The Obama administrationâs plan to fix the U.S. banking system is destined to fail because the programs have been designed to help Wall Street rather than create a viable financial system, Nobel Prize-winning economist Joseph Stiglitz said. âAll the ingredients they have so far are weak, and there are several missing ingredients,â Stiglitz said in an interview. The people who designed the plans are âeither in the pocket of the banks or theyâre incompetent.â The Troubled Asset Relief Program, or TARP, isnât large enough to recapitalize the banking system, and the administration hasnât been direct in addressing that shortfall, he said. Stiglitz said there are conflicts of interest at the White House because some of Obamaâs advisers have close ties to Wall Street. âWe donât have enough money, they donât want to go back to Congress, and they donât want to do it in an open way and they donât want to get controlâ of the banks, a set of constraints that will guarantee failure, Stiglitz said. The return to taxpayers from the TARP is as low as 25 cents on the dollar, he said. âThe bank restructuring has been an absolute mess.â Rather than continually buying small stakes in banks, weaker banks should be put through a receivership where the shareholders of the banks are wiped out and the bondholders become the shareholders, using taxpayer money to keep the institutions functioning, he said. http://www.bloomberg.com/apps/news?pid=20601087&sid=ahnPchOxZMh8&refer=home Hum, Citi, BAC, GS, JPM rallying more then 100 % from lows. CanÂ´t be "absolute mess", or ?