/11/30/AR2006113001242.html
Role Name Type Last Updated Owner of (partial or full, past or present) Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) Organization May 12, 2004 Owner of (partial or full, past or present) Bureau of Engraving and Printing (BEP) Organization Dec 15, 2008 Owner of (partial or full, past or present) Consumer Financial Protection Bureau (CFPB) Organization Jan 31, 2012 Former Owner of (partial or full) Customs Service Organization May 6, 2005 Owner of (partial or full, past or present) Federal Insurance Office Organization Jan 30, 2012 Owner of (partial or full, past or present) Internal Revenue Service (IRS) Organization Mar 4, 2005 Owner of (partial or full, past or present) Office of Foreign Assets Control Organization May 3, 2006 Owner of (partial or full, past or present) Office of Foreign Assets Control (OFAC) Organization Mar 20, 2008 Owner of (partial or full, past or present) Office of Thrift Supervision (OTS) Organization May 6, 2005 Owner of (partial or full, past or present) Secret Service Organization Sep 2, 2004 Owner of (partial or full, past or present) U.S. Office of the Comptroller of the Currency (OCC) Organization Sep 24, 2004 Owned by (partial or full, past or present) US Federal Government - Executive Branch Organization May 12, 2004 Organization Executive (past or present) Sheila C. Bair Esq. Person Apr 27, 2010 Organization Head/Leader (past or present) James A. Baker III Person Organization Executive (past or present) Prof. Neil M. Barofsky Esq. Person Oct 5, 2009 Organization Executive (past or present) Michael S. Barr Esq., MPhil, Ph.D. Person Jul 24, 2009 Organization Head/Leader (past or present) Sen. Lloyd M. Bentsen Esq. Person Jan 12, 2006 Organization Executive (past or present) Samuel W. Bodman Person Oct 21, 2008 Organization Executive (past or present) John C. Dugan Person Nov 26, 2008 Organization Executive (past or present) Stuart E. Eizenstat Esq. Person Organization Head/Leader (past or present) Albert Gallatin Person Mar 20, 2008 Organization Head/Leader (past or present) Timothy F. Geithner Person Jun 20, 2009 Organization Executive (past or present) Gary G. Gensler MBA Person May 21, 2010 Organization Executive (past or present) Prof. Michael J. Graetz Esq. Person Apr 14, 2005 Organization Executive (past or present) Prof. Daniel Halperin Person Organization Head/Leader (past or present) Alexander Hamilton Person Aug 10, 2005 Organization Executive (past or present) Neel Kashkari Person Jan 7, 2013 Organization Executive (past or present) Stuart A. Levey Person Dec 24, 2010 Organization Executive (past or present) Prof. Alicia H. Munnell Ph.D. Person Aug 17, 2006 Organization Head/Leader (past or present) Paul H. O'Neill Person Aug 28, 2006 Employee/Freelancer/Contractor (past or present) Pamela F. Olson Person Organization Head/Leader (past or present) Henry "Hank" M. Paulson Jr., MBA Person Dec 2, 2006 Organization Head/Leader (past or present) Robert "Bob" E. Rubin Esq. Person Feb 22, 2006 Organization Head/Leader (past or present) George P. Schultz Ph.D. Person Dec 2, 2008 Organization Head/Leader (past or present) George Pratt Shultz Person Jan 9, 2006 Organization Head/Leader (past or present) John W. Snow Person Jun 28, 2006 Organization Executive (past or present) Robert K. Steel Person Dec 2, 2006 Employee/Freelancer/Contractor (past or present) Martin A. Sullivan Person Apr 30, 2012 Organization Head/Leader (past or present) Lawrence H. Summers Person Organization Executive (past or present) Robert B. Zoellick Esq., MPP Person May 7, 2006
Articles and Resources
Date Fairness.com Resource Read it at: Jun 05, 2016 Panama Papers Show How Rich United States Clients Hid Millions Abroad
QUOTE: These transactions and others like them for a stable of wealthy clients from the United States are outlined in extraordinary detail in the trove of internal Mossack Fonseca documents known as the Panama Papers. The materials were obtained by the German newspaper Süddeutsche Zeitung and the International Consortium of Investigative Journalists, and have now been shared with The New York Times. In recent weeks, the papers’ revelations about Mossack Fonseca’s international clientele have shaken the financial world. The Times’s examination of the files found that Mossack Fonseca also had at least 2,400 United States-based clients over the past decade, and set up at least 2,800 companies on their behalf in the British Virgin Islands, Panama, the Seychelles and other jurisdictions that specialize in helping hide wealth.
