TARP Inspector says banks “Far more dangerous”
TARP Inspector Neil Barofsky
Top inspector for the Troubled Asset Relief Program says that banks are “far more dangerous” now than before the economic collapse and subsequent bailout. So a year after last year’s run-on-the-Treasury by too-big-too-fail banks, the Troubled Asset Relief Program has done a lot to help banks get bigger and nothing to help protect the economy or taxpayers said TARP Inspector Neil Barofsky.
Even as financial stocks have rallied nearly 60 percent since the end of March, the Federal Deposit Insurance Corporation issued another grim report card Thursday on the health of the nation’s banks.
The agency reported that the banking industry lost $3.7 billion in the second quarter amid a surge in bad loans made to home builders, commercial real estate developers, and small and midsize businesses.
