Tag Archives: bank bailout

“The suspicions that the system is rigged in favor of the largest banks and their elites, so they play by their own set of rules to the disfavor of the taxpayers who funded their bailout, are true.”

From the man whose job it was to police the $700 billion TARP bailout:

The suspicions that the system is rigged in favor of the largest banks and their elites, so they play by their own set of rules to the disfavor of the taxpayers who funded their bailout, are true.

The regulatory culture of the banking industry that this book describes possibiy explains why Jon Corzine has not yet been prosecuted. Regulators and prosecutors are afraid to proceed out of fear of hurting their careers.

Worse, Barofsky describes a banking regulatory system that is still in place, and is therefore ripe for another collapse. No wonder the tea party movement was born out of outrage over TARP and the bank bailout, and is still growing.