TARP inspector says bank bailout has increased danger of new financial crisis
Wow, how'd he get in there? He sounds fairly....HONEST!
Neil Barofsky, the special inspector general for the US bank bailout, released his quarterly report to Congress Saturday, saying, “It is hard to see how any of the fundamental problems in the (financial) system have been addressed to date.”
The document claimed that the financial system is more dangerous now than ever before because banks have reason to think the government will step in again when their speculative bets go bad. “Even if TARP saved our financial system from driving off a cliff back in 2008, absent meaningful reform, we are still driving on the same winding mountain road, but this time in a faster car,” Barofsky wrote.
.....Barofsky’s office is also investigating the New York Federal Reserve after emails were published last month showing the bank, then under the leadership of present Treasury Secretary Timothy Geithner, instructed AIG executives to conceal details regarding who ultimately received government funds related to the AIG bailout.
Tarp still angers me to no end. As taxpayers, we were forced at gunpoint (the sky is falling!) to cough up our hard-earned cash to bail out irresponsible banks and brokerage houses. Within months, the bastards are wallowing in the obscene profits they reaped from this scam, laughing from atop their mountains of money.
ReplyDeleteSomeday, there will be criminal trials for this mess.
Lady R, if the citizenry is not allowed to move within the law to hold these people accountable, IMO it'll go beyond criminal trials and straight into French Revolution kinda stuff. It's not for nothing that Goldman Sachs execs and the IRS have armed themselves.
ReplyDeleteYes, that's possible MW. I'd like to think that the rule of law (and the Constitution) will prevail, but if not....well, the LAST thing we need is another civil war. We haven't fully recovered from the first one.
ReplyDeleteAmericans won't take much more, though. Every day it's something else.