Neil Barofsky seems to be taking his job seriously as TARP watchdog.
He seems to be warning about the same kind of abuses that I am worried about. That is good news for Americans.
But it is bad news for bank stocks and probably bad news for the markets. It means that the banks are going to have a harder time swindling their way out of trouble and so the question of how to save the banks is back on the table. Sorry, it won't be by defrauding hard working Americans. On to plan B or it is M by now.
