I had no idea. Until I read this article in Rolling Stone I was buying into the fraud that the TARP program may have saved our nation. First, don't get hung up on the obvious liberal montras that "It's all Bush's fault." There is plenty of that in the article. Get beyond that however, and you will learn that Wall Street is the biggest recipient of government assistance and corruption. While many Americans were told by Obama that there would be a program developed to help them refinance their mortgages to survive the financial crisis, what really happened was that Obama and the Fed subsidized the profits and personal bonuses of the big bank financial players, like Jamie Dimon, Stephen Friedman, Lloyd Blankfien,Vikram Pandit at companies including all the Big Banks, Citibank, Chase- Bear Sterns, J.P. Morgan, Bank of America, Goldman Sachs, Merrill Lynch, Wells Fargo- Wachovia, as well as AIG, the insurance giant rescued from its own reckless greed.
Of course the government darlings Fannie and Freddie are part of the scam. "In one of the worst episodes, the notorious lenders Fannie Mae and Freddie Mac paid out more than $200 million in bonuses between 2008 and 2010, even though the firms (a) lost more than $100 billion in 2008 alone, and (b) required nearly $400 billion in federal assistance during the bailout period."
This article is a must read! It is shocking! What's worse is the crisis that was supposed to be averted because of the government's bank bailout has actually resurfaced brining us back to the edge of disaster but only $7 trillion deeper in debt. Please read and comment.
Why am I promoting an article written by Matt Taibbi a liberal journalist from the Rolling Stone? Because he is right! He just doesn't recognize how Right he is!