Okay so the GOP is holding up the second half of the TARP funds like they themselves are somehow going to lose something in the deal. But if fact they are themselves profitting, at least some are. Take Eric Cantor for example he is considered by the GOP as a raising star. ProPublica gives the dirty details.
This Thursday, Cantor cast a high-profile vote opposing release of another $350 billion in bailout funds. Unpublicized until now was a recent development: The Treasury Department used $267 million of taxpayer funds to buy preferred stock in a private banking company that employs Cantor’s wife.
The bailout for New York Private Bank and Trust (NYPBT) came earlier this month as part of a Treasury Department program to boost “healthy banks” with extra capital. NYPBT is the holding company for Emigrant Bank , a savings bank with 35 branches in and around New York City. Diana Cantor runs the Virginia branch of Emigrant’s wealth-management division, called Virginia Private Bank & Trust, which targets an ultra-rich clientele.
Rob Collins, Cantor’s deputy chief of staff, said the congressman didn’t know the bank was seeking bailout money and never interceded on the bank’s behalf with government regulators. He also said Cantor had never intended the bailout bill to be used to buy up stock in banks.
I guess Cantor and his wife don’t discuss their day jobs (Um), somebody’s got some splaining to do.