WE OVERPAID BANKS BY $78 BILLION

OK, now I'm convinced more than ever that we need to get some of our money back by going after salaries and bonuses that were paid to executives of failed institutions. It appears that we overpaid the banks with TARP money by $78 billion.

How did this happen? The congressional oversight panel for TARP is telling us that the Treasury Department under Secretary Henry Paulson misled the public as to how it would price assets that the government would purchase. Specifically, Elizabeth Warren told Congress:

"Treasury simply did not do what it said it was doing ... They described the program one way, and they priced it another,"...

Warren also told the banking committee that after three months on the job, her panel is still not getting enough answers from Treasury. This is not good.

Is there enough wrongdoing to drum up some indictments? It seems so. Read the post from Naked Capitalism to find out why.

- Mark