Banker Buys Luxury Condo With Banks Bailout Money

I thought we’ve got rid of those guys – you know like John “golden.waste-bin” Thain and other like-minded –  but I was obviously naive.  According to the  US Special Inspector General for the Troubled Asset Relief Program (SIGTARP) former chairman and chief financial officer (CFO) of Mainstreet Bank, Darryl Layne Woods,, seems to have used his banks bailout money to by himself a luxury vacation condominium.  Now, that’s plain naughty!

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…and who paid for the motorcycle?…

“When SIGTARP required Mainstreet Bank to disclose how it spent TARP funds, bank chairman and CFO Woods failed to tell the truth that within days of receiving the TARP funds, the bank spent more than a third of the funds purchasing a waterfront condo in Florida for his and other executives’ use. SIGTARP and our law enforcement partners will hold accountable and bring to justice those guilty of crimes related to TARP.”

Well, if this was a drug crime it would probably be equal to possession of a couple of ounces of marijuana – maybe with the intent to sell. In other words: Not the biggest crime in the business, not by a long shot!

Darryl Layne Woods

Darryl Layne Woods

But the thing that puzzles me a bit is that people like this – who obviously have not contact with the real world, and completely lacks social skills – still hold top positions in major financial institutions (in other institutions, for that matter) although they are totally incompetent!?

Yeah, well I’ll keep on wondering…

Here’s the info from SIGTARP:

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1 Comment

Filed under Laws and Regulations, National Economic Politics

One response to “Banker Buys Luxury Condo With Banks Bailout Money

  1. Reblogged this on Rational Arrogance and commented:

    Why do these people still hold top positions?