Elizabeth Warren’s Not Allowed to Know the Super Stress Test Secrets, Either

/24 Comments/in /by

I noted the other day that Timmeh (or, according to other coverage of this, Helicopter Ben) told the banks to keep their stress test results to themselves.

Well, apparently, stockholder and taxpayers are not the only ones left out of the secret. So is Congressional Oversight Board Chair Elizabeth Warren. In fact, she’s not even allowed to know the formulas they used to measuring the banks. (h/t My Philosophy at DKos)

Q: Do you have a clear sense of what the overall TARP plan at this point is supposed to do? Are you capable of summarizing what it’s supposed to be doing?

A: No. And neither is Treasury. Treasury has given us multiple contradictory explanations for what it’s trying to accomplish.

There’s a major problem and a minor problem. The minor problem is documentation. I’ve spent four weeks now looking for someone who can give me the details of the stress test so that we can do an independent evaluation of whether the stress test is any good.

We get: "someone will call [you] right back." Only the call doesn’t come.

Then again, I think it’s clear that Timmeh is trying desparately to prevent anyone from assessing whether the stress tests are worth a damn.

Which pretty much tells you what you need to know about them.

Update: Apologies to selise, whose diary on this I just saw.

image_print
24 replies
  1. MadDog says:

    Logic (and the true spirit of WO) would dictate that if the stress tests showed passing grades, twould be shouted from the heavens.

    And further, logic (and WO) twould indicate that hearing “crickets” about the results, about the details of the stress test, and about just who all participated, means those kitties are polecats and you probably don’t want to take one home to mother.

    • MadDog says:

      Ta for the linky!

      Jason’s article has a link to a DOJ memo from last week at the ACLU site that hasn’t previously surfaced publicly.

      That DOJ letter to Judge Hellerstein last week is here.

        • MadDog says:

          And here is that “heavily redacted” August 1, 2002 OLC opinion by Jay Bybee that “may” be one of those the Obama Administration releases by Thursday (April 16) this week:

          Memorandum for [Redacted]
          Interrogation of [Redacted]

          Note that this OLC opinion was classified Top Secret!

          Further note that the “Interrogation of [Redacted]” was probably dealing with “Abu Zubaydah” and was written ex post facto to his interrogation as “admitted” in the DOJ’s own latest memo to Judge Hellerstein:

          …To provide context for the Government’s work plan, the Government is acknowledging that the destroyed tapes were made between April and December 2002. The Government is also acknowledging that August 2002 was the month during which Abu Zubaydah was subjected to the most intensive interrogations…

          (My Bold)

        • JimWhite says:

          So has this redacted version been around for a while, or does Holder think he can get away with this BS counting as “release” of the memo?

        • MadDog says:

          That is a good question. As far as I can tell, the Bybee Memo that the ACLU called “Item 29″ and is linked here, has not thusfar been released.

          Another Bybee Memo, also dated 1 August, 2002, to Fredo (aka Alberto Gonzales) had previously been made public. See here.

          Note that while both “appear” to be similarly be dealing with the same subject, I believe (my SWAG) the 1st one I referenced was requested by, and in response to, the CIA, and not Fredo as is the case with the 2nd Bybee memo.

          I believe this is one of the reasons for the heavy-duty pushback from certain former and current CIA weenies including former CIA Director Mikey Hayden (formerly head of the NSA when the decision was made to do warrantless wiretapping), former CIA weenie John O. Brennan (formerly Interim director, National Counterterrorism Center when the extraordinary renditions and torture were underway, as well as formerly as high-ranking in the CIA as the Deputy Executive Director, CIA and now serves as who now serves as President Obama’s top counterterrorism adviser), and current CIA Director Leon Panetta.

          The 1st Bybee memo that I reference is likely to have significant “direction” or “freedom to torture” instructions directly to the CIA, and they are definitely not interested in it being made public.

        • emptywheel says:

          And just to clarify, there are THREE August 1, 2002 memos:

          The “organ failure” one (leaked by the WaPo).
          The Bybee one above.
          And the third one that lists actual techniques.

        • JimWhite says:

          Okay: “organ failure” is the Yoo memo we’ve already seen, isn’t it?

          I wasn’t aware there were two Bybee August 1 memos. These guys sure moved a lot of paper around…

        • MadDog says:

          Now I am confused (not an unusual event *g*).

          The “organ failure” one (leaked by the WaPo).
          The Bybee one above.
          And the third one that lists actual techniques.

          Which one is which?

          By that I mean, is this Bybee August 1, 2002 memo cited as “Item 29″ by the ACLU, the third one or the second you reference?

          In reading it, it sure seems like the third one you mention. In the undredacted parts, it sure seems like they make mention of actual techniques (page 12):

          We next consider whether the use of these techniques would inflict severe mental pain or suffering within the meaning of Section 2340…

          (My Bold)

          And this Bybee August 1, 2002 memo to Fredo, does talk about “organ failure” (page 6).

          So again, I’m confused. *g* Which of the 3 you reference is which? *g*

        • readerOfTeaLeaves says:

          Honestly, MadDog — don’t you realize the Obama daughters got a cute little puppy?
          And here you go again, rambling on about obscure memos….
          I’ll bet you don’t even know where Michelle Obama buys her clothes.
          Just where are your priorities, anyway…?

          /s

        • emptywheel says:

          We knew they had started torturing im before August 1. I’ve covered it a couple of times–and Ashcroft pretty much admitted as much before Congress.

  4. emptywheel says:

    Fucking idiotic CIA and DOJ types.

    To think they can hide the pre-August stuff and the later stuff (showing, among other things, discussions about the tapes and identities of witnesses who observed them) is just ridiculous.

    The ACLU is not that stupid.

  5. earlofhuntingdon says:

    The problem with smoke and mirrors is that a little wind and sunlight and their effects blow all to hell.

  6. bobschacht says:

    OK, finally I got a chance to send a message to my Senator, who serves with Dodd on the Banking committee:

    Senator Akaka,
    Congressional Oversight Board Chair Elizabeth Warren is being kept in the dark by the Treasury Department, which is keeping her from doing her job. Recently she was asked, “Do you have a clear sense of what the overall TARP plan at this point is supposed to do? Are you capable of summarizing what it’s supposed to be doing?”

    She answered,

    “No. And neither is Treasury. Treasury has given us multiple contradictory explanations for what it’s trying to accomplish.

    There’s a major problem and a minor problem. The minor problem is documentation. I’ve spent four weeks now looking for someone who can give me the details of the stress test so that we can do an independent evaluation of whether the stress test is any good.

    We get: ’someone will call [you] right back.’ Only the call doesn’t come.”

    Please arrange for your Banking committee to hold hearings on this. Please invite, and subpoena, if necessary, Secretary Geithner and his staff, to compel their answers to the questions Chair Warren has been asking.

    The Obama administration has promised “transparency” in its operations, and yet what we seem to have here is the same old deals behind closed doors that we expected from President Bush and Vice President Cheney. Help us achieve change we can believe in, that answers to Main Street as well as Wall Street.

    Bob in HI

Comments are closed.