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Old 08-28-2013, 08:44 PM  
PunkinDrublic PunkinDrublic is offline
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Bank CEO admits to using bailout money to buy luxury condo in Florida

Feds: Bank chairman used bailout money to buy luxury condo

Isolde Raftery, NBC News Facebook
Share on Facebook Twitter LinkedIn GooglePlus Email Aug. 27, 2013 at 5:23 PM ET


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This Google Maps street view shows the condo building where bank chairman Darryl L. Woods bought a condo using TARP money. Woods pleaded guilty on Tuesday. A bank chairman from Missouri pleaded guilty on Tuesday to lying about how he used bailout money given to banks during the 2008 economic crisis. Rather than using the federal funds to stabilize his small bank, court records say, the chairman spent about a third of the money on an oceanfront condo in Florida.

Darryl Layne Woods, 48, of Columbia, Mo., could be sentenced up to a year in prison and may also have to pay a $100,000 fine. Lying to federal officials about how the money was spent is a misdemeanor crime.

Court records do not say whether Woods will be charged with misusing the money, which came from the Troubled Asset Relief Program, or TARP.


“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,” Tammy Dickinson, U.S. Attorney for the Western District, said in a statement. “These federal funds were intended to help stabilize the economy during a fiscal crisis. Instead, this disgraced business leader took advantage of the situation to benefit himself and other bank executives, then lied to federal investigators in an attempt to hide his scheme.”

Court records say that Woods, the chairman of Mainstreet Bank in Ashland, Mo., had located the Fort Myers, Fla. condo and started negotiating on a price between July 2007 and Sept. 2008.

Several months later, in November 2008, the bank’s holding company, Calvert Financial Corporation, which Woods also headed, applied for TARP money. The bank received $1.04 million.

That winter, on Feb. 2, 2009, Woods closed on the condo, paying $381,500 that he had transferred from the bank.

One week later, when TARP administrators asked how he had spent the more than $1 million, he failed to disclose that he had bought a luxury condo for himself and other executives.

A sentencing date for Woods has not been scheduled.

Property records show that the 3-bedroom, 2-bath condo was sold in March 2013 for $408,000.
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Old 08-29-2013, 09:31 AM   #16
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Old 08-29-2013, 09:31 AM   #17
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But he DESERVES to make enough to live on, right?

RAISE MINIMUM WAGE TO $400K
No joke!!! lone bugerflipper showed us how raising it to $15 this would cure our economic problems. Can you imagine how wonderful things would if fast-food workers made $400K???
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Old 08-29-2013, 09:56 AM   #18
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No joke!!! lone bugerflipper showed us how raising it to $15 this would cure our economic problems. Can you imagine how wonderful things would if fast-food workers made $400K???
As punishment bankers should have to switch salaries with fast food workers.
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Old 08-29-2013, 09:59 AM   #19
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No joke!!! lone bugerflipper showed us how raising it to $15 this would cure our economic problems. Can you imagine how wonderful things would if fast-food workers made $400K???
We'd all be rich!
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Old 08-29-2013, 09:59 AM   #20
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We'd all be rich!
and corporations' profits wouldn't change a bit
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Old 08-29-2013, 10:01 AM   #21
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We better be careful, loneiguana will paste like 40 articles he found.
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Old 08-29-2013, 11:00 AM   #22
PunkinDrublic PunkinDrublic is offline
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Chump change. Picking up nickles while they walk past stacks of 100 dollar bills. 400 g does not come close to the money taken through food stamp fraud in a month in columbia. Or what is stolen and misused at MU (or any other university) in a week.

Catching little fish. Trophys still swimmin.
In other words you condone this.
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Old 08-29-2013, 12:25 PM   #23
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In other words you condone this.
In other words you are a moron if you think this is a big deal in the real scope of things. Condone it? no. I do not condone it. But I see it for what it is. Feed for the stupid who think its so cool we got a bad bank guy. Like 400g is a lot of money? Bullshit.
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Old 08-31-2013, 06:07 AM   #24
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Originally Posted by HonestChieffan View Post
In other words you are a moron if you think this is a big deal in the real scope of things. Condone it? no. I do not condone it. But I see it for what it is. Feed for the stupid who think its so cool we got a bad bank guy. Like 400g is a lot of money? Bullshit.
So $400K is insignificant, but we should prosecute and incarcerate some poor person who scams TANIF out of 5 grand? In what world does that make one iota of sense?
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Old 08-31-2013, 08:25 AM   #25
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No joke!!! lone bugerflipper showed us how raising it to $15 this would cure our economic problems. Can you imagine how wonderful things would if fast-food workers made $400K???
Strawmen, Strawmen everywhere.

/you never did make any intelligent comment in that thread, but here you are whining in another one.
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Old 08-31-2013, 08:26 AM   #26
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We better be careful, loneiguana will paste like 40 articles he found.
Why do you care, it's not like you read them.
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Old 08-31-2013, 08:41 AM   #27
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Originally Posted by HonestChieffan View Post
In other words you are a moron if you think this is a big deal in the real scope of things. Condone it? no. I do not condone it. But I see it for what it is. Feed for the stupid who think its so cool we got a bad bank guy. Like 400g is a lot of money? Bullshit.
There's nothing cool about getting a slap on the wrist like this guy got. Do you support drug testing for bank executives who get bailout money? What about team owners who get public funding to build stadiums?
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Old 08-31-2013, 09:10 AM   #28
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There's nothing cool about getting a slap on the wrist like this guy got. Do you support drug testing for bank executives who get bailout money? What about team owners who get public funding to build stadiums?
Or developers who receive tax credits for low income housing or CEOs that receive tax abatements.
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Old 08-31-2013, 09:46 AM   #29
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I have to say in this case I'd be a fan of public execution. Wouldn't have another bank bust for 100 years.
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Old 08-31-2013, 09:48 AM   #30
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Or developers who receive tax credits for low income housing or CEOs that receive tax abatements.
Hey now, that's fine for other people just not me

Actually I'd be ok with that.
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Originally Posted by Chris616 View Post
High Tech is Sorcery and the people who are really powerful are literally telling people to commit crimes using the psychic interspace created by the WWW and Wireless. They are controlling peoples actions like drones . The two things are deeply intertwined. The more man's brain interfaces with machines the creepier it gets. They use brains separate from a human body in a supercomputer and you have The Image of the Beast. The military has been doing this since the 50s
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