Monday, April 16, 2012
"GAO: Banks Paying Back TARP with Federal Money"
Robbing Peter to pay Paul.
Robbing the taxpayer to pay back the taxpayer.
Was that you that just screamed?...
Robbing the taxpayer to pay back the taxpayer.
Was that you that just screamed?...
Elizabeth MacDonald reported this gem at FoxBusiness.com:
"The Government Accountability Office says in a new report that banks that have repaid the Treasury Department's TARP bailout program did so with funds they received from other federal rescue programs.
The GAO’s finding undercuts the Treasury’s prior statements that effectively assert the Troubled Asset Relief Program has earned a profit for taxpayers. Specifically, the GAO says that, according to its new review, 'as of January 31, 2012, 341 institutions had exited,' TARP, almost half by repaying...with funds from other federal programs.'"
