The Harvard Law School Forum on Corporate Governance https://corpgov.law.harvard.edu The leading online blog in the fields of corporate governance and financial regulation. Sat, 25 Jul 2026 11:30:11 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.8 https://corpgov.law.harvard.edu/wp-content/uploads/2024/02/cropped-photography-4-e1706898544564-1-32x32.png Additional Views on What TARP Has Achieved – The Harvard Law School Forum on Corporate Governance https://corpgov.law.harvard.edu 32 32 Additional Views on What TARP Has Achieved https://corpgov.law.harvard.edu/2010/01/10/additional-views-on-what-tarp-has-achieved/?utm_source=rss&utm_medium=rss&utm_campaign=additional-views-on-what-tarp-has-achieved https://corpgov.law.harvard.edu/2010/01/10/additional-views-on-what-tarp-has-achieved/#comments Sun, 10 Jan 2010 13:37:57 +0000 http://blogs.law.harvard.edu/corpgov/?p=6207?d=20100110083757EST
Editor’s Note: Damon Silvers is Associate General Counsel for the AFL-CIO and a member of the Congressional Oversight Panel established in 2008 to review the current state of financial markets and the regulatory system. This post is based on Mr. Silver’s additional views on the recent report of the Panel, which was the subject of this post by Professor Elizabeth Warren.

This separate view does not reflect a disagreement with the Panel report in any respect. Rather I wish to say in a somewhat briefer and perhaps blunter way what I believe the Panel report as a whole says about TARP.

The Emergency Economic Stabilization Act of 2008 and the Troubled Asset Relief Program it created, in my opinion, were significant contributors to stabilizing a full blown financial panic in October 2008. It is clear to me that for that reason, we are better off as a nation for the existence of TARP than if we had done nothing. Of course this proposition is very hard to prove, but I am convinced it is true. Many people deserve credit for doing TARP rather than doing nothing, but three people who in particular deserve credit are Federal Reserve Chairman Ben Bernanke, Treasury Secretary Timothy Geithner, and in particular, former-Treasury Secretary Henry Paulson.

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