Tag Archive: Treasury

Federal Agencies Get Poor Marks On Sunshine Week Scorecards



FOIA Report Card




” Despite President Obama’s pledge to run the “most transparent administration in history,” federal agencies are still struggling to meet White House benchmarks, and at least three ignored Freedom of Information Act reporting requirements, according to several recent reports released in conjunction with Sunshine Week.

  The government watchdog group Cause of Action released a Freedom of Information Act report card for 15 federal agencies that receive the bulk of all FOIA requests. Six of the 15 agencies received failing grades. Three agencies—the Departments of Education, Homeland Security and Treasury—earned “F” grades for failing to comply with the law’s annual reporting requirements.

“ Our oversight mission—which focuses on transparency, and accountability in the Federal government—depends upon agency compliance with FOIA,” Cause of Action executive director Dan Epstein said in a statement. “Based on our findings over the past three years, Cause of Action has no reason to believe that agency performance under FOIA has improved, which is simply unacceptable to taxpayers who deserve a government that operates in the open.” 

Besides FOIA compliance, agencies are also lagging in other areas. An audit by the National Security Archive released Friday found that only 40 percent of agencies have followed laws requiring them to post records released through FOIA in their electronic reading rooms.”


Read on














What The Bond Market Sell-Off Looks Like On A 222-Year Chart


global financial data bond yields versus stocks

” The big story in markets over the past few weeks has been the sell-off in the Treasury bond market and the accompanying rise in bond yields to their highest levels in over a year.

Goldman strategists are out with a call declaring the sell-off “for real” this time after a number of false starts.” 

Federal Workers Owe $3.5B In Back Taxes





” The number of federal workers and retirees who owed delinquent income taxes jumped by nearly 12 percent in 2011, the Internal Revenue Service said Friday.

Nearly 312,000 federal workers and retirees owed more than $3.5 billion in back taxes as of Sept. 30, 2011, the agency said. The year before, about 279,000 workers and retirees owed $3.4 billion.

Overall, the 9.8 million workers included in the data had a delinquency rate of 3.2 percent. That’s better than the general public. The IRS says the delinquency rate for the general public was 8.2 percent.

The Department of Housing and Urban Development had the highest delinquency rate, at 4.4 percent. The Treasury Department, which includes the IRS, had the lowest, at 1.1 percent.”




Who Benefits From The Fed?


Fed Assets 1915-2012




” In this article I want to point out who has benefited from the Fed’s operations over the past year.

There has been a lot of discussion about the large increase in reserves, and especially excess reserves, held by the banking system. Mostly this discussion is couched in terms of the increase in the money supply. While the increase in excess reserves—less than $2bn in August 2008 to almost $1.5 trillion at the end of 2012—does represent an increase in the money supply, some rule changes accompanying the crisis also signify that they are part of a bailout. One aspect of the Fed’s crisis response was to commence paying interest on required and excess reserve balances. (The required reserve is the amount of money banks must hold to meet the minimum reserve requirement on deposits, and excess reserves are any amount held in excess of this minimum.)


As we review the Fed’s operations in 2012 we see the usual outcomes. The banking sector has benefited from its operations (unusually so, thanks to the continued interest on reserve policy) and the government has received a free lunch by having a ready buyer for its ever-increasing debt, especially long-term debt, which might otherwise be susceptible to inflationary pressures increasing its interest yield. Let’s see what surprises the Fed has in store for us in 2013.”

Jarrett ignores questions on terminated non-union Delphi pensions

” Emails The DC obtained and first published on Tuesday show senior White House and Treasury officials were behind the termination of
pensions for 20,000 non-union Delphi salaried retirees.

  Those emails show that the Treasury.Department, led by Secretary Timothy Geithner,
was the driving force behind terminating those pensions — a move made in 2009 while the
Obama administration implemented its auto bailout plan. The emails contradict sworn
testimony in which several Obama
administration figures have consistently said that the decision to terminate the pensions came
from the Pension Benefit Guaranty Corporation (PBGC). The PBGC is a federal agency that handles private sector pension benefits issues. Its charter calls for independent representation of pension beneficiaries’ interests.”

IRS staff were instructed to overlook fraud in applications for taxpayer IDs

  ” Internal Revenue Service supervisors “urged” their subordinates to ignore cases of fraud in applications for Individual Taxpayer Identification Numbers, which allow foreign nationals to get tax refunds, the Treasury Inspector General for Tax Administration
reported today.”

  Mr TurboTax once again demonstrates his comprehensive grasp of the legal and financial responsibilities expected of him as a government official .

   That would seem to be the #1 prerequisite in joining this clown show aka the Obama Administration .

” Republican Sens. Orrin Hatch of Utah and JerryMoran of Kansas on Tuesday pushed Treasury Secretary Timothy Geithner to account for his
department’s use of what may be illegal taxpayer-funded social media campaigns aimed at legislation pending before Congress.

   In a letter to Geithner, the two GOP senators note how “over the past few years” Geithner’s
Department of Treasury has “expanded significantly” its use of YouTube, Twitter, Flickr, Facebook and the department’s own “Treasury Notes” blog. Moran and Hatch say this increased social media presence comes “at some cost to the taxpayers.” “

Ira Stoll on ” the largest tax hike in the history of the world ” … Is it or not ?

  ” So if there isn’t much behind the claim that ObamaCare isn’t the largest tax increase in history, what about the claim that it is? On page 19 of the 36-page PDF of the CBO’s analysis of the ObamaCare law from when it was passed is a line that says “total revenues” from 2010 to 2019 and lists the number 525, which is the way people in government write $525,000,000,000 when they are trying to pass a $525,000,000,000 tax increase. In current dollars, that makes it even on the first-four-year-basis of the Obama Treasury department the largest tax increase of the 27 pieces of legislation since 1968 that were analyzed in the paper. In 1945, at the peak of World War II, the entire federal budget was only about $92.7 billion.”