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!

View all comments (2) | Leave a comment

Pingback| 7.1.09 @ 3:01PM

Another day, another Democrat takes advantage of TARP … but then who really cares? links to this page. Here’s an excerpt:

won’t make the eleven o’clock news. Enjoyable, engaging and slightly offbeat. About Another day, another Democrat takes advantage of TARP … but then who really cares? Posted at July 1, 2009 TITLE The American Spectator 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.…

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

Clip of the Day

Most Popular Articles

Who Castrated Ann Coulter?

David Catron | 2.6.12

The Delousing of a Movement

R. Emmett Tyrrell, Jr. | 2.9.12

Justice Ginsburg Should Resign

William Tucker | 2.8.12

The Audacity of Obama's Secularism

George Neumayr | 2.7.12

Coulter Care

Peter Ferrara | 2.8.12

Thank Him, Santorum!

Jay D. Homnick | 2.8.12

Let Mrs. Obama Eat Red Velvet Cake

Aaron Goldstein | 2.7.12

ADVERTISEMENT