Treasury giving our warrants away

July 2, 2009

The Treasury’s plan for selling back TARP warrants was announced last weekend, and it looks bad.

Simon Johnson gets pretty close to calling it corrupt, and he is right: Even if individuals have the best intentions, a poorly laid system will corrupt them.  This is such a system.

If Obama goes through with it he will be making a big mistake: Giving Republicans amunition for the midterms and opening his administration to accusations of favoritism and backroom dealing, all while they could be getting a meaningful return and hoisting it as proof that the bank bailout was not all just a huge waste.

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