Graves Releases Statement On Report Taxpayers Owed Billions In Bailout Money

Thursday, January 26, 2012

Representative Tom Graves (R-Ga.-09) issued the a statement Thursday, in response to a report by a government watchdog group that found U.S. taxpayers are still owed $132.9 billion from companies that received money from the financial bailout.

The Troubled Asset Relief Program is a $700 billion project launched in September 2008 to bailout private financial companies. The report also found that some of the bailout money may never be repaid to taxpayers.

Representative Graves supported H.R. 830, the FHA Refinance Program Termination Act, and H.R. 839, the HAMP Termination Act. H.R. 830 would rescind any unused TARP funds directed to the Federal Housing Administration Refinance Program to pay down the overwhelming federal debt.

FHA Refinance Program dollars are not given to homeowners, but to lenders and banks, and only helped 44 people over two years. H.R. 839 would rescind any unused TARP funds for the Home Affordable Modification Program. President Obama directed $30 billion to HAMP through TARP with the promise of HAMP helping four million homeowners. However, HAMP has only helped about 13 percent of the homeowners President Obama estimated, and the re-default rate among those helped is alarmingly high.

Representative Graves said, “The federal government should never use taxpayers’ money to decide which companies should survive or fail. While I was not a member of the House when Congress passed the bailout, I most certainly would have voted against it. The federal government should never be allowed to pick winners and losers in the marketplace. This report’s determination that taxpayers are still on the hook for more than $130 billion is additional evidence that the government should stay out of the private sector, and let the free market work efficiently. I strongly oppose bailouts, buyouts, cash for clunkers – or any other program where the federal government inserts itself into free enterprise.

“Government has a poor record of making wise decisions with taxpayer dollars. This report is further evidence of that. This is why I supported H.R. 830, the FHA Refinance Program Termination Act, and H.R. 839, the HAMP Termination Act. Unfortunately, these common sense bills to end these two failed projects and save taxpayer dollars have been stonewalled by the Senate.”


Hixson Dentist Awarded Tennessee Dental Association Fellowship

Dr. Michael R. Johnson, a Hixson dentist, received the prestigious Tennessee Dental Association (TDA) Fellowship Award during the recent Music City Dental Conference held in Nashville, the 149th annual meeting of the TDA. The Fellowship Award is presented to no more than twelve deserving Tennessee dentists each year who make noteworthy contributions of their time and talent toward ... (click for more)

James Appointed Chief Medical Officer Of BlueCare Tennessee

Dr. Jeanne James has been named vice president and chief medical officer of BlueCare Tennessee, the Medicaid managed care subsidiary of BlueCross BlueShield of Tennessee. Dr. James will oversee and guide medical policy for BlueCare Tennessee, and provide clinical direction on programs to improve health for members. “We are fortunate to have someone with Dr. James’ expertise ... (click for more)

CBL & Associates Stockholder Accuses Chattanooga-Based Mall Owner Of Security Fraud

A stockholder of CBL & Associates is suing the Chattanooga-based mall owner in Chattanooga Federal Court, claiming its officials artificially inflated the value of the company's stock. Tommy French, of Baton Rouge, La., brought the action against CBL, President Stephen Lebovitz and Vice President Farzana Mitchell. He claims that CBL officials made false and misleading ... (click for more)

Carmody Found Guilty Of First-Degree Felony Murder; Sentenced To Life In Prison

Patrick Carmody was sentenced to life in prison after being found guilty of first-degree felony murder and especially aggravated robbery in Judge Barry Steelman’s courtroom on Friday. He was charged with the slaying of 21-year-old Chance LeCroy on Sept. 9, 2010. The state’s account of the incident claimed that Carmody, Ronald Pittman, and Billy Bob Partin traveled ... (click for more)

Case Handled Like Any Other? - And Response

It is interesting that Chief Fletcher would deem the handling of the Mayor's encounter as typical or normal. Is the Chief asking the public to believe that all misdemeanor domestic violence arrests include a 4-hour taped interrogation, and delayed reporting after a visit to the Chief’s house. Of course, we believe that Chief Fletcher. April Eidson * * *  I ... (click for more)

Roy Exum: The Best Speech This Year

Just 24 hours after Donovan Livingston gave The Student’s Speech at Harvard University’s Graduate School of Education convocation on Wednesday, it had been viewed over 3 million times and shared 75,000 times on Facebook. It is already considered, far and away, as the freshest view on race and education in ages and its viral journey is burning across the Internet. His talk was ... (click for more)