Troubled Asset Relief Program (TARP)

January 15, 2009

The Honorable Bob Corker
185 Dirksen Senate Office Building
United States Senate
Washington, D.C. 20510

RE: TARP FUNDS DISBURSEMENT

Dear Senator Corker:

As we approach the dawn of a new administration, I find the disbursement of the remaining TARP funds to be an urgent matter. It is my opinion that these funds must be targeted in a tangible, direct, and transparent manner rather than in an abstract, trickle down, and esoteric manner. The remaining funds of $350 billion must be used to restore stability and confidence in the American dream of home ownership and to end this period of an American nightmare. Specifically, these funds must be used to refinance distressed primary residence mortgages so that homeowners of modest means can be spared the hopelessness and desperation surely to accompany the loss of one’s home.

The disbursement of funds must be administered and managed in close fashion. Transparency and accountability, which the American people demand and deserve, can only be accomplished by limiting the primary recipients of the funds. I propose that the top four U.S. banks be engaged as a consortium to handle this extraordinary and historic task; they are JP Morgan Chase, Citibank, Bank of America, and Wells Fargo.

To add perspective to the $350 billion funds, I provided the following data on the above named banks. Collectively, these four banks hold $3.5 trillion of deposits, earned $158 billion in revenues the last 12 months, accumulated book value of $480 billion, and have a recent market capitalization of $221 billion. We await the Inauguration of President Elect Obama with both encouragement and anxiety. We must collectively assist President Obama in his quest to address the other economic ailments before us. Until such time as stability and confidence is restored in the U.S. housing market, attempts to revive the general economy will be difficult. Senator Corker, you are very conscientious and enlightened and I suggest we act with the urgency of NOW!

Very Truly Yours,

Robert J.S. Haris

cc:  Senate Banking Committee
      Cong. Charles B. Rangel
      Chief of Saff - Rahm Emmanuel