Entries in watchdog (1)


Ad Twists Elizabeth Warren’s Role as TARP Watchdog

Andrew Harrer/Bloomberg via Getty Images(WASHINGTON) -- A conservative advocacy group Thursday released a TV ad that twists Elizabeth Warren’s role as a Congressionally-appointed watchdog of the TARP Wall Street bailout, attempting instead to paint her as a big-government bailout supporter.

A tight race is expected between Democratic challenger Elizabeth Warren and Republican incumbent Scott Brown in the Massachusetts Senate race. The primary in that state is not until September, but Warren is the heavy favorite to face Brown next November.

Crossroads GPS, an advocacy group backed by conservative strategist Karl Rove, unveiled the ad Thursday which underscores Warren’s tenure as the head of the Congressional Oversight Panel, which Congress appointed to oversee the implementation of the TARP bailout.

It was the Treasury Department that actually doled out bailout funds, but the ad suggests that Warren deserved blame for bailing them out too.

“Congress had Warren oversee how your tax dollars were spent bailing out the same banks that helped cause the financial meltdown, bailouts that helped pay big bonuses to bank executives while middle class Americans lost out,” the ad’s narrator says. “Tell Professor Warren we need jobs, not more bailouts and bigger government.”

What the ad doesn’t mention is that the Congressional Oversight Panel, under Warren, became known for reports that were critical of the way the Treasury Department implemented the bailout program, who received funds, and the lack of transparency.

Warren, who has painted herself as someone who fights for the middle class, pushed back against the ad. Her spokesman, Kyle Sullivan, points out in a statement that she has been “an outspoken critic of the bank bailout and it’s blank check to Wall Street.”

“That’s just one fact that makes these ads ridiculous,” Sullivan said in the statement. “The Wall Street bankers financing these attacks are desperate to stop Elizabeth Warren because she’s worked so hard to stop Wall Street from ripping off middle class families.”

Warren recently returned to Massachusetts after working with the Obama Administration to create the Consumer Financial Protection Bureau, which aims to prevent the subprime lending practices that led to the financial meltdown.

Copyright 2011 ABC News Radio

ABC News Radio