December 21, 2009

Like this is a big surprise - bank bailout monies are politically connected

Knock me over with a feather -- from Reuters:
Banks with political ties got bailouts, study shows
U.S. banks that spent more money on lobbying were more likely to get government bailout money, according to a study released on Monday.

Banks whose executives served on Federal Reserve boards were more likely to receive government bailout funds from the Troubled Asset Relief Program, according to the study from Ran Duchin and Denis Sosyura, professors at the University of Michigan's Ross School of Business.

Banks with headquarters in the district of a U.S. House of Representatives member who serves on a committee or subcommittee relating to TARP also received more funds.
How about let's just drain the swamp and start over again. The bailouts are one reason why we pulled all of our accounts from BofA and moved them to a local Credit Union. We are very happy with them now that we have been with them for a couple months -- much better security, they pay more attention to account activity and their rates on savings and CDs are comparable to any bank out there. Posted by DaveH at December 21, 2009 7:04 PM
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