How America let banks off the leash
John Gapper, Financial Times, December 16, 2009
This week, the last two large banks to receive capital injections from the US government at the height of the crisis in October 2008 agreed their exit with the Treasury. Although it has been extended into next year, the troubled asset relief programme's raison d'etre - preventing banks from collapsing - will soon be history. So now is a good time to recognise both its achievements and its failures, says John Gapper.