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Politics : Politics for Pros- moderated

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To: carranza2 who wrote (297598)	3/22/2009 9:13:46 AM
From: unclewest	Read Replies (1) of 793957

The bandits who built the ponzi smelled the collapse coming and got all they could. I just opened today's paper to this story - istockanalyst.com Banks Lend Heavily to Insiders Amid Credit Crunch, Bailouts Saturday, March 21, 2009 9:51 PM (Source: The Charlotte Observer (Charlotte, N.C.))CHARLOTTE, N.C. _ Banks nationwide hold $41 billion in loans to directors, top executives and other insiders, a portfolio that experts say should be stripped of secrecy. Insider lending to directors is particularly troublesome because it could cloud the judgment of people charged with protecting shareholders and overseeing bank management, the experts say. At Charlotte-based Bank of America, those loans more than doubled last year, to $624.2 million _ the biggest dollar jump in the country. The largest of them likely went to three directors or their companies. The surge came during the third quarter as credit markets froze, the government prepared to infuse banks with billions in tax dollars and the board approved the purchase of troubled Merrill Lynch.

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