“So, when we had that vote in October for TARP, where Congress was basically giving a green light to a program that was ill-fated, ill-designed,” he added, “How much due diligence did they do for our role as taxpayers in basically bailing out the banking system? Obviously zero.”
“Here you have regulators like the Federal Reserve Bank of New York highly aware there were issues. Did they put stipulations in that from this point forward this behavior has to be modified as part of the conditions for those checks?” he asked. “No, they didn’t.”
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