This short clip courtesy of Aaron Task and TechTicker is an absolute must see. For more color on Chris Whalen's comments about TARP payback being a fraud amid the FDIC debt crutch, see this story.
Briefly, Whalen expects most of the large banks to need help again by the 4th quarter of '09 as loss rates begin to accelerate again in most categories. Moreover, he makes our point that as long as hundreds of billions of FDIC-backed bonds are still floating through the sytem, then any talk of being done with TARP is illusory and disingenuous.