In the News (from CNN): “Bankers: Take your TARP money back” There’s a growing sense among some bankers that Troubled Asset Relief Program [$800 Billion] known as “TARP” has become toxic. As a result, they want to bail out of the bank bailout program. “It should be called ‘TRAP,’ not TARP,” said Brian Garrett, chief executive of Bank of the Bay in San Francisco, who is trying to return bailout funding.
They’re especially concerned about the limits on executive compensation – imposed in February, four months after the Treasury started sending out checks. All ‘mega-banks’ that the government forced to take bailout money say they want to return taxpayer funds “as soon as practical.”
In the News (from Bloomberg): “Goldman Sachs Said to Be in Talks to Repay TARP Funds” Bank executives are chafing under increased scrutiny that accompanied the bailout money, as public outrage over bonuses and executive perks intensifies.
My Comment: The highest priority task is to limit the banks’ leeway when it comes to their salaries, bonuses, and fake indexes. Next, they have to be made transparent to society and placed under complete societal and governmental control. Otherwise they will wreck the world with their blind greed.
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