New York Times Aug 29, 2013 Married same-sex couples gain equal tax benefits
QUOTE: the Treasury Department on Thursday ruled that legally married same-sex couples will be treated as married for federal tax purposes....affects how they will be treated in terms of federal income taxes, federal estate and gift taxes, the tax breaks they get for employer-sponsored health insurance and other benefits.
CNN/Money Magazine Jan 04, 2013 Secret and Lies of the Bailout:The federal rescue of Wall Street didn’t fix the economy – it created a permanent bailout state based on a Ponzi-like confidence scheme. And the worst may be yet to come
QUOTE: Not only did [the 2009 banking system bailout--Ed.] prevent another Great Depression, we've been told, but the money has all been paid back, and the government even made a profit. No harm, no foul – right? Wrong. It was all a lie – one of the biggest and most elaborate falsehoods ever sold to the American people. We were told that the taxpayer was stepping in – only temporarily, mind you – to prop up the economy and save the world from financial catastrophe. What we actually ended up doing was the exact opposite: committing American taxpayers to permanent, blind support of an ungovernable, unregulatable, hyperconcentrated new financial system that exacerbates the greed and inequality that caused the crash, and forces Wall Street banks like Goldman Sachs and Citigroup to increase risk rather than reduce it. The result is one of those deals where one wrong decision early on blossoms into a lush nightmare of unintended consequences.
Rolling Stone Jul 21, 2012 Into the Bailout Buzz Saw (Fair Game)
QUOTE: Thus the collision course was set between Mr. Barofsky and a crew of complacent, bank-friendly Treasury officials. He soon discovered that the department’s natural stance of marching in lock step with the banks meant that he had to question its policies and programs repeatedly to ensure that taxpayers weren’t at risk for fraud and abuse.
New York Times Jan 30, 2012 Treasury Investigates Freddie Mac Investment
QUOTE: The Treasury Department is investigating a report that Freddie Mac, the mortgage giant, bet against homeowners’ ability to refinance their loans even as it was making it more difficult for them to do so...
New York Times Dec 13, 2011 Beirut Bank Seen as a Hub of Hezbollah’s Financing
QUOTE: an intricate global money-laundering apparatus that, with the bank as its hub, appeared to let Hezbollah move huge sums of money into the legitimate financial system, despite sanctions aimed at cutting off its economic lifeblood....While law enforcement agencies around the world have long believed that Hezbollah is a passive beneficiary of contributions from loyalists abroad involved in drug trafficking and a grab bag of other criminal enterprises, intelligence from several countries points to the direct involvement of high-level Hezbollah officials in the South American cocaine trade.
New York Times Jul 12, 2011 Rush to Defend Tax Rule on Inventory and Profits
QUOTE: the LIFO proposal — supported by the president’s deficit-reduction commission — would simplify the tax code and establish a standard method of calculating the cost of items that a company sells....at first glance the LIFO proposal looked like “an easy source of revenue.” But, he said, “it taxes illusory income, phantom profits that result from inflation.”
New York Times Apr 27, 2011 A.I.G. to Sue 2 Firms to Recover Some Losses
QUOTE: A.I.G. is preparing several suits against banks, like Bank of America and Goldman Sachs, that created the $40 billion in mortgage bonds… The company says it believes the banks issued misleading statements about the quality of the mortgages within those bonds.
