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From the Project on Government Oversight’s letter to congressional oversight committees:
As you know, the TARP was created for the express purpose of buttressing the financial system by assisting institutions in danger of going under. In the language of the statute, the TARP was meant to “provide authority for the Federal Government to purchase and insure certain types of troubled assets for the purposes of providing stability to and preventing disruption in the economy and financial system and protecting taxpayers.” However, we are concerned that some institutions are taking advantage of the law, assuming the trappings of failure in order to feed at the TARP trough.
It has come to our attention that a number of insurance companies are attempting to qualify for TARP funds by purchasing banks.
More from Ken Silverstein:
Percentage by which the risk of type 2 diabetes increases for every two hours a day that a person watches television:
Two bottled ghosts—of an old man and a young girl—were sold at auction in New Zealand.
The practice of sexualized eyeball licking was causing conjunctivitis in Japanese sixth graders.
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