So now we’ve got a total of 10 banks that have been given the go-ahead to pay back money borrowed from the government under the Treasury’s TARP program. But—setting aside the fact that most of these well-heeled f*ckers just want to get out from under government restrictions on pay, perks, and practices—there are still a number of questions that Treasury Secretary Geithner needs to answer:
1) Those loans gave the government the opportunity to obtain warrants for common stock in the affected banks. If those banks are now allowed to buy back the warrants, then WTF did the public get in return for 8 months of essentially interest free loans to these corporate parasites?
2) JP Morgan/Chase, one of the approved banks, used their TARP funds to acquire Washington Mutual at a bargain basement price. Shouldn’t…maybe…there be a punishment for misusing funds that should have been allocated for lending to the public sector?
3) Bank of America and Wells Fargo, the two biggest leeches in the pond, have not been approved to pay back their TARP funds, but also haven’t demonstrated that they intend to do anything with the money other than acquiring former competitors (e.g., Wells’ purchase of Wachovia). When is the public going to see some punishment of these assholes?
All in all, Geithner is proving that he’s just as much of a tool as his predecessor Henry Paulson, and maybe it’s time that the administration replace him with someone who actually has the public’s best interest on his mind.