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Election crucial to bank problem
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To the editor:

The battle cry came from all places the Wall Street Journal when Maria Bartiromo interview Neil Barofsky, who was formerly head of the TARP bank bailout. He said the only solution to the problem is to break up the big banks. He said the TARP money went to the wrong people - the big investment banks that were involved with the toxic derivatives and the subprime home loans and it was given with no strings attached.

Now, they discovered the problem is even worse when they uncovered the Libor interest rate rigging scandal involving Barclays, which was run by Bob Diamond, who resigned when he couldn't come up with answers. It could bring down the investment banks. Mr. Barofsky's solution for some time now is to break up the big banks. That the cost would be minimal in taxpayer money but it would be going after the people that caused the problem.

When Maria asked what Mr. Barofsky thought of Sandford Weill, former head of Citigroup, who now thinks the big banks should be broken up, he said it was a good idea. Mr. Weill was the one who helped get rid of Glass-Steagall so he could get bigger. Mr. Weill helped merge Travelers Insurance with Citibank so they could be a full service bank but I feel that FDIC insured banks should not be allowed to invest in the risky derivative market, particularly when taxpayers were left on the hook in bailing them out.

So, what you have is a presidential election coming up with two candidates - President Barack Obama, who wants to raise income taxes on the wealthy billionaires to control the growing debt, versus Mitt Romney, who was in private equity and since there was no strings attached in how he invested his money, he hid a lot of his profits offshore and refuses to release his income tax returns for more than one or two years and feels the income taxes should be lower for the wealthy.

To get the economy moving again, we're going to have to get the banks off the huge stockpile of money they have, thanks to President G.W. Bush's TARP program or break them up like Mr. Barofsky and Mr. Weill both suggest should be done.

Since one can't believe the ads because most are financed by billionaires, just watch the three presidential debates.