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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:
Perspective — October 23, 2013, 8:00 am
How pro-oil Louisiana politicians have shaped American environmental policy
Postcard — October 16, 2013, 8:00 am
A trip to one of the properties at issue in Louisiana’s oil-pollution lawsuits
Amount that Egypt owes the United States in unpaid parking tickets:
Studies of humankind’s original states—in China, Egypt, the Indus Valley, Mesopotamia, and Peru—suggest that the emergence of bureaucracy catalyzed predatory imperial expansion.
An Egyptian court sentenced former president Mohamed Morsi and 106 Muslim Brotherhood supporters to death for killing and kidnapping police; conspiring with Iran, Hamas, and Hezbollah; participating in a 20,000-man jailbreak; and stealing chickens.
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“Shelby is waiting for something. He himself does not know what it is. When it comes he will either go back into the world from which he came, or sink out of sight in the morass of alcoholism or despair that has engulfed other vagrants.”