First DuPont, now this: Tough times in Wilmington, Del.
Since its inception in the dark days of 2008, the Troubled Asset Relief Program has been beset by its troubled self.
Some have taken advantage of the $430 billion the Treasury doled out more or less blindly, notably the banks themselves, which took the money but didn’t actually use it for things the government hoped they would. Some bank employees also committed crimes to get their unfairshare of it. Some might even say that TARP itself was a great crime against the American taxpayer and the American way of life (And, yes, some of those people might now be running for president).
But no one has accused any bank of actually committing a crime against TARP, or at least no one with the power to indict. That is, until now.
A federal grand jury has criminally charged Wilmington Trust Corp., an unusual move that marks the first time a bank that received federal bailout money has been indicted….
The grand jury returned a second superseding indictment Wednesday that added Wilmington Trust as a defendant to the indictment already pending against former senior bank executives David Gibson, Robert V.A. Harra, William North and Kevyn Rakowski.
Wilmington Trust criminally charged [News Journal]
M&T’s Wilmington Trust indicted in U.S. over loans [Reuters]