Your bailout money bought this banker a condo
Darryl Lane Woods has pleaded guilty to spending $381,000 in TARP funds on a waterfront spot in Florida.
Woods, the chairman of Mainstreet Bank in Columbia, Mo., pleaded guilty on Monday to using bailout funds from the Troubled Asset Relief Program to purchase the condominium, according to a press release issued by U.S. Attorney Tammy Dickinson.
In January 2009, his bank received a cash infusion of more than $1 million from the federal government. Less than a month later, Woods turned around and spent more than $381,000 of those funds on a seaside condo in Ft. Myers, Fla.
"At a time when many other Americans were losing their homes, he was siphoning off public funds to buy a luxury vacation condo in Florida," Dickinson said.
TARP gave banks and other financial institutions $600 billion to stabilize themselves in the wake of the financial crisis. Taxpayers are still short roughly $59 billion as banks, lenders and other companies slowly pay back what they owe.
In Woods' case, he flat-out lied to regulators about how the money was used, according to Christy Romero, a special inspector general for TARP. When the agency told Mainstreet Bank to disclose how it spent TARP funds, Romero said, the "bank Chairman and CFO Woods failed to tell the truth."
Under the terms of Woods' plea agreement, he's required to leave the banking industry and may not serve as an officer, director, employee or affiliated party of any financial institution or agency. The government, in turn, agreed not to bring any charges against his wife, Jackie Woods (Ralston), for any criminal offenses the government uncovered during the investigation.
Under federal statutes, Woods faces up to a year in federal prison without parole, plus a fine of up to $100,000 and an order of restitution. He'll be sentenced later, though he'll have spent more time at his lovely little taxpayer-funded hideaway in Ft. Myers than he ever will in prison.
Consider it a second-home loan: You know, like the kind that's infinitely tougher for the average taxpayer to get, thanks to folks like Woods.
so basically he walks away with a slap on the wrist.........wonderful!
he takes $381,000. goes to jail for 1 year - out in say 6 months on parole. pledges to never do it again. and 'restitution" means he sells the condo for a profit and gives back the $381,000?
meanwhile......what ELSE has he done to give him confidence to pull THIS stunt? and what makes anyone believe he will not weasel back into this "line of work' again?
He is a small fish and much worse has and is likely going on. This is just a guise to make us think the government is doing its job and looking out for taxpayers. Hahahaha.
Besides he basically is getting a slap on the wrist, so what is even the point. He will come out better than most of us.
I think 10yrs at least would be more sufficient, plus the fine, plus paying back what he took, on top of forfeiting the property all together.
Make the punishment meaningful and enforce the laws and you would see less of this.
I think its time
So he gets convicted for stealing $381,000 while the BIG Wall Street "bankers" steal
hundreds of billions of dollars and the only punishment they get is a larger bonus.
I would think a guy with that kind of position would be better at covering his tracks. Other people in the industry did it and refered to it as a bonus. Sounds like he was slipping.
"I would like to spit some Beech Nut in that dudes eye" $380,000 dollars = 1 year in jail? And when the Government sells this home, where will the money go?
They ought to make this clown Bernie Madoff's bunk-mate, for as long as 'ol Bernie is locked up for.
But, I don't think it should stop there. He should never be allowed to conduct business or reproduce for the rest of his life. That might send a message to the rest of these tailored suit criminals who thrive in banking.
Bury him in prison for 20 years, make it a deterrent. If you think he is the only one that is doing this sort of thing your DEAD WRONG! Obama is doing worse to us than this guy! Get out and vote, clean them all out of office, even the long term folks we need new and trusted people. Weiner is not a good choice either!!!
Reid, Pelosi, Waters, Boxer, several others, have got to go!!
People like to blame banks, corporations, and the government but too many of us forget that all these organizations are corrupted by the individuals that fill their ranks. Americans don't want to admit there is a problem with Americans.
Think before you answer.
Who did he steal the money from?
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[BRIEFING.COM] The stock market finished an upbeat week on a mixed note. The S&P 500 shed less than a point, ending the week higher by 1.3%, while the Dow Jones Industrial Average (+0.1%) cemented a 1.7% advance for the week. High-beta names underperformed, which weighed on the Nasdaq Composite (-0.3%) and the Russell 2000 (-1.3%).
Equity indices displayed strength in the early going with the S&P 500 tagging the 2,019 level during the opening 30 minutes of the action. However, ... More
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