As the Bush administration waned, the Treasury shoveled more than a quarter of a trillion dollars in tarp funds into the financial system—without restrictions, accountability, or even common sense. The authors reveal how much of it ended up in the wrong hands, doing the opposite of what was needed. Full Story »
Posted by Kaizar Campwala
i can not tell whether or not the story is fair. it documents how some banks who received tarp funds had very consumer-unfriendly tactics, but there are no named sources for much of what the writers' seem to assume. i'd like to hear from current treasury and other economists who are knowledgeable to explain whether or not the implications are accurate : that much of the tarp money was squandered, that is, hasn't helped the economy recover, and simply helped banks remain irresponsible. the commission mentioned here does hold hearings with treasury, shown on cspan, being held accountable.by them and by the gao.
banks had already run amok , leading to the crisis. it may be a long time before it's possible to know how much or little the gov't's plans and money prevented a greater failure rather than bringing a recovery.