Which seems reasonable?

The Federal Reserve Board has banned Darryl Woods, the former CEO of Mainstreet Bank in Missouri, from working in banking for using federal bailout funds to buy himself a luxury condo in Florida. Woods was the CEO of Mainstreet Bank and the bank’s holding company, Calvert Financial Corp. when the company applied for and received $1,037,000 in funds from the Troubled Asset Relief Program in 2009. According to the Order of Prohibition from the Federal Reserve Board, Woods then took $381,487.45 from the TARP funds to purchase a condo in Fort Meyers, Fla. The Special Inspector General for TARP later investigated Woods’ use of the funds and he “failed to disclose the purchase of the condominium.”

Bank CEO banned for buying condo with TARP money [HousingWire]

4 comments (hidden to protect delicate sensibilities)
Show all comments ↓

Comments (4)

  1. Posted by PDH | April 17, 2014 at 6:28 PM

    I think I get it. So if you sell a TARP account a bunch of bonds, mostly exclusive, at a price he is willing to pay, with a fictional back-story and they all go way up in value it is a federal crime worthy of jackbooted prosecution. But if you actually apply for and then actually steal the TARP monies to pay for a Fla condo you get glorified probation.

  2. Posted by Occupy WS | April 17, 2014 at 9:28 PM

    Between bong hits…"told ya, fucking greedy bastards".

  3. Posted by guest | April 21, 2014 at 10:37 AM

    What I find most concerning is that someone would consider a $381,487.45 shit hole in Fort Myers a "luxury condo."

  4. Posted by guestacular | April 21, 2014 at 6:32 PM

    please don't ever use the word "banker" to describe anything in Missouri, let alone commercial banking.

    thx
    -everyone who reads your website