The government agency established to be the watchdog over the Troubled Asset Relief Program (TARP) has been keeping busy. The financial crisis of 2008 resulted in the disbursement of over $400 billion of TARP funds which requires government oversight. In order to prevent waste, fraud and abuse of taxpayer funded TARP disbursements, Congress created the […]
Too Big To Fail Casino Banks Make $518 Billion Bet On PIIGS Sovereign Debt
November 7, 2011 By 4 Comments
The “Too Big To Fail Banks” are at it again, making huge speculative bets on the odds of sovereign default by Portugal, Italy, Ireland, Greece and Spain. The costly lessons of the derivatives debacle of 2008 have apparently been forgotten. In 2008, the Too Big To Fail banks bought massive amounts of credit default swaps […]