and with us now is the panel's chair elizabeth warren. thank you for being with us. >> good to be here. >> woodruff: we heard secretary geithner say today he thinks the tarp program has worked remarkably well. tax payers are getting most of their money back. should that be the main measurement of its success? >> well, it should be one of the measurements. look, it's always part of the measurement that the initial action very well may have pulled us back from the brink of a depression. the big question is what are we going to do with the money now? tarp is winding down. there's three more months to figure out whether or not we actually have adequate stability in the financial institutions and what to do about moment mortgage foreclosure. we only have this limited period of time to adjust the programs to change the programs to try to deal with those problems. >> woodruff: let me ask you about the home mortgage foreclosures. you had a very animated exchange with the secretary over that question. >> we did. >> woodruff: he says the success as

elizabeth warren says, i quote, the fdls prospects are far from certain. the sblf also raises questions whether in light of capital purchase programs' poor performance in improving credit access, any infusion could jump-start small business lending. this bill allows another $3 million in spending that will be added to the government's credit card. c.b.o. tells us that the bank lending portion will ultimately cost the taxpayers $3.4 billion when market risk is taken into account. we had record bank failures including four that were tarp recipients. when those tarp recipients failed, the timps' investment of $26.6 billion was essentially wiped out. more than 100 banks that have received tarp funds so far have missed their dividend payments. these missed dividend payments will cost the taxpayers almost $200 million. so it turns out that many of these banks that received tarp funds were far from healthy. do we really think there will be no more bank failures or missed dividends payments out of this new tarp program? we know there will be. the c.b.o. says there

from elizabeth warren, the prospects are far from certain. the sblf also raises questions in light of the capital purchase programs poor performance in improving credit access, any capital infusion for the program can successfully jump-start small business lending. everybody but the democrats understand this is a tarp program. why did we want sig tarp to be oversight? because this is a tarplike program. just today released they helped bring a new lawsuit today for $1.9 billion with the failure of colonial bank. colonial bank received $553 million in tarp funds. to say that you're going to go out and put $33 billion into the marketplace and not suffer any losses at a time when we have over 100 banks that have already missed one dividend payment. that we have had one bank that's missed six, and that several billion dollars have already been lost from some of these banks that are -- that were defaulted and were closed after the taxpayers had put money in there. i go back to, you say, well, it doesn't cost the taxpayers any money. i keep asking t

elizabeth warren, her colleague at harvard and chair of the congressional panel currently overseeing our economic relief efforts says simply, she changed morale around here. charles freed, the former solicitor general under president reagan and renowned conservative constitutional expert says of her prospects as a justice on the supreme court, "i think elena would be terrific. because frankly, the court is stuck. the great thing about elena is there's a freshness about her that promises some possibility of getting away from the formulas that are wheeled out today on both sides. il have no reservations about her whatsoever. john manning, the first hire under kagan's deanship, a conservative and an expert on tech tewellism and separation of powers says, i think one of the things you see in kagan as dean was that she tried to hire folks with different approaches to law and different ideological perspectives. she was equally as strong in her praise for scalia as she was in her praise for breyer. she celebrated both. it's a good predictor of how she'll be as a judge. she would be fair and

. >> thank you, elizabeth warren. it is my hope that secretary timothy geithner will assist the panel in addressing a number of significant questions, inccuding the contemplation of the application of additional tarp funds to new programs, or the application of additional tarp funds to existing programs? will they be applied to any financial or non-financial institutions such as aig, gm, chrysler, or anc? will the investors received dividends in cash? what is the exit strategy with respect to these institutions as well as the other tarp recipients? has tarp enshrined into our law of the concept of too big to fail? have established an implicit guarantee for the benefit of our largest financial and non- financial instiiutions? will the pending legislation ratify and codify the existing standdrds? we will treasury yet again allocate additional funds to goldman sachs, citigroup, bank of america, and a group of other significant firms if they notified treasury today that they were experiencing a severe liquidity and solven

