Citigroup Inc, which received $50 billion in Troubled Asset Relief Program funds, made an $8 billion December loan, not to an American entity, but to a Dubai public sector company.[...]
The Goldman Sachs Group, which received $10 billion in TARP funds at the end of October, saw fit to spend $2 billion earlier in the year on the repurchase of company stock, which resulted in an increase in company share price.
[...]
In mid- November, Bank of America spent $7 billion investing in the China Construction Bank Corporation. Bank of America received $25 billion in TARP funds.
J.P. Morgan Treasury Services spent $1 billion investing in cash management and trade [finance] solutions in India also in November. J.P Morgan Chase & Co. received $25 billion in TARP funds.
[...]
The House report notes that while none of these transactions were illegal, they do not stand up well to statements made before Congress by TARP recipients on their understanding Congressional and taxpayer expectations that the TARP funding will be used to reinvigorate domestic lending.
No, they don’t, do they? But then, if it had really been intended for the banks to put the money into domestic lending, the Bush Administration/Congress could have put stipulations and conditions on receiving all that money. Heaven knows you will have to sign certain conditions if a bank ever sees fit to loan you any money. Although you could ask for the Congressional special. See what happens.
....but hey, do what you want....you will anyway.
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