After reading this morning on Bloomberg that banks have been renovating offices, it occurred to me the branch renovation I witnessed a few months ago of the Wachovia branch on Park Avenue was a sign of the same terrible lack of oversight that has been plaguing the TARP. The picture below is circa November 2008 from my phone camera and was what inspired the post with the the title Second Coat of Pain(t).
This is from Bloomberg today:
Jan. 24 (Bloomberg) — President Barack Obama signaled that he would toughen restrictions on and oversight of banks as part of a fresh plan to aid the battered industry.
Obama blasted the banks yesterday over reports that they’ve spent money renovating offices after receiving billions of dollars from the government and vowed they would be held accountable for any aid they receive in the future.
I am glad Obama’s administration is working hard enough to have spotted this issue, and I hope they do continue be this diligent in the months ahead.
Obama Signals Tough Restrictions on Banks in Rescue Package
Rich Miller and Julianna Goldman, Bloomberg, January 24, 2009