Banker Pleads Guilty To Using Bailout Money To Buy Himself A Luxury Condo
from the taxpayer-money dept
Always suspected that the whole TARP bailout effort of the banks was a giant boondoggle to take your taxpayer money and give it to wealthy bankers for their own private stash? Well, in at least one case, that's exactly what apparently happened. The feds announced that a banker, Darryl Layne Woods, who was the head of Mainstreet Bank in Ashland, Missouri, applied for TARP funds and received over $1 million from the program back in January of 2009. On February 2nd of 2009, he used $381,487 of that same money and bought himself a luxury condo in Florida. A mere eight days later, Woods had to explain to the Special Investigator General in charge of monitoring the program how it was being spent, and conveniently left out the condo in Florida. No surprise there. Incredibly, from the DOJ's announcement, it seems that they're more focused on him lying about the condo than buying the condo in the first place:Woods failed to disclose in his letter that a significant portion of TARP funds had been used to acquire the condominium. Failure to disclose the purchase of the condominium was a material misrepresentation of facts relating to the true use of TARP funds.Of course, it still took another four years before this guilty plea. Woods will also face some jail time, have to repay the money, plus pay a fine of up to $100,000, and is barred from working in banking or finance. Of course, this was just small fry. $1 million to a tiny local bank, with about 40% of it being abused. Just imagine what some of the big banks did with the many billions they got. It's just they're a bit more sophisticated in how they went about spending the money.
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Filed Under: bailouts, banks, darryl woods, doj, tarp
Companies: mainstreet bank
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And yet...
Do I even need to mention the incredible "coincidence" that was Kim Dotcom's arrest?
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The bailout was a gargantuan sized scam where the clowns are the taxpaying citizens and the winners are the bankers. It's quite smart if you think about it for big banks.
1- Lobby the US Govt.
2- Put a representative of your sector into the Govt. Let's say, controlling the agency/ministry/department responsible for the economic measures and directions. Also put someone from your sector into the Central Bank or something.
3- Use those positions to relax oversight and scrutiny on the financial market and in credit concession.
4- Sell rotten titles as if they were the best thing with the blessings of risk classification outfits partnered with you.
5- Insure those rotten titles.
6- Watch hell break loose into the economy.
7- Claim the insurances causing even more havoc.
8- Influence the Govt to bailout "the economy".
9- ????
10- Profit. Get more cocaine, yachts and hookers.
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Wow
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Re: Wow
Then they bought the Attorneys General, including Gonzalez, Ashcroft and now Holder.
That's the way you do it and get money for nothing and etc, etc, etc.
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Oooh, Mike goes Populist! Not yet calling for tax on stock trades...
I'm pretty sure that Mike is finding hammering on NSA and various other criminals is bringing more traffic than trying to tear down copyright.
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Re: Oooh, Mike goes Populist! Not yet calling for tax on stock trades...
Yeah, because hammering on the NSA is just about trivial and unimportant traffic-grab.
This is why you are a fucking douchebag.
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Re:
Lets make it less than you make right now.
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Re: Re:
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Re: paying it forward
When it comes in faster than they pay out, the notion of miniscule interest payment, is moot.
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Probably profited in the end
Savvy investor - using other people's money ;)
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Re: Probably profited in the end
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His mistake
At least that is how the big banks continued to reward the executives.
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The others got away with it
I shudder to think of how many Wall St. corporations and financial institutions have houses in the Bahamas that have never been disclosed, bought with TARP funds.
Ooops. We won't mention that.
Then Wall St. wonders why everyone hates them.
Everyone but the government regulators, who turn a blind eye to all of it.
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Well, consider it trotted.
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