One of the most infuriating things about our current economic crisis, and frankly our recent political and corporate culture is the complete lack of accountability and lack of memory by both political officials and the media that cover them.
One may have thought it could not get any worse, then we hear how John Thain, well into the current financial collapse, worked to pass out bonuses to Merrill executives before it got swallowed up by Bank of America and spent a cool million redecorating his office.
Now we hear this idea of creating a “bad bank” to place all of the toxic instruments held by former investment banks to loosen up credit markets. This was the purpose of the TARP! This is what the emergency $700 billion appropriated by Congress was for. Remember.
