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Banker Who Used TARP Funds To Buy Florida Condo Isn't Allowed To Be A Banker Anymore

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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]


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