Wednesday, July 22, 2009

177 out of 360 banks misused TARP funds

"Many of the banks that got federal aid to support increased lending have instead used some of the money to make investments, repay debts or buy other banks, according to a new report from the special inspector general overseeing the government's financial rescue program. The report, which will be published Monday, surveyed 360 banks that got money through the end of January and found that 110 had invested at least some of it, that 52 had repaid debts and that 15 had used funds to buy other banks."

So far, and this quickly, and in a limited survey, they've discovered that TARP funds were misused by 177 out of 360 banks.

Those of us who predicted misuse, theft and lack of oversight are already being proved correct.

Out of the trillions of borrowed dollars the federal government is giving away to various big businesses, how much do you think will be stolen and / or misused and never recovered? The political consequences will be huge.

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