New York Times Apr 06, 2011 Federal examiners protested help for politically connected bank, e-mails show
QUOTE: A decision... to help a politically connected bank in Boston left federal bank examiners there angry enough that some called it a “travesty of justice..." The chairman of OneUnited Bank, a friend of Rep. Maxine Waters (D-Calif.), had rendered it insolvent through lavish spending and bad investments... after Waters arranged a key Treasury Department meeting for the bank, it had won a bailout loan and a unique exemption from the FDIC’s accounting rules.
Washington Post Mar 10, 2011 Bank Customers Win One (Soon)
QUOTE: In practice, however, banks that receive garnishment orders routinely freeze a customer’s account up to the amount of the debt, even if the account contains protected funds. Unfreezing an account often requires a lawyer and invariably involves delays, which can be devastating for low-income beneficiaries.
New York Times Dec 23, 2010 U.S. Approved Business With Blacklisted Nations
QUOTE: Despite sanctions and trade embargoes, over the past decade the United States government has allowed American companies to do billions of dollars in business with Iran and other countries blacklisted as state sponsors of terrorism...At the behest of a host of companies — from Kraft Food and Pepsi to some of the nation’s largest banks — a little-known office of the Treasury Department has granted nearly 10,000 licenses for deals...
New York Times Oct 26, 2010 Treasury Hid A.I.G. Loss, Report Says
QUOTE: The United States Treasury concealed $40 billion in likely taxpayer losses on the bailout of the American International Group earlier this month, when it abandoned its usual method for valuing investments...
New York Times May 25, 2010 Former Exile Holds Power in West African Nation
QUOTE: the United States Treasury Department prepared to declare him a drug kingpin and a major figure in the international narcotics trade....The president [of Guinea-Bissau] is still nominally in charge, but officials in the region worry that the nation has effectively fallen into the hands of a drug baron.
New York Times May 21, 2010 Reconciliation for 2 Financial Overhaul Bills
QUOTE: In three areas, consumer protection, restricting banks from using their own money to make bets in the market, and dealing with failing institutions that threaten the financial system, administration officials suggested that they were inclined to favor provisions in the Senate version over those of the House bill...
New York Times Apr 03, 2010 How Washington Abetted the Bank Job
QUOTE: Mr. Bernanke said the Fed had known nothing about this....The collapse of Enron back in 2001 revealed that the biggest financial institutions, here and abroad, were busy creating products whose sole purpose was to help companies magically transform their debt into capital or revenue.
New York Times Mar 24, 2010 Behind Consumer Agency Idea, a Tireless Advocate
QUOTE: Ms. Warren has two roles here: officially, as head of Congressional oversight for the Troubled Asset Relief Program, and unofficially, as chief conceiver of and booster for a new consumer financial protection agency. Fusing those projects and her academic work, she has become the most prominent consumer advocate in years.
New York Times Oct 22, 2009 Fraud Reported in Program to Help New Homebuyers
QUOTE: Just as Congressional leaders are calling for an extension of a popular $8,000 tax credit for first-time homebuyers, or even an expansion to all home purchasers, government investigators reported Thursday that their audits suggest widespread abuse and errors in the program.
New York Times Oct 05, 2009 Report on Bailouts Says Treasury Misled Public
QUOTE: The inspector general who oversees the government’s bailout of the banking system is criticizing the Treasury Department for some misleading public statements last fall and raising the possibility that it had unfairly disbursed money to the biggest banks.
New York Times Sep 27, 2009 As Subprime Lending Crisis Unfolded, Watchdog Fed Didn't Bother Barking (Banking on the Fed)
QUOTE: Under a policy quietly formalized in 1998, the Fed refused to police lenders' compliance with federal laws protecting borrowers, despite repeated urging by consumer advocates across the country and even by other government agencies.
Washington Post Sep 07, 2009 Mortgage Market Bound by Major U.S. Role: Classes of Borrowers Cannot Find Loans as Publicly Backed Debt Mounts (Consequences of the Crisis Part 2)
QUOTE: the government's newly dominant role... has far-reaching consequences for prospective home buyers and taxpayers. The government has the power to decide who is qualified for a loan and who is not. As a result, many borrowers among both poor and rich are frozen out of the market.
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