Friday, July 22, 2011

Banks are paying back TARP money.... with loans from the Treasury

Daniel Gross has written an insightful article detailing how several small banks have benefited from a US Treasury lending program, using the proceeds to pay back the USG for borrowed TARP funds. Talk about the snake eating the tail, this sort of credit card juggling is precisely the type of madness we need to clear out of the financial system, not subsidize with USG assistance.