Tuesday, June 9, 2009

Banks Exiting the TARP-- Follow the Money

The Obama Administration is trumpeting the exit of ten banks from the Troubled Asset Relief Program as a success, but let's cut through the bullshit, shall we? There is one reason, and one reason alone, why the banks are so eager to get out from under oversight by the Treasury Department:
Wall Street firms have also complained intensely about the compensation restrictions associated with the program
In plain English, they want to get back to the system where the good ol' boys in the financial industry can set their own pay at stratospheric levels which have no relationship to the profitability or sustainability of the banks.

It is just one group of thieves helping another group of thieves to steal while their good buddies at the Treasury Department look the other way. As usual.
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