Remember all that gladhanding about the success of the Troubled Asset Relief Program (TARP) earlier this month? Neil Barofsky, TARP’s special inspector general, puts the kabosh on that in his report released today. Just read this:
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After three extensions, today is the deadline for Chicago’s ShoreBank to come up with enough cash to forestall a takeover by federal regulators.
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Neil Barofsky, the no-nonsense special inspector general for the Troubled Asset Relief Program (TARP), has agreed to look into allegations that key officials in the Obama administration applied political pressure on major Wall Street firms Goldman Sachs, JP Morgan, Citigroup and Bank of America, themselves recipients of government bailouts, to bail out Chicago’s ShoreBank to keep it from being liquidated by federal regulators.
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