Democracy Gone Astray

Democracy, being a human construct, needs to be thought of as directionality rather than an object. As such, to understand it requires not so much a description of existing structures and/or other related phenomena but a declaration of intentionality.
This blog aims at creating labeled lists of published infringements of such intentionality, of points in time where democracy strays from its intended directionality. In addition to outright infringements, this blog also collects important contemporary information and/or discussions that impact our socio-political landscape.

All the posts here were published in the electronic media – main-stream as well as fringe, and maintain links to the original texts.

[NOTE: Due to changes I haven't caught on time in the blogging software, all of the 'Original Article' links were nullified between September 11, 2012 and December 11, 2012. My apologies.]

Thursday, August 29, 2013

Darryl Layne Woods, Chairman Of Bailed-Out Bank, Used Taxpayer Money To Buy Luxury Condo

Darryl Layne Woods, the chairman of Columbia, Mo.-based Mainstreet Bank, pleaded guilty on Monday to using bailout funds from the Troubled Asset Relief Program to purchase a luxury condominium in 2009, U.S. Attorney Tammy Dickinson announced in a press release.

In January 2009, the bank received a cash infusion of more than $1 million from the federal government, the press release stated. Less than a month later, Woods spent more than $381,000 of those funds to purchase a seaside condo in Ft. Myers, Fla.

“At a time when many other Americans were losing their homes, he was siphoning off public funds to buy a luxury vacation condo in Florida,” Dickinson said.

TARP injected more that $600 billion into banks and other financial companies in the wake of the financial crisis. Taxpayers are still billions of dollars in the red for the bailout funds that have yet to be repaid.

Woods proceeded to lie to regulators about how the money was used, according to Christy Romero, Special Inspector General for TARP. When the agency “required Mainstreet Bank to disclose how it spent TARP funds, bank Chairman and CFO Woods failed to tell the truth,” he said.

Woods faces up to a year in federal prison without parole, according to the press release. He also faces a fine of up to $100,000 and is barred from future work in the financial services industry.

Original Article
Source: huffingtonpost.com
Author: The Huffington Post

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