Pull strings get a Bank Bailout
NEW YORK, Dec 21 (Reuters) - 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 an executive who sat on the board of a Federal Reserve Bank were 31 percent more likely to get bailouts through TARP's Capital Purchase Program, the study showed.
Those banks included Goldman Sachs Group Inc (GS.N), JPMorgan Chase & Co (JPM.N), and Morgan Stanley (MS.N), Bank of America Co (BAC.N) and Citigroup Inc (C.N) .
a watchdog for the government's bailout, the special inspector general for TARP, said last month that the broader $700 billion bailout program "almost certainly" will result in an overall loss for taxpayers.
Geeze you mean the stockholders of the Federal Reserve Corporation
got preferential treatment?
But isn't the Federal Reserve Corp, part of the Government?
NO no and no.
Amazing read more.
Series 7 & 13.
Labels: Pull strings get a Bank Bailout