Tuesday, December 30, 2008
Remember how the TARP was established to help troubled banks, which were supposedly going to fail without the money? Fidelity Bank just cashed a $36 million dollar check from the Treasury. Check out this quote from the Wichita Eagle:
"Fidelity chief executive Clark Bastian and president John Laisle said the bank is healthy and is accepting the investment only to increase its safety in uncertain economic times."
So healthy banks are getting money, too? Talk about bait and switch. Congress should report the Treasury to the Better Business Bureau. That being said, if good banks don't get the money as well, it puts them at a competitive disadvantage to crappy ones. What did Congress expect to happen?
If only someone had warned them. Oh, wait: