Economic Rescue Package Should Not Fund Bank Acquisitions, Executive Bonuses

20.11.08 - 17:22 ... source : John Boehner - 8th District of Ohio

... American Energy Tour National Renewable Energy Lab Share This Page Slashdot Del.icio.us Google Digg Reddit Newsvine Furl Yahoo Facebook Oct 29, 2008 Washington - Congressman John Boehner (R-West Chester) today sent a letter to Treasury Secretary Henry Paulson, raising concerns about how some funds made available under the recently-enacted economic rescue package are being utilized by some financial institutions. Citing news reports highlighting one bank that is using funds from the Troubled Assets Relief Program (TARP) to purchase another bank and other reports indicating that some institutions have considered using TARP funds for employee pay raises and executive bonuses, Boehner noted that these types of expenditures were never described by the Treasury Secretary, or expected by Congress when the relief plan was sent to the President on October 3. "Mr. Secretary, funds made available under the eco ...» Next (HTML)