On the backs of taxpayers

By Creature

Daniel Indiviglio [via Ezra]:

[The FinReg] Conference reconvened due to the protests from centrists Republicans in the Senate who didn't like the idea of taxing the big banks and hedge funds. Instead, taxpayers will pay for the regulation, since any TARP money unspent was supposed to go towards paying down the deficit.

And, in the NYT today, a little reminder of what our Treasury Secretary was up to at his old job:

The documents also indicate that regulators [Timmy!] ignored recommendations from their own advisers to force the banks to accept losses on their A.I.G. deals and instead paid the banks in full for the contracts. That decision, say critics of the A.I.G. bailout, has cost taxpayers billions of extra dollars in payments to the banks.

The banks escape. The people pay. Same old. Same old.