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.
Roughly 80 percent of respondents, or 300 banks, also said at least some of the money had supported new lending.
The report by special inspector general Neil Barofsky calls on the Treasury Department to require regular, more detailed information from banks about their use of federal aid provided under the Troubled Asset Relief Program. The Treasury has refused to collect such information.
[…]
In a written response, the Treasury again rejected that call. Officials have taken the view that the exact use of the federal aid cannot be tracked because money given to a bank is like water poured into an ocean.
On the other side, we’re up to 57 banks that have been shut down. While not a bank while doing some bank-ish things, at least we no longer need to worry about CIT. Hooray! The stock market will go up today!
Buy techs. It’s time for a new dot com bubble. Win7 will sell a lot of PC stuff. Like win 95 did..
NEVER FORGET!
“Bushonomics is the continuous consolidation of money and power into higher, tighter and righter hands
George Bush Sr, November 1992.”
This is just a continuation of that policy. Nothing changes.
#1 What color is the sky in your world?
4, AlfredENewman,
You need a course in reading comprehension.
“This is just a continuation of that policy. Nothing changes” See that? It means that the policy hasn’t changed even though the players have.
5, AlfredENewman,
The banks were given the money to release back to the public for loans and other capital requirements to keep the debt-based US economy going. What they did instead is buy toll roads in Spain. Again, reading comprehension 101. Take it. QUICKLY! You won’t find it in your local Bible Study (KJV) though…
#7 “…They should have lent to businesses in trouble, directly…”
Like the GM and Chrysler bailouts? Yea, those basket cases of business with no plan to become profitable are a total waste of tax dollars.
One thing is constant, government never stops over spending taxpayer’s money and nobody is ever accountable for it.
I’m curious how much of the TARP money got “donated” back into the Republican and Democratic parties.
The tarp spending is nothing compared to the waste and pork in the stimulus package.
The outrageous Obama “shovel-ready” spending amounts are hitting the headline on the Drudge Report right now. (with many more showing up on Twitter)
Tarp was at least in part some friends helping out Goldman Sacks get its money out of AIG.
A lot of the banks didn’t even want the money. The Fed made them take the money. Once they had it they were going to do something with it.
The stimulus Pork Pile which was passed in a such a rush people didn’t read it before they voted because we just had to do it fast in order to save jobs has spent 7.7% of its funds. Unemployment is now higher than Obama predicted if we did nothing which is pretty much what this turd did for the economy, nothing. It defines the words unreasonable and imprudent yet its costing every citizen $3,000 in dept.
I consider both to be unprecedented low water marks in the history of Congress. In the past you had to buy Congress to get them to vote for something this stupid but in this case I think they just up and did it because they are a bunch of…for lack of a better word, fools.
I doubt in any of them had a clue what they were actually voting for. The party leaders said vote for it because Obama wants it so they did.
That the banks use the money for other purposes is not surprising, and should be expected. The bigger problem is when the government uses the money for other reasons, like bailing out GM.
ALFIE==be careful. Talking to a diverse group of people is obviously corrupting your faith.
The KJ bibble “is an acceptable “VERSION” of the bibble?
SACRILEGE!!!!!!!
Recant immediately or I’m sure you will be sucking a turd in hell for millenia.
There is only ONE TRUE AND VALID WORD OF GOD======THE BIBBLE!!!!!
Correctly read, all the different publications are inspired by the spirit of gawd and they all mean exactly the same thing. In heaven, “thou shalt not murder” and “thou shalt not kill” mean exactly the same thing. “Do not covet thy neighbors ass” means don’t be a homo.
I guess this won’t be clear to you until you die, but it is shlocking to see you “buy into” the insidiously sacrilegious ideas of the atheists on this blog. Imagine. “Versions” of the good book.
For SHAME!!!!!
AIG: $70B($13B to pay Goldman Sachs); BoA $72B; Citi $50B.
Working with your minions to simulate a functioning banking and financial sector?
Priceless.
We who live in California are truly blessed. Banks are using some of their TARP money to buy off our state politicians. A very creative use of federal funds.
“Troubled bank industry continues California lobbying — Banks that received billions of dollars in federal bailout funds continue spending heavily to lobby in the state Capitol against increased regulation of their industry.”
http://www.sacbee.com/topstories/story/2038960.html