Elizabeth Warren, a Harvard law professor and the current chair of the TARP Congressional Oversight Panel, wrote today in the Wall Street Journal: "President Obama's proposals for (banking) reform are bottled up in the Senate. The same Wall Street CEOs who brought the economy to its knees have spent more than a year and hundreds of millions of dollars furiously lobbying Washington to kill the president's proposal for a Consumer Financial Protection Agency (CFPA)."
Let's see now. Is that the hundreds of millions that came from the billions the taxpayers loaned them to get them out of trouble? Oh no, can't be. They paid out most of that money in bonuses, didn't they? This is the hundreds of millions that DIDN'T become earnings per share to benefit shareholders because bank management spent it trying to retain the right to pull the wool over customers' eyes about fees and disclosures. I'm glad we got that straight.
Now if you've got it straight, and you don't like it, write to your senator today and tell him/her how you feel about CFPA. If you don't know what it is, write to me and I'll explain. Republican, Democrat or Independent, if you don't think this is unconscionable behavior by our trusted financial institutions, please comment on this post so we can all see where you stand.
As always, I welcome your comments.
PS: Yes, I know they didn't pay out all their TARP loans in bonuses, but it got your attention, didn't it?