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Larry Summers lashes out at TARP-recipient banks who aren't doing enough to reduce foreclosures:...

Jul. 21, 2009 10:34 AM ETBy: Eli Hoffmann, SA News Editor10 Comments
Larry Summers lashes out at TARP-recipient banks who aren't doing enough to reduce foreclosures: "The profits they’re enjoying are in part a reflection of the commitment government and the broader society have made to the financial system that has enabled them to enjoy those profits."

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Comments (10)

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Carlos Lam profile picture
Looks like Larry Summers's campaign to be named the next Fed Chairman has begun. Acting as the boss's hatchet man vs. the banks is a decent first step...I guess.

Not a problem there.
That exists in spades already!
New reality show coming to Fox.

Secrets of the FED Bailout Exposed. I am sure they can hire the masked magician who explains how magic tricks are performed.

They just need smoke, mirrors and a gullible populous!
LOL he is surprised? they give them $ freely and then complain. its like obama bitching about wallstreet bonuses and yet gladly taking huge campaign contributions from the same firms. spare me your indignation.
What happened to reality. If Obama had wanted to help homeowners then he would have given the money to them instead of the banks (in the form of interest rates reductions and tax breaks/reductions). Ever wonder why banks pay 0.5% and homeowners are still paying 5.0+% (10 times more)? He could have loaned the money to homeowners at 1% and most of them could afford to stay in their homes.

He really could care less about homeowners except as the recipient of his propaganda and for their votes. Unfortunately for the voters, they are too ignorant of reality to see what's going on.
Unless you impose firm rules on all of them, nobody will do anything to cut down foreclosures, especially not in the name of the "greater good" (unless that greater good happens to pay well).

Bank CEOs first and foremost try to maximize their own net worth and status, then shareholder value. The greater good ranks at the very bottom.
Windwood Trader profile picture
Oh, come on- The fat cats at the financials said they would play fair and do their part to reduce foreclosures.

Do you mean to tell me that they may have said that just to get bailed out?

How cynical of you.
CautiousInvestor profile picture
This is a sure sign that other efforts to stem the tide of foreclosures, including the administration's plan, are failing. When this is the case, it's always great to blame others

How do you convince banks, who carry fraudulently valued assets, that they should pusue foreclosure mitigation efforts when the failure rate of such programs is in the 55% range?
Taylor Gray profile picture
Sounds like Summers is expressing frustration with the inevitable process of de-leveraging which will take years to play out.
Vieira Trading profile picture
Obama, soon will have problems to explain (GS) performance to broader society
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