Thomas Ramey Watson

Bailout Inflated Big Banks While Screwing Main Street, TARP Inspector Says

After gouging and obl ite

rating Geithner for obsessively talking the talk but not walking the walk, Barofsky lands a particularly square punch — calling out the ineptitude and total kowtowing of the government to big banks for unnamed purposes, while pointing out that the ‘biggest banks are 20 percent larger than they were before the crisis and control a larger part of our economy than ever.’

In the final analysis, it has been Treasury’s broken promises that have turned TARP — which was instrumental in saving the financial system at a relatively modest cost to taxpayers — into a program commonly viewed as little more than a giveaway to Wall Street executives.

We’ ve all known it.

But it’s refreshing [if distressing] to see someone in a high level of power telling us the truth.

Read the rest at the New York Times, via the Daily Beast.

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