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Wall Street Beats Main Street Says Special IG for Tarp

By Michael Collins

The Special Inspector General for the Troubled Asset Relief Program (SIGTARP) Neil Barofsky just released his latest Quarterly report on TARP. He begins by asking the question, who has benefited from the TARP program? He makes a strong case that Wall Street is the main beneficiary, while Main Street has suffered under deteriorating conditions for commercial credit, home ownership, and employment conditions. (Image)

“By fulfilling the goal of avoiding a financial collapse there is no question that the dramatic steps … were a success for Wall Street. … Main Street …reaped significant benefit from the prevention of a complete collapse of the financial industry. …Main Street has largely suffered alone, however, in these areas in which TARP has fallen short of its other goals.” (p. 5)

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