TARP Inspector General's report: weak

Ryan Chittum is all over the latest chapter of how badly US taxpayers were served by the TARP bailout.

And he directs us to Yves Smith venting his spleen about the whole mess.

Cripes.

Also, I love the little addendum to Chittum's other post on this. He's quoting Floyd Norris - who asks:

If Goldman and other banks hedged against A.I.G. blowing up and defaulting on the credit default swaps, what companies agreed to cover the risk that A.I.G. would blow up?

Those companies were spared billions worth of losses by the A.I.G. rescue - and we don't even know who they are. The risk kept getting passed around, but somebody knows. And since we all generously agreed to save these people from their bad bet, I think they owe us the courtesy of an introduction.