Bail outs only saved the jobs of corporate execs

A report by the US Government Accountability Office wonders if TARP, or the bail out, was good for anything other then saving the jobs of corporate executives. Recently it was revealed that $317 billion of TARP funds will not be repaid and on top of that Congress or anyone else for that matter cannot say where the money has gone.

You just have to look at the pay outs of the top CEOs to see where the money has gone.

Washington Examiner

One year later, however, a little-noted report by the U.S. Government Accountability Office questions whether the bailout -- known officially as the Troubled Asset Relief Program -- saved anything other than the jobs of greedy Wall Street executives and the political hides of their protectors in government.

"Measuring the effectiveness of TARP's programs has been an ongoing challenge," the GAO report said, adding that "any changes attributed to TARP could well be changes that would have occurred anyway" -- due to policy interventions, the actions of financial regulators or even natural market corrections. In other words, a year after Congress burdened present and future taxpayers with a debt of immense magnitude, government auditors still can't say for sure that TARP accomplished anything toward preventing a financial collapse.