It’s time to break up the big banks

[Now that the banks are healthy again] “let’s break these suckers up…so we can actually have justice for all, including bankers.” Go to minute 1:00 of the Daily Show interview to hear Neil Barofsky speak the words inside quotation marks.

[* My idea in brackets]

http://www.thedailyshow.com/watch/thu-february-7-2013/exclusive—neil-barofsky-extended-interview-pt–2

The $700 billion TARP (Troubled Asset Relief Program) bailed out Citigroup, Goldman Sachs, JPMorgan, and on and on. President George W. Bush and ex-Goldman Sachs CEO turned U.S. Secretary of the Treasury, Hank Paulson, said TARP would be used to buy up bad mortgages and help underwater homeowners in order to clear the “toxic assets” from the real estate industry and free up consumer credit again. Nope, didn’t happen that way. That’s why you always have to remember: Republicans and Conservatives will lie, cheat and steal.

source: http://www.nytimes.com/2010/12/02/business/economy/02fed.html

EXCERPT:

“At home, from March 2008 to May 2009, the Fed extended a cumulative total of nearly $9 trillion in short-term loans to 18 financial institutions under a credit program….

Even bedrock corporations like Caterpillar, Harley-Davidson, General Electric, McDonald’s, Toyota and Verizon relied on a Fed program that supported the market for commercial paper….

So did the California Public Employees Retirement System, the nation’s largest public pension fund, and several insurers and university endowments.”

Read more:

http://www.bloomberg.com/news/2011-11-28/secret-fed-loans-undisclosed-to-congress-gave-banks-13-billion-in-income.html

http://www.nytimes.com/packages/html/national/200904_CREDITCRISIS/recipients.html

http://www.guardian.co.uk/business/2009/oct/15/goldman-sachs-record-bonus-pot

Picture source: http://www.amazon.com/Bailout-ebook/dp/B00818J57W

Bailout

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