Bank CEO Admits To Using Bailout Money To Buy A Luxury Condo In Florida

[FarCenter]

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.

Read more: http://www.businessinsider.com/bank-ceo-buys-condo-with-tarp-money-2013-8

[Octafish]

1. At least he didn't move it to Switzerland.

Other Banksters took the money and ran!

[bvar22]

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

Names, faces, and places for a pictorial essay explaining to the 99%
why WE have to give up Meals on Wheels, Head Start and our Social Security.

[d_r]

3. sob

at least he got caught

[Initech]

4. It used to be we rob the banks, now the banks rob us.

[lpbk2713]

5. Should have bought a place in the Caymans.

... where the rest of his money probably is.

[Blanks]

6. Apparently justice for bankers moves at snail speed. eom