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Joe in Chicago » Comments » XLF
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Elizabeth Warren: The Wrong Person to Oversee TARP [View article]
www.youtube.com/watch?...
Elizabeth Warren: The Wrong Person to Oversee TARP [View article]
In a CNBC interview, yesterday, she made a few points clear: There is NO overarching strategy regarding TARP activity and that the primary challenge, troubled mortgages, has yet to be addressed. According to Prof Warren, 1 in 6 mortgages will be in foreclosure, shortly.
And today, Jamie Dimon went on CNBC and explained how JP Morgan/Chase did not need $25B of TARP funds but would not be writing down mortgage principal. Of course, he sees future losses with WaMu's portfolio (which they recently acquired) but they won't be the first to blink.
It's pretty clear that TARP has major shortcomings and having Prof Warren watchig over the banks is clearly the best news coming out of Washington in recent weeks.