“‘Sunlight is the best disinfectant,’ Justice Brandeis said,” Neil M. Barofsky is telling me. “That’s never been more true.”
You run a very significant risk that rather than preserve jobs, the money is going to flow right through the company and into the pockets of shareholders.Then a federal prosecutor in New York, Barofsky was appointed by President George W. Bush that year to oversee the bank bailout, formally known as the Troubled Assets Relief Program, or TARP. His title was special inspector general, which made his office SIGTARP.
Yet the proposal originally advanced by Senate Republicans would have weak or even nonexistent oversight, or mandates that companies spend the money on their workforce. Much of the cash would be disbursed at the discretion of Treasury Secretary Steven Mnuchin, with the recipients not even disclosed until six months after they’re funded.When calamity strikes — especially avoidable calamity — the human instinct is to look for the silver lining, often by calling the event a “teachable moment.
Even with legally binding oversight, the 2008 bailout failed to achieve its stated goals, which were to jump-start bank lending, especially to small business and home-buyers, and to protect homeowners from foreclosure.
hiltzikm The 2008 bailout wasn’t a “failure”. It was designed by Paulson and Pelosi to do exactly what it did. How can that be a failure? A.G. Eric Holder gave a pass to the fraudsters too. Obama and Biden were chosen by Wall Street. Some of us were awake. We know what happened.
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