The American Spectator

home
ADVERTISEMENT
Print Email
Text Size

The Spectacle Blog

More TARP Corruption

You are a U.S. Senator.  You vote for TARP to bail-out banks.  Your office calls the regulators to make sure a bank in which you have a financial stake receives TARP money.  You are Sen. Daniel Inouye (D-Hawaii).

Reports the Washington Post:

Sen. Daniel K. Inouye's staff contacted federal regulators last fall to ask about the bailout application of an ailing Hawaii bank that he had helped to establish and where he has invested the bulk of his personal wealth.

The bank, Central Pacific Financial, was an unlikely candidate for a program designed by the Treasury Department to bolster healthy banks. The firm's losses were depleting its capital reserves. Its primary regulator, the Federal Deposit Insurance Corp., already had decided that it didn't meet the criteria for receiving a favorable recommendation and had forwarded the application to a council that reviewed marginal cases, according to agency documents.

Two weeks after the inquiry from Inouye's office, Central Pacific announced that the Treasury would inject $135 million.

It's good to see that an economic crisis brings out the best in our legislators!

Leave a comment

Leave a Comment

N.B. We encourage readers to share and discuss their thoughtful and relevant comments about this Spectator article. Comments are routinely monitored and will be deleted if profane, bigoted, or grossly impolite. Please be respectful. (And don't feed the trolls!) Thank you.

More Blog Posts by Doug Bandow

http://spectator.org/blog/2009/07/01/more-tarp-corruption

ADVERTISEMENT

The Spectacle Blog

Gallup: Veterans Prefer Romney

W. James Antle, III | 5.28.12

Markos Moulitsas is Scum

Quin Hillyer | 5.28.12

Weekend Political Wrap-Up, Memorial Day Edition

W. James Antle, III | 5.27.12

An Honor Flight Story

TAS Staff | 5.26.12

WaPost Criticizes Romney's Lack of Rhythm

Aaron Goldstein | 5.25.12

Tom Coburn on the Debt 'Disease'

Vivien Chang | 5.25.12

SPONSORED LINKS

Special Feature

Better that we become a nation of choosers rather than beggars. Our symposium on choice from the May, 2012 issue:

A Time for Choosing

James Piereson

The Road from Serfdom

Stephen Moore and Peter Ferrara

FLASHBACK TO: 1984

Clip of the Day

Most Popular Articles

Meet the Flukes!

F. H. Buckley | 5.25.12

In Search of Muhammad

Aymenn Jawad Al-Tamimi | 5.25.12

The Wisconsin Turning Point

Peter Ferrara | 5.23.12

Age and Kyl

Quin Hillyer | 5.25.12

Follow Me

Jay D. Homnick | 5.25.12

How About the Record of DOE Capital?

William Tucker | 5.25.12

The Great Debate

R. Emmett Tyrrell, Jr. | 5.24.12

Markos Moulitsas is Scum

Quin Hillyer | 5.28.12

ADVERTISEMENT