Successors to “T.A.R.P.”:
“B.A.R.F” and “H.U.R.L.”
Given the evolving nature of the Troubled Assets Relief Program (“TARP”), and the *Federal Reserve’s penchant for appending the term “facility” to all its financial rescue efforts, it may be timely to give TARP a more accurate — and descriptive — name.
My suggestion: Bank Assets Relief Facility, or “B.A.R.F.”
In truth, given the capital black hole that AIG has become, an even more urgent priority is to stem the bleeding amongst all the companies that insured credit default swaps, collateralized debt obligations, etc.
Such a federal effort could descriptively be called “Help Underwriters Reduce Liabilities,” or H.U.R.L.
*Technically, B.A.R.F — er, TARP — is being administered under the auspices of the Treasury.
Once again Congress has failed to use its congressional oversight to protect the American people.
“Fool me once
Shame on you
Fool me twice
Shame on me.”