The former Special Inspector General charged by the Bush and Obama administrations with oversight of the Troubled Asset Relief Program (TARP) writes a bracing account of his two-and-a-half years fighting to assure the bailouts served the public’s best interests.
TALF.: TALF: Term Asset-Backed Security Loan Facility - Wherein the Federal Reserve Bank of New York provides $200 billion in cheap loans to financial institutions who would be reqired to buy bonds generated from car & student loans, credit card debt, or small busines loans.
“securitization,”: Method used by Wall Street to create the toxic mortgage-related bonds that were clogging the big banks' balance sheets. The creation of such toxic bonds had spun wildly out of control before the financial crisis <of 2008> had struck.
Peter Orszag: Peter Orszag, direstor of OMB - Office of Management and Budget (of the White House).
Herb Allison,: A lifetime product of Wall Street, having spent twenty-eight years at Merrill Lynch, where he served as its treasurer, chief financial officer, chief operating officer, and president.............Barofsky, Neil (2012-07-24). Bailout (Kindle Locations 2914-2915). Simon & Schuster, Inc.. Kindle Edition.
“nonrecourse.”: A purchaser could simply stop making payments on his TALF loan without any additional liability as long as he surrendered the bond.........From: Barofsky, Neil (2012-07-24). Bailout (Kindle Locations 1804-1805). Simon & Schuster, Inc.. Kindle Edition.
RMBS,”: Residential Mortgage-Backed SecuritesâLegacyâ meant that they were bonds issued before the housing bubble had burst; they were the subprime and sub-subprime bonds stuffed with fraud-riddled loans. ..Barofsky, Neil (2012-07-24). Bailout (Kindle Locations 1827-1828). Simon & Schuster, Inc.. Kindle Edition.
CDO,: Collateralized Debt Obligation - name for lower-ranked tranches of debt... that is made up of sub-prime mortgages, for instance.
CDOs.: Consolidated Debt Obligations based on sub sub-prime mortgages.
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