TARP didn't save banks, it ruined them: Kovacevich

TARP one of the 'worst economic decisions' in US history: Kovacevich

TARP was one of the "worst decisions in the history of the United States," former Wells Fargo boss Richard Kovacevich told CNBC on Friday.

Kovacevich has never been known to mince words.

He was in the room five years ago when the financial world was blowing up and then-Treasury Secretary Hank Paulson was pitching the $700 billion Troubled Asset Relief Program, known as TARP, to the banking industry.