Where the Bailout Went Wrong

Neil M. Barofsky was the special inspector general for the Troubled Asset Relief Program from 2008 and resigned on Monday, the 29th. His assessment is that broken promises by the Treasury Department to protect homeowners and Main Street interests have resulted in the TARP program being nothing more than a handout to the nation's banks. Meanwhile, the biggest banks are 20% larger than before the bailout and control more of our economy than ever. Promises to begin lending again have been broken and the home mortgage modification program was undermined by the preference of banks to foreclose rather than modify troubled mortgages. And, yes, millions of Americans continue to face foreclosures at the hands of the banks that were saved with public funds.
http://www.nytimes.com/2011/03/30/opinion/30barofsky.html?_r=1&partner=rss&emc=rss