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Neil Barofsky, the former Inspector General of the Troubled Asset Relief Fund, can sum up the state of the nation in two words: "Pretty #ed." The concise assessment came Tuesday during a question and answer session on Gawker...Barofsky insisted that President Obama's administration, of which Geithner is a part, isn't doing enough to address issues inside the financial industry, saying that Dodd-Frank financial reform doesn't adequately address questions surrounding too-big-to-fail banks
"The incentives are all still in place for the TBTF banks to accumulate dangerous amounts of risk in the quest for short-term profits with the assurance that if their bets do not pay off, they (and most importantly from the perspective of market discipline) and their counterparties/creditors) [sic] will be bailed out by the gov't. Combine that with a lack of accountability for bad/fraudulent behavior, and you have a toxic cocktail that will bring about another crisis. Regulatory reform did nothing to change those incentives. "
"We need to convince those seeking or trying to retain power that they will not get our votes unless and until they commit to meaningful change of a financial system," he wrote in the Q&A.