'Neil Barofsky on TARP, SIGTAP, IGS, Elizabeth Warren and Too Big to Fail'

from corporatecrimereporter..........

"We spent $700 billion to bail out the too big to fail banks on Wall Street.
And yet, we might have to do it again.
Why?
Because the big banks are still too big to fail.
And next time, we might have to spend $5 trillion.
It ain’t a pretty picture.
As Neil Barofsky knows better than most.
He was the Special Inspector General for the Troubled Asset Relief Program.
Known in Washington as SIGTARP.
He’s now a adjunct professor at New York University Law School.


“The largest banks are now 20 percent larger today than they were going into the crisis,” Barofsky told Corporate Crime Reporter in an interview last week. “They are systemically more significant, they are bigger, they are more important. And we just haven’t seen the political or regulatory will to take on the fundamental problems that are presented by these institutions.”



on tarp........"But you had this uniform group of people from Wall Street – Hank Paulson from Goldman Sachs, the people who were running TARP who came from Merrill Lynch and Goldman Sachs, the investment officers came from a series of Wall Street banks, right down to the housing person who came from Bank of America.”
“So, it’s not that surprising that your policies reflect Wall Street’s priorities”........LINK