SIGTARP proves that some bankers aren’t too big to jail

We’re heard a lot about the lack of prosecutions on Wall Street for the players that brought the world economy to its knees, and almost lower still.  There is one outfit, however, that takes its defend and protect mandate seriously — and of all places, from the heart of the hated bailout: the Inspector General’s Office of TARP

 

Since 2008, the Office of the Special Inspector General for the Troubled Asset Relief Program has pursued criminal charges against 107 senior bank officers, most of whom have been sentenced to prison. Created to supervise the government bailout of the auto and financial industries, the agency has found dozens of cases of bank executives who misused bailout funds.

SIGTARP has a staff of 170, a budget of $41 million and an enforcement track record that rivals agencies twice its size. The agency’s work has resulted in $4.7 billion in restitution paid to the government and victims. Lawmakers are holding SIGTARP up as a model and questioning why other agencies are not producing similar results.

Sure, these aren’t the biggest fish in the predator pool, but at least an example is being set and other regulators are being goaded. Go Christy Romero!