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Vernichtendes Urteil über das TARP-Programm der USA

Office of the Special Inspector General
for the Troubled Asset Relief Program

(Leitung: Neil Barofsky)

Quarterly Report to Congress
January 30, 2010

Executive Summary (S. 6)

• To the extent that huge, interconnected, “too big to fail” institutions contributed
to the crisis, those institutions are now even larger, in part because of the substantial
subsidies provided by TARP and other bailout programs.

• To the extent that institutions were previously incentivized to take reckless risks
through a “heads, I win; tails, the Government will bail me out” mentality, the
market is more convinced than ever that the Government will step in as necessary
to save systemically significant institutions. This perception was reinforced
when TARP was extended until October 3, 2010, thus permitting Treasury to
maintain a war chest of potential rescue funding at the same time that banks
that have shown questionable ability to return to profitability (and in some cases
are posting multi-billion-dollar losses) are exiting TARP programs.

• To the extent that large institutions’ risky behavior resulted from the desire to
justify ever-greater bonuses — and indeed, the race appears to be on for TARP
recipients to exit the program in order to avoid its pay restrictions — the current
bonus season demonstrates that although there have been some improvements
in the form that bonus compensation takes for some executives, there has been
little fundamental change in the excessive compensation culture on Wall Street.

• To the extent that the crisis was fueled by a “bubble” in the housing market, the
Federal Government’s concerted efforts to support home prices — as discussed
more fully in Section 3 of this report — risk re-inflating that bubble in light of
the Government’s effective takeover of the housing market through purchases
and guarantees, either direct or implicit, of nearly all of the residential mortgage
market.

Stated another way, even if TARP saved our financial system from driving off
a cliff back in 2008, absent meaningful reform, we are still driving on the same
winding mountain road, but this time in a faster car.

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