On Wednesday, November 28th The Common Good hosted former TARP Special Inspector General Neil Barofsky for a candid discussion of the bank bailout and aftermath and why citizens should not only feel shortchanged about what was supposed to be done with the billions spent on TARP, but the system vulnerabilities that still remain.

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Neil Barofsky, the former Special Inspector General for the Troubled Asset Relief Program (TARP), recently spoke at a Common Good event in New York City about the broken promises of the bank bailouts.

Barofsky’s speech was a scathing indictment of the government’s handling of the financial crisis, particularly its decision to bail out the banks without any strings attached. He argued that the bailouts were sold to the American people as a way to save the economy, but in reality they only served to enrich the already wealthy banks.

Barofsky pointed to the fact that the banks that received TARP funds continued to pay out large bonuses to their executives, even as the rest of the country was suffering through a recession. He also noted that many of the banks used the funds to buy back their own stock, rather than using it to lend to small businesses or struggling homeowners.

The government’s failure to attach any conditions to the bailout funds, Barofsky argued, allowed the banks to continue the same risky behavior that caused the financial crisis in the first place. He cited a lack of regulation and oversight as a major contributing factor, and called for a return to the principles of Glass-Steagall, which separated commercial and investment banking.

Barofsky’s speech was a wake-up call for many in the audience, who had bought into the government’s narrative that the bank bailouts were necessary to save the economy. He challenged the audience to demand more from their elected officials, and to hold the government accountable for its failures.

Overall, Barofsky’s speech was a powerful reminder that in times of crisis, it is often the most vulnerable who suffer the most. The bank bailouts may have saved the banks, but they failed to deliver on their promises to the American people. It is up to us to demand better from our leaders, and to push for real reform that protects the interests of the many, not just the wealthy few.