Who does not enjoy a good barbeque? Today Congress had a very good roast. On the menu were TARP receipient CEOs.
Hopefully these words will turn into action and Congress will demand a better restructuring for the financial sector. I would prefer not blowing $2 trillion dollars ($3 trillion, $4? who's counting these days?) and simply nationalize the banks but hey, that's just me.
In the interim, I think we all can have some fun watching Congress roast these bank CEOs over the coals.
Taxpayers were screwed to the tune of $78 billion, much of it by the the firms represented here - Rep. Brad Sherman
Sherman - "Don't Insult Our Intelligence"
What you do with your money is your business, what you do with the taxpayer money is our business - Rep. Jeb Hensarling
Rep. Ellison asks CEOs if TARP funds were used to lobby again labor legislation:
Rep. Capuano - America doesn't Trust you
...but more importantly is asking about borrowing to invest in CDSes and on the Shadow banking system (derivatives) itself:
Rep. Neugebauer coined a new term in referring to the eight
banks as "TSEs" or taxpayer-supported entities. "I think we can
call this a shareholders meeting.