Neil Barofsky is a "Czar" (well, isn't everyone these days?) who watches over the $700 billion bailout package given to banks and others to avoid utter collapse; and in a report fully disclosed later today, thinks it’s not realistic that we’ll get all the money back.
The Treasury has spent in excess of $450 billion through TARP programs, and just a few under fifty recipients have paid back about $73 billion worth.
Later today, Obama is expected to announce a community bank assistance plan, as the American Bankers’ Association has asked for some $5 billion in aid, in an effort to extend lending to Main Street.
Also on Zero Hedge today...
Goldman Sachs anti-communist pearls of wisdom: "pay inequality helps everyone" [while directed corporate communist bailouts of Goldman help just Goldman] (Bloomberg)
Wells Fargo reports better earnings on FDIC/Wachovia generosity (Bloomberg)
What, no multi-trillion record principal revenue? Morgan Stanley beats estimates on higher investment banking fees (Bloomberg)
Euro at $1.50 - a disaster or an alibi? (Reuters)
Boeing reports $1.6 billion loss because of delays (NYT)
Our subprime federal government (City)
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