Another resounding success by Treasury Secretary Timothy Geithner

[n2doc]

$30 Billion to Lend, and Treasury Can't Figure Out How to Do So
Category: Economics • Jobs
Posted on: June 28, 2011 10:13 AM, by Mike

This is another resounding success by Treasury Secretary Timothy Geithner:

Nearly nine months after its formation, a $30 billion government fund to foster small-business lending has yet to pay out a single dime, even as the nation struggles with traumatic levels of unemployment....

As of this week, 844 institutions have applied for $11.6 billion from the Small Business Lending Fund. In theory, money from the fund would free up capital so that banks could then grant more loans to companies looking to buy new equipment and hire more workers.

But vetting the financial soundness of each bank has required a lot of coordination with federal regulators, a Treasury official said, and the department has been attempting to strike a balance between protecting taxpayers and encouraging credit for small businesses.

more

http://scienceblogs.com/mikethemadbiologist/2011/06/30_billion_to_lend_and_treasur.php

[aquart]

1. STILL not allowed to hang him?

[dixiegrrrrl]

4. Sad, isn't it?

[Ignis]

5. He definitely deserves a good pie-ing, at the very least.

Maybe two.

[aquart]

6. Only if it's poo pie.

[Glimmer of Hope]

2. Those loans are prone to fraud but it shouldn't be that difficult to find

eligible borrowers.

[corpseratemedia]

3. gosh golly ive been reading about fox/hens sure sounds like it

guess why it's not working, why would someone appoint this fox in the first place..lol not ONE dime loaned (working towards failure maybe?)