Home > Uncategorized > Dean Baker – Wall Street’s TARP Gang Rides Again

Dean Baker – Wall Street’s TARP Gang Rides Again

From CounterPunch:

Wall Street’s TARP Gang Rides Again

By DEAN BAKER

Just over two years ago, the Wall Streeters were running around Congress and the media saying that if they didn’t immediately get $700 billion the world would end. Since they own large chunks of both, they quickly got their money.

Even more important than the hundreds of billions of loans issued through the TARP was the trillions of dollars of loans and guarantees from the Fed and the FDIC. This money came with virtually no strings attached. It kept Goldman Sachs, Citigroup, Morgan Stanley, and Bank of America and many others from collapsing. As a result, folks like Goldman CEO Lloyd Blankfein are again pocketing tens of millions a year in wages and bonuses, instead of walking the unemployment lines. Instead, 15 million ordinary workers are being told to just get used to being unemployed; it’s the “new normal.”

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