Saturday, July 24, 2010


What ever happened to thinking. Recently a report was leaked that TARP pay czar Ken Feinberg was going to criticize bonuses paid by Banks that received TARP funds as " ill advised". The story on the report went on to say that these bonuses couldn't be recovered by the taxpayers because they were paid out before restrictions on bonuses were enacted. The media and the politicians were outraged

While it's perfectly appropriate for Feinberg to criticize those bonuses as "ill advised" (and I too think bonuses in this sector are over the top); what came next was crazy. Calls went out to get that taxpayer money back whether or not anything illegal or improper had been done. Why oh why can't we get that taxpayer money back many have lamented. Yet another example of the Banks taking taxpayer money with full impunity. Do they know no shame.

Well the problem with getting that taxpayer TARP money back from the Banks who paid out those "ill advised" bonuses is that THE BANKS HAVE ALREADY PAID BACK THEIR TARP FUNDS SO THERE IS NOTHING FURTHER FOR THOSE BANKS TO PAY THE TAXPAYER BACK.

Is anybody thinking out there? Or, as Emily Latella used to say, "never mind".

By the way , even after that was pointed out , nobody's minds were changed on the issue. They still wanted the bonus money back.

I despair.