The Congressional Oversight Committee headed by Elizabeth Warren has issued a second report on the +/- of the ongoing financial bailout programs.
The report made in part these two points: a) the Treasury may be relying on too rosy an economic scenario to guide its $700 billion bailout... The success of the program after six months is “mixed.”; b) "All successful efforts to address bank crises have involved the combination of moving aside failed management and getting control of the process of valuing bank balance sheets.” Emphasis added.
The Congressional Report is Here.
I have been arguing for sometime that keeping failed management on team Obama's bailout program is somewhat like keeping arsonists on fire department's payroll to help put out fires.
Perhaps arsonists do know how to help out since they would know how the fires were started in the first place.
Surely they are not the only ones who know how to put out a fire. More important, is it ethical to keep them around instead of putting them behind bars? Just asking.