Elizabeth Warren, Congressional Oversight Panel Chair for TARP funds did not say Paulson lied. But to fit it in the title of the Instapopulist, I am summing it up for you.

Below is a Bloomberg interview where when COP cranked the numbers, they discovered for every dollar given in TARP funds, on the day it was given, the United States received 66¢ in shares, warranties. In other words, former Treasury Secretary Hank Paulson told the panel one thing, that the funds with a direct 1:1 ratio exchange for stocks and warrenties and the reality was another, by the numbers. It was a $78 Billion dollar subsidy with no return, straight out of the box and this is the actual day of transaction. In other words a $78 billion giveaway to the banks.

So pardon me for creative license in the headline, but we try to call a spade a spade here and I just plain don't know how else to word it.

For EP post details on the latest COP TARP report, click here.