February 26, 2009
Yesterday, I was browsing the news across the Intertubes and I ran across this article: "Bailed-out bank enjoys concerts, dinners, parties." Naturally, I was curious and potentially angry that a financial organization that the Feds had bailed out was throwing money around. I was not prepared for what I was about to read.
Six paragraphs in, I found this little gem:
(Senior VP) Holt told CNN that as a "healthy" bank, Northern Trust did not seek the $1.6 billion it received from the government as part of the U.S. Treasury's Capital Purchase Program, but that it "agreed to the government's goal of gaining the participation of all major banks in the United States."
What the!? Huh!? They weren't in trouble but the Feds leaned on them to take the money anyway? What kind of operation are we running here?
Between the bank bailout and the spendulus, the Feds have dumped a load of debt on future generations. It's bad enough when they tell us it is necessary, but now we are discovering that most of it was unnecessary. I have a feeling that the villagers will be getting their pitchforks and torches and storming the castle soon.
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