Bank Bailout Failed; We're Still Underwater

Posted: Aug 13, 2009 9:25 AM
She's a little wonky, but Elizabeth Warren, head of the Congressional Oversight Panel, has an alarmingly dismal assessment of what's happened to the nearly $1 trillion that was handed over to the banking industry to bail itself out. In short, the balance sheets are irrelevant, because of discrepancies in bookkeeping. It's true that this money should have never gone into the banks in the first place, but now that it has, streamlined regulations about the way to deal with the money is essential.

Via Zero Hedge