October 16, 2009

Speechless over TARP and Banks bonuses

The outrage over banks’ bonuses continues and understandably so.  Elizabeth Warren, chair of the Congressional Oversight Panel,  gives her analysis of the status quo one year after the biggest financial crisis since the Great Depression.

To sum up what has changed since last October:

The large Banks today are even “Too Bigger to Fail”.
Toxic Assets, which were supposed to be removed by TARP, "are still there by and large."
Current economic situation is worse than the “worst-case scenario” in the stress tests conducted.

And yet, Banks have been allocating a new record in compensation and bonuses...

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