Hank Paulson found Bank of America worthy of a $25 billion investment via his “Anything goes” TARP program.
You remember that TARP program? Those funds were supposed to be used to shore up the US financial system? You also remember how Congress, after having been burnt by Freddie and Fannie assured us that TARP would have significant and stringent oversight?
Um, not so much.
Bank of America was in such dire need of the capital infusion, money that was supposed to assist loans in the US, that they thanked the US taxpayer by investing $7 billion to increase their stake in a Bank in China!
Is it any wonder why the vast majority of Americans believe the country is going in the wrong direction?
Are there anymore questions about whether Congress should ever do another “bail out?”