If you’re looking to pick a fight just bring up the TARP around Dylan and the traders. Click here and you’ll see what we mean!
In the latest twist in the on-going TARP saga, on Thursday the Treasury Department asked big banks receiving government bailout funds to provide more details about lending activity.
Citigroup , Bank of America , JPMorganChase, Wells Fargo , Goldman Sachs and Morgan Stanley are among the banks contacted by the government.
"The purpose of this snapshot is to provide insight into the lending and financial intermediation activities of the largest recipients of the CPP (Capital Purchase Program)," the head of the TARP program, Neel Kashkari, wrote in a letter obtained by Reuters.
As you know not everyone is complimentary about the way the government has handled the TARP money. And this latest move certainly has generated critics.
Among them is Robert Albertson, chief strategist at Sandler O'Neill who tells Fast Money “Banks should not be lending out TARP money, it should be invested not distributed. He says directly lending TARP defeats the purpose. More bank lending requires more bank deposits, not just more capital.
Karen Finerman defends the first half of the TARP. “Had the government done nothing, with the credit markets frozen “the circumstances we’d be in would be so far beyond where we are right now.”
“It’s really easy in hindsight to say here are 8 things they should have done better,” she adds.
She can't convince Albertson or Dylan Ratigan for that matter. “We need to re-invent and re-invigorate Wall Street,” counters Albertson.
It’s a hot issue. Hear our entire conversation with Albertson. Watch the video now!