. >> thank you, elizabeth warren. it is my hope that secretary timothy geithner will assist the panel in addressing a number of significant questions, including the contemplation of the application of additional tarp funds to new programs, or the application of additional tarp funds to existing programs? will they be applied to any financial or non-financial institutions such as aig, gm, chrysler, or anc? will the investors received dividends in cash? what is the exit strategy with respect to these institutions as well as the other tarp recipients? has tarp enshrined into our law of the concept of too big to fail? have established an implicit guarantee for the benefit of our largest financial and non- financial instiiutions? will the pending legislation ratify and codify the existing standdrds? we will treasury yet again allocate additional funds to goldman sachs, citigroup, bank of america, and a group of other significant firms if they notified treasury today that they were experiencing a severe liquidity and solven

mayor shapiro, elizabeth warren, and sheila bair are all strong supporters of this bill. there are a number of important things in the bill. a fiduciary requirement for municipal advisers said the we do not give the kind of problems we have all seen. all those are very important. i am prepared to make compromises. for those who worry about is getting too far, the conservative party prime minister of canada said over the weekend that with this bill america takes the lead in financial regulation and the rest of the world will follow. on the tarp, what it says is this. i prefer the original way. what cbo is saying is this, money repaid to the tarp goes into the treasury and to have made a profit on the big part. what the cbo is saying is that if you spend the remaining on allocated tarp money, you will lose some of it. you will not get it all back. cbo is a wondrous institution. i am often puzzled by it. i do know that my colleagues have a tendency to love it when it agrees with us and not so much when it does not. that is where we are. given the importance of this bill, i h

caller: well, first of all, elizabeth warren, the harvard law professor who is in the oversight committeeor tarp, she has definitely, she is someone to listen to. she is an authority on this subject. and i would say consumer protection like they have this federal reserve finally is doing some cracking down because the general american person is becoming aware, they are waking up. so, yeah, the consumer protection laws and they actually the third party agencies are looking over these regulators probably need another agency to look after them as well. i think that a lot of checks and balances. and maybe this america can be savelyadged. guest: well, they are certainly debating that issue right now as part of the financial regulatory reform bill. one of the things they are looking at is creating a consumer financial protection agency or depending on where it is houseds that dedicated to protecting consumers around these issues, drafting these types of regulations, offering these types of recommendations. and as the caller seemed to suggest one of the persons, whose name has been floated is ms

i don't believe the bill refers to aliz beth -- elizabeth warren. . mr. bachus: 90% of the total consolidated assets. now, mr. chairman, or, mr. speaker, i'd ask the chairman, maybe he can give us this figure or review my figures, but the largest corporation in america, bank of america, which would qualify under this program has total assets of $2,340 ,000,000,000. that means that the fdic could borrow $2 trillion. i would ask this, what do they borrow it from? more importantly, if they borrow $2 trillion to allow bank of america to go into this process, if they're not paid back, who pays it? and the answer is, the taxpayers. the speaker pro tempore: the gentleman's time s expired. all time h expired. without objection, the previous question is ordered. the question is on the motion. those in favor say aye. those opposed, no. in the opinion of the chair, the ayes have it. the motion is is agreed to and without objection the motion to reconsider is laid on the table. mr. bachus: mr. speaker. the speaker pro tempore: the gentleman from alabama. mr. bachus:

secretary geithner and even elizabeth warren say the banks are paying us back. but all they are paying back is the tarp money and they are not even paying all of that back. even if they pay back all $700 billion, that could not possibly be enough. in fact, there are 12 treasury programs to bolster wall street banks that have cost taxpayers $727 billion, about half of that is what is being paid back by tarp. plus, there are 24 additional programs at the federal reserve that assist private banks, and those costs -- are you sitting down? $1,738,000,000,000. so the total of these federally orchestrated bailouts is $2.4 trillion, not $700 billion, $2.4 trillion and rising. the number is staggering. it's huge. wall street has no intention of paying back $2.4 trillion to the american people and no one is holding them accountable, not this congress, and not the administration. now, what has wall street done for main street? nothing. all they're doing right now is consolidating their power as the bill that comes to us later in the week will do. meanwhile, wall street big

. >> thank you, elizabeth warren. it is my hope that secretary timothy geithner will assist the panel in addressing a number of significant questions, including the contemplation of the application of additional tarp funds to new programs, or the application of additional tarp funds to existing programs? will they be applied to any financial or non-financial institutions such as aig, gm, chrysler, or anc? will the investors received dividends in cash? what is the exit strategy with respect to these institutions as well as the other tarp recipients? has tarp enshrined into our law of the concept of too big to fail? have established an implicit guarantee for the benefit of our largest financial and non- financial institutions? will the pendinn legislation ratify and codify the existing standards? we will treasury yet again allocate additional funds to goldman sachs, citigroup, bank of america, and a group of other significant firms if they notified treasury today that they were experiencing a severe liquidity and solven