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TARP Inspector General Says Banking System Now Possibly Worse

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Saturday, Oct 24th, 2009

CNN‘s Lauren Kornreich reports today that Neil Barofsky, the special inspector general for TARP, is saying that the federal government’s actions may have put the country in more danger.

I know, I know… but it’s good to hear this coming from the guy in charge of overseeing the program.

“These banks that were too big to fail are now bigger,” Barofsky said. “Government has sponsored and supported several mergers that made them larger and that guarantee, that implicit guarantee of moral hazard, the idea that the government is not going to let these banks fail, which was implicit a year ago, is now explicit, we’ve said it….

To his credit, this is only the latest in the ways Barofsky has taken the government to task for the way it started the TARP and has handled it since.

Read the rest.

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This article was posted: Saturday, October 24, 2009 at 4:00 am





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