Morning update


Neil Barofsky, the former special inspector general for the Troubled Asset Relief Program, tells Dan Rather that another financial meltdown could happen: “You can’t look at what happened in the run-up to 2008 and see how it’s not going to repeat itself, given what we’ve done.” Barofsky criticizes the Dodd-Frank bill for making banks bigger, and says, in the accompanying video clip, that should they fail, we’d need $5 trillion to bail them out. Barofsky also addresses the issue of transparency in TARP, describing what happened when he suggested the banks be required to account for how they were using bailout bucks: “Dan, you would have thought I had declared a Communist revolution from their reaction. I was told that this idea was terrible.”

A new Super PAC, Downtown for Democracy, has registered with the Federal Election Commission. Its website says the group “is an alliance of professionals in the arts and creative media who share a deep commitment to progressive ideals.”

Reuters Health finds a lack of transparency in medical journals: Researchers who write articles touting the benefit of drugs without revealing their own financial interest in the products; even editors of some journals have undisclosed conflicts.