TARP was enacted to save the nation's banking system, not the bankers. Immediately prior to their banks' collapse, the CEOs of the large national banks that failed publicly stated repeatedly that their banks were financially sound. These statements violated Rule 10b-5 under the Securities Exchange Act of 1934. These banks also made false reassuring statements in their public filings with the SEC and in communications to their shareholders. These statements also violated the federal securities laws. These bankers through their mismanagement of their banks and the country's financial system have nearly destroyed the financial system and this country and have caused untold misery to millions of Americans who have lost their jobs. They should be prosecuted to the full extent of the law.
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