Bailout for fraudsters

The TARP money just started flowing; now for the criminal investigations


Raise your hand if you’re shocked by this: according to a Congressional report to be released later today, a U.S. government watchdog has launched “almost 20” criminal investigations related to the Treasury Department’s $700 billion bailout program. The probes involve possible public corruption; corporate, stock and tax fraud; insider trading; and mortgage fraud linked to the so-called Troubled Asset Relief Program (TARP). The alleged perpetrators have not been identified (not yet, at least) but according to reports, one investigation involves bank officials who were allegedly “cooking their books” to qualify for rescue funds.

USA Today

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Bailout for fraudsters

  1. I doubt anyone will be surprised by this report. Giving all that money to people with little to no regulation is similar to parents giving their teen aged son a couple bottles of whiskey, bag of marijuana and keys to car and telling him to be a good lad and take care of house while they go away for weekend. We know how that’s going to turn out.

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