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!
“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!
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:
- After bailout, Alarion has missed 6 of its interest payments to TARP (ocala.com)
- SIGTARP Gets Down to Business (pogoblog.typepad.com)
- Another Benefit of TARP: Uncovering Bank Fraud (thestreet.com)
- TARP Fund’s History of Fraud and Corruption (theepochtimes.com)