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TARP Inspector Geneeral On How Wall St. Captures Regulators

submitted by marinara

1 decade 1 year 8 months 1 week ago

Neil Barofsky

YouTube Description:

Follow us @http://twitter.com/laurenlysterhttp://twitter.com/coveringdeltaWelcome to Capital Account. The legacy of the financial crisis and the response from the government is still making headlines. It has turned into a legacy with taxpayers footing the bill and Wall Street paying less for its crimes. Today the SEC charged Wells Fargo's brokerage firm, as well as a former Vice President, for selling investments tied to Mortgage-Backed Securities without fully understanding their complexity or disclosing the risk to investors. Wells Fargo agreed to settle the charges. However, a fine of $6.5 million, no admission of guilt, and a 6-month suspension of the Vice President sounds like a handslap playing on a broken record. We talk to Neil Barofsky, the man who helped prosecute the CEO and President of Refco, and the watchdog for TARP -- the government-sposered bailout of Wall Street.Neil Barofsky discuses the costs associated with the taxpayer funded bailouts of wall street doled out through tarp and the fa...