"The Best Journal by a Dam Site!"
VOL 5 NO. 21 May 28 , 2009
HEADLINE NEWS
ON THE FRONT BURNER
OBITUARIES
ANNOUNCEMENTS
DAYS OF YORE - MARTHA AHRENS
HERE AND THERE - POLLY HILL
NEVERSINK NEWS - HULDA VERNOOY
NATURE COLUMN - PEGGY DE WIRE
PAGE 11 - FUN PAGE (NOT AVAILABLE ON LINE)
PAGE 15 - LOCAL CALENDAR OF EVENTS
PAGE 16 - CLASSIFIEDS
LINK TO TRI-VALLEY SCHOOL WEBSITE - http://tvcs.k12.ny.us
VISIT THE Tri-Valley Alumni Site
PAGE 2
PAGE 11 - YE OLD TRI-VALLEY FUN PAGE - AVAILABLE ONLY IN OURWEEKLY HARD COPY EDITIONS -
The full text of the letter Hinchey and his House and Senate colleagues sent to Treasury Secretary Geithner follows:
May 21, 2009
The Honorable Timothy F. Geithner, Secretary
U.S. Department of the Treasury
1500 Pennsylvania Avenue, NW
Washington, D.C. 20220
Dear Secretary Geithner:
We write to you today to urge you to provide full accountability and transparency of funds distributed to financial institutions through the 12 programs under the Troubled Asset Relief Program, as recommended by the Special Inspector General of the TARP (SIGTARP) in his second Quarterly Report to Congress released on April 21, 2009.
The first set of recommendations that we would like to bring to your attention address the Treasury Department's role in facilitating compliance and oversight of all funds distributed for financial recovery. According to the SIGTARP, your department has indicated that it would not adopt recommendations to require recipients of government funds to "account for the use of TARP funds, set up internal controls to comply with such accounting, and report periodically to Treasury on the results, with appropriate sworn certifications." While your agency said such oversight would not be possible, the office of the SIGTARP proved otherwise; collecting information on how the funds were used from all 364 TARP recipients that received funds prior to January 31, 2009. The second Quarterly Report to Congress noted:
Although the results of the survey still need to be analyzed, one thing is clear: Treasury's arguments that such an accounting was impractical, impossible, or a waste of time because of the inherent fungibility of money were unfounded. Banks generally provided a reasonable level of detail regarding their use of TARP funds, and, while the response quality was not uniform, some banks were able to provide detailed, at times even granular, descriptions of how they used taxpayer money.
We urge you to reconsider these recommendations and adopt them.
Secondly, the SIGTARP's report reiterates a recommendation from the first Quarterly Report to Congress from the SIGTARP to the Capital Assistance Program (CAP). The program currently requires applicants to detail their plans to use the funds, but requires no report on how the funds were actually used. We believe you should adopt the SIGTARP's recommendation to require reporting from applicants on how they used the funds.
Finally, the SIGTARP provides new recommendations for the Public-Private Investment Program (PPIP) in order to prevent conflicts-of-interest, collusion, and money laundering. Before this program is instituted, we believe that it is absolutely critical that you put the measures in place to follow the SIGTARP's recommendations so that this program does not become susceptible to opportunities for misconduct as highlighted by the SIGTARP.
You have inherited the most serious financial and economic crisis our country has faced since the Great Depression and we want to do all we can to assist you and the administration to put the U.S. economy on the road to recovery. As part of this, we believe it is critical to follow all of the SIGTARP's recommendations, particularly those mentioned in this letter. The transparency and accountability of these programs have a direct impact on the confidence that the American people have in their government. The lack of transparency, accountability, and susceptibility of fraud in these programs could prevent the financial recovery that is sought from the 12 programs under TARP.
Thank you for all of your efforts and leadership through this grave economic crisis. We look forward to hearing your response regarding your commitment to implementing the SIGTARP's recommendations.
Sincerely,
Maurice Hinchey & his 19 House & Senate colleagues
Visit The Time and the Valleys Museum Website
http://timeandthevalleysmuseum.org
The Time and the Valleys Museum has copies of every Townsman printed since its beginning. Copies are kept in loose-leaf binders and are classified by year. Contact Carol Smythe, Town Historion for more information at: historian@townofneversink.org
Visit William Winters reflections of Grahamsville's past www.grahamsvilleny.com
Notice to: TVCS - "The Class of 1956"
Dear Classmates:
Since our last 40th reunion we have not had another one and I would like to have a 53rd since we didn't get together for our 50th.
The plans are to have a buffet supper Saturday evening at Albert's in Liberty, NY starting at 5 pm for cocktails and get together with a meal at 6 pm.
Payment will be $25-$30 and due that evening.
The date will be July 24th, 2009 and lunch and a visit of the schoon on sundaythe 25th.
Please let me know as soon as possible by sending me a note (224 Schumway Road, Neversink, NY 12765
or calling me at 845-985-2268.
Hope to hear from you.
Fond Regards,
Hulda Brackman (Vernooy)
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LOOKING FOR MEMBERS OF THE TRI-VALLEY CLASS of 1959
Can anyone help me find the following: Myrna Altman, Daniel Bologna, John (Jack) Buswell, Darlene Decker, Jacob Frank, James Krum, Mary Leonard, and Lillian Smith.
Please e-mail me at: minghrim@warwick.net or call me at 845-985-2903 (Mary McGuire Inghrim)
NEWSUBSCRIPTION/SUBSCRIPTION RENEWAL FORM Back to Index
Click here forTown of Neversink Parks & Recreation ParentalWaiver Form
BACK TO TRI-VALLEY TOWNSMAN HOME PAGE Find out what is happening at Tri-Valley Central School - http://tvcs.k12.ny.us Town of Denning Message Board http://www.denning.us Visit William Winters reflections of Grahamsville's past www.grahamsvilleny.com VISIT THE Tri-Valley Alumni Site
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