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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
Percentage increase in the annual number of polio cases in Pakistan since 2005:
A bowl of 4,000-year-old noodles was found in northwestern China; and a spokesman for the Chinese Academy of Sciences said that “this is the earliest empirical evidence of noodles ever found.”
A federal judge sentenced the journalist Barrett Brown to 63 months in prison for sharing a link to information stolen from the private-intelligence firm Stratfor by a hacker in 2011. “Good news!” Brown said in a statement. “They’re now going to send me to investigate the prison-industrial complex.”
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“I hope that after reading the following pages the leaders of the Y. M. C. A. will start a campaign to induce good young men to do nothing. If so, I shall not have lived in vain.”