Sunday, January 25, 2009

Bill Zucker: “I want some TARP”


The Bailout Backlash is here.

Expect more of this with Chicago's Combine coming to DC.
Ah, the dirty little secret is out. That $700 billion TARP (Troubled Asset Relief Program) bill was in part simply a variation on congressional pork - except this time the recipients were banks with friends in high places.

One of those powerful friends was Rep. Barney Frank (D-Newton), chairman of the House Financial Services Committee. And one of the recipients of a $12 million infusion of federal cash was the troubled OneUnited Bank in Boston - a bank that had already been accused of “unsafe and unsound banking practices.” Its CEO, Kevin Cohee had also been criticized by regulators for “excessive” pay that included a Porsche.

1 comment:

MC-Shalom said...
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