Quote Of The Day: Geithner In Handcuffs Edition

Neil Barofsky, the former Special Inspector General for TARP oversight, has a new book out this week, and having only found time to read about a third of it so far, it has already earned my wholehearted endorsement. Again and again, Barofsky describes the full range of corruption and inefficiency that keeps Washington D.C. broken and unaccountable, and concludes:

“Treasury’s dismissal of our warnings [about TARP] has produced a valuable byproduct, the widespread anger that may contain the only hope for meaningful reform of our system. I now realize that the American people should lose faith in their government. They should deplore the captured politicians and regulators who took their taxpayer dollars and distributed them to the banks without insisting that they be accountable for how the bailout money was spent. They should be revolted by a financial system that rewards failure and protects the fortunes of those who drove the system to the point of collapse and will undoubtedly do so again. They should be enraged by the broken promises to Main Street and the unending protection of Wall Street. Because only with this appropriate and justified rage can we sow the seeds for the types of reform that will one day break our system free from the corrupting grasp of the megabanks.”

Not only was this guy the top official TARP watchdog, he is calling out his fellow Democrats. Oh, and the best is still to come…

Barofsky explains every maddening scandal of the TARP era in his book, and mentions JP Morgan’s recent $2b loss on proprietary trade-as-hedging as another argument for creating a line between investment and commercial banking. But the most recent banking scandal, the LIBOR-fixing outrage, happened so recently Barofsky wasn’t able to mention it in his book. But in a recent interview with The Daily Ticker, Barofsky says it’s yet another example of what happens when Wall Street loyalists like Timothy Geithner are running the Treasury Department… and not behind bars.

The [Bailout's] message to the banks was “if we commit fraud, we break the rules, don’t worry, we’re too big — they’ll never bring the appropriate steps against us,” Barofsky says in an interview with The Daily Ticker. “And that is why we’ve had scandal after scandal after scandal.”

[The LIBOR scandal] was a “global conspiracy to fix one of the most important interest rates in the world,” Barofsky continues. “[Geithner] heard this information and looked the other way. Geithner and other regulators should be held accountable, they should be fired across the board. If they knew about an ongoing fraud, and they didn’t do anything about it, they don’t deserve to have their jobs. I hope we see people in handcuffs.” (emphasis added)

Indeed, sir. My thoughts exactly.

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9 Responses to Quote Of The Day: Geithner In Handcuffs Edition

  1. Gordon Bull says:

    Thank you for speaking truth, America is Stupid yes Stupid and Lazy to allow this crap to happen, all America seems to care about is American Idol !!!!!!!!!! The people seem to no longer care as they believe the media lies and ignoring the truth, Ahh so wish people would listen & learn what is going on.

  2. Phillip says:

    Yep the American People are stupid and lazy and wait for their “free” stuff.I’d like to see EVERY ONE of this REGIME in handcuffs in front of a BIG HOLE.

  3. Lemrob says:

    We only have our do nothing Congress to blame. They are spineless an gutless and do not have the backbone to protect this “GREAT” nation and it’s citizens. We are only as good as our elected officials as they appoint these goons to steal and lie to us. Novmber cannot get her quick enough and hopefully we can change all of this and get America back on track to being the “GREATEST” nation once again. God Bless America.

  4. Gabrielle White says:

    Geithner and other regulators should be held accountable, they should be fired across the board. If they knew about an ongoing fraud, and they didn’t do anything about it, they don’t deserve to have their jobs. I hope we see people in handcuffs.”

  5. Ken says:

    So also should the felonious criminals of the justice dept. including, but definitely not limited to, Eric Holder. Also, the unconstitutional BATFE must be dissolved.

  6. Joyce Foster-Konya says:

    Thank the Lord the truth is coming out and not a bit too soon! There is still hope for saving this Country from Obama and his co-conspirators doom.

  7. Paul in Orlando says:

    Apparantly we all know and accept that our government is above our laws. Until such a time when the people open their eyes and really see the destruction government does to the people, this will continue. And we allow it!!

    On second thought, if we look back in the history of humanity, government (and religion) has been the downfall of mankind, over and over again. From before the Romans until today. The end of this era is at hand and they don’t even see it. This time around, government is more efficient at killing people; we now just push a button or remote control. Freaking terrific, huh?

  8. Augustus says:

    American’s are dumb and lazy? Because those we trusted and voted into office were nothing but a bunch of lying, thieving, cowardly waffle eatting pussy’s! You all are hypocrites. All American’s can not run the government. We all can not do everything in the government. That is why we elect others to represent us. Those that did betray our trust we should remove from office, and try to find a replacement who will properly represent us. But to call all American’s dumb and lazy. You don’t have a clue as to what is really going on, or you would not have written such a stupid thing.

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