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FarCenter

(19,429 posts) Tue Aug 27, 2013, 02:47 PM Aug 2013

Bank CEO Admits To Using Bailout Money To Buy A Luxury Condo In Florida [View all]

Darryl Layne Woods, the former CEO of a Missouri bank, admitted in court yesterday to using financial crisis bailout funds to purchase a luxury waterfront condo in Florida, Dealbook's Peter Lattman reports.

In November 2008, Woods, 48, who was the head of Mainstreet Bank and the bank's holding company Calvert Financial Corporation, applied for TARP money on behalf of his bank, a press release states.

In January 2009, his bank received $1,037,000. A month later, he used $381,487 of it to buy a place in Fort Myers, Florida.

He pleaded guilty to misleading federal investigators about how he used the TARP money.

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Bank CEO Admits To Using Bailout Money To Buy A Luxury Condo In Florida [View all] FarCenter Aug 2013 OP

At least he didn't move it to Switzerland. Octafish Aug 2013 #1

I want Perp Pix, and a photo of the Condo he bought with OUR money. bvar22 Aug 2013 #2

sob d_r Aug 2013 #3

It used to be we rob the banks, now the banks rob us. Initech Aug 2013 #4

Should have bought a place in the Caymans. lpbk2713 Aug 2013 #5

Apparently justice for bankers moves at snail speed. eom Blanks Aug 2013 #6