"For a second I was thinking, 'Why do I need all of this?' I'll just resign and go back to my good legal practice in New York," Gerald Walpin told The Washington Times' "America's Morning News" radio show Tuesday.That's new stuff, see? It was linked together with the IG-Gate Update in a post at Right Wing News. If several different blogs aggregate that stuff together, it creates sort of a center of gravity in the 'sphere that is picked up by the Memeorandum algorithm.
"But I would then be part of the apparatus that is totally torpedoing the inspectors general," Mr. Walpin said. "The watchdog would not really be a watchdog. He'd just be afraid of his shadow." . . .
And the Right Wing News post also includes today's Washington Post story about Neil Barofsky -- SIGTARP, special inspector general for the TARP bailout -- who raised hell on Capitol Hill yesterday. As of 7 a.m., that story was not included in the Memeorandum thread, but given that Sen. Chuck Grassley has been defending Barofsky's office against Treasury Secretary Timothy Geithner, (see Grassley's June 17 letter to Geithner in PDF) it's very much part of the same story.
Building up a Memeorandum thread, with everybody commenting on the same news stories and cross-linking, is what Rule 3 is about. Newbies should always hat-tip Memeorandum when they do this. Even if the increase in your traffic is not immediately significant, every time somebody links your blog, it boosts your Technorati ranking -- you did remember to install Technorati, right? -- and, eventually, you'll be showing up on Memeorandum's radar.
Think of it this way: When one dog in the neighborhood starts barking, they all start barking. That's why Jimmie Bise dubbed us The Million Hit Squad.
If you need more background on the IG-Gate story, try the Mother of All Updates.
UPDATE: Yet more juicy SIGTARP goodness:
Barofsky testified that taxpayers aren't being told what most TARP recipients are doing with their money or what their investments are worth and may never be told exactly how their taxpayer dollars are being used.When Democrats start talking like that, you know it spells trouble for Geithner.
At a Government Oversight and Reform Committee hearing, one lawmaker compared Treasury to convicted Ponzi scheme artist Bernie Madoff, accused Treasury of trying to undermine Barofsky's independence and threatened to haul Treasury Secretary Timothy Geithner before the panel if he didn’t adopt the IG's recommendations.
“For us to get past this economic situation that we find ourselves in, the public has to believe that we’re doing the right thing,” said Rep. Elijah Cummings (D-Md.). “If we can’t show them that we are doing the right thing with their money, we’re going to have problems." (Emphasis added.)
UPDATE II: Text of closing statement by Chairman Towns:
Earnings at the largest banks and the bank holding companies such as JP Morgan and Goldman Sachs are up, yet lending remains down. It is unacceptable that profits go up, while lending goes down. The taxpayers have invested very large amounts of money in these banks, but what have we gotten in return? It remains unclear.Heh.
The taxpayers deserve to know how their tax dollars are being spent.
The Treasury Department needs to publish full and detailed information on the use of TARP funds and publish the value of the TARP portfolio on a monthly basis. They have that information and they should make it public.
Moreover, Treasury also requires the largest banks to file monthly reports showing the dollar value of their new lending. That should be made public also.
If Treasury doesn’t put this information up on its website, this Committee will. And if Treasury doesn’t turn over this information voluntarily, Secretary Geithner will be brought before the Committee to explain.
What we have heard today convinces me that one of the best things Congress did when it created the TARP was to also create the Special Inspector General to oversee TARP spending. I can now understand why the Treasury Department would like to rein in the SIGTARP. But we are not going to let that happen.
UPDATE III: Just got off the phone with a source on Capitol Hill who tells me yesterday's Hot Air IG-Gate Update is a big hit with Republicans. Speaking of Republicans, here's Rep. Darrell Issa:
The Special Inspector General of the Troubled Asset Relief Program (SIGTARP) Neil Barofsky testified today at a hearing of the House Committee on Oversight and Government Reform that the Treasury Department has "repeatedly failed" to implement SIGTARP recommendations that would reveal how Treasury is using taxpayer dollars. At the conclusion of the hearing, Ranking Member Darrell Issa (R-CA) asked Chairman Towns to bring Treasury Secretary Timothy Geithner before the Committee to address the questions raised by SIGTARP’s report. . . .Click here for Issa's statement.
"We heard today that full transparency, which we called for, the President asked for and this Administration promised, is being blocked by the bureaucracy which often says ‘just trust and we will deliver,’” Issa said. "Until we have full transparency, we will never be able to know how much risk Treasury is assuming on behalf of the taxpayers. This Administration promised an 'unprecedented' level of accountability and transparency. They set their own standard. Now we're going to hold them to it."
Click here for Neil Barofsky's testimony.
Click here for a copy of the SIGTARP Report.