http://online.wsj.com/article/SB10001424052748703859204575525820745204374.html?mod=WSJ_hpp_sections_smallbusiness
The recycling of TARP on a last minute makeover. Slipped in, in the final moments of the game to keep the game going.
Our financial system is totally broke.
Dozens of credit unions are among the last recipients of money from the government's financial bailout.
The U.S. Treasury in recent weeks provided 48 credit unions with $69.91 million through a program aimed at boosting small-business lending in underserved communities, ahead of the Oct. 3 expiration of bailout authority under the Troubled Asset Relief Program
Credit union regulators had approved requests for funding from 85 credit unions, but some withdrew their applications because of compensation restrictions and documentation requirements.
The credit unions that did receive funding had to wait until the government was within weeks of losing its spending authority under TARP, a once $700 billion bailout fund that has since shrunk to $475 billion.
