I know guys that have the golden touch, everything they get involved with turns into a money making machine, well it seems as though this administration has the opposite effect. By the time they get finished they will have turned everything to sh*t.
FDIC Disowns Geithner Embarrassment | Financial Services | Financial Articles & Investing News | TheStreet.com
FDIC Disowns Geithner Embarrassment | Financial Services | Financial Articles & Investing News | TheStreet.com
WASHINGTON, D.C. (TheStreet) -- The Treasury Department, not the Federal Deposit Insurance Corp., should be held responsible for a public relations gaffe last month in which the FDIC closed a Chicago bank just hours after it received an award from Treasury Secretary Tim Geithner, according to FDIC spokesman David Barr.
Park National Bank of Chicago received $50 million in tax credits to encourage investment in poor communities at an Oct. 30 ceremony attended by Geithner. Hours later, though, it was seized along with eight other banks around the country that formed part of a holding company called FBOP Corp. and sold to U.S. Bancorp (USB Quote).