Christmas Bailout
December 23, 2008 – 7:32 pmJust two days before Christmas, the US Treasury played Santa with taxpayer dollars. After the markets closed, Treasury Santa stuffed his fat arrogant ass down the economic chimney and gave the poor kids on Wall Street $4.7B. This money was spread out over no less than 92 banks. Of course, all of this is legal thanks to TARP.
The department released a list of 49 banks that got final approval last Friday to receive $2.8 billion. It said an additional 43 banks received final approval Tuesday, but those names will not be released until Monday.
Treasury also confirmed that it had given preliminary approval to American Express Co. and CIT Group to receive support from the $700 billion bailout fund.
All this complements piles of Christmas cash thrown at American Express, CIT Group, and a recent $17.4B for General Motors and Chrysler.
All that money burning a hole in the finances of taxpayers. Merry Christmas y’all.
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