TPM:
The Project on Government Oversight (POGO), a good-government group, last week sent a letter to Congressional leaders identifying eight financial institutions that have sought to qualify for funds under the federal bailout program by purchasing banks, to which bailout money is restricted. In a related blog post, POGO accused the companies of "apparently trying to jump on the gravy train."
The details:
- Lincoln National Corporation is in the process of acquiring Newton County Loan and Savings, an Indiana bank.
- Hartford Financial is acquiring Federal Trust Corporation, the parent company of Federal Trust Bank in Florida.
- Genworth Financial is purchasing InterBank FSB in Minnesota.
- CIT Group has converted its Utah Industrial Bank to a Utah State Bank.
- Morgan Stanley was approved as a Bank Holding Company on September 21, 2008.
- GMAC Financial Services has opened GMAC Bank, a Utah chartered Federal Reserve Bank member bank.
- American Express was approved as a Bank Holding Company on November 10, 2008. The company owns American Express Centurion Bank, an industrial loan bank, and American Express Bank FSB, a federal savings bank in Utah.
- Goldman Sachs was approved as a Bank Holding Company in mid-September and opened Goldman Sachs Bank USA in Salt Lake City.
1 comment:
The Media was to busy to report this information because the White House Propaganda Dept said it was really important news. Yes Goldman Sachs and others have fixed their books and become banks and even taken over some banks to get the free bailout money. Hank is doing exactly what's he told. Bennie is so stupid he just hopes he can get enough money to buy a blow up doll. Something is really wrong with that man.
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