How many Czars are in the United States Government at this time? Isn't that a term really associated with Russia? Well, here's a story about a taxpayer bailout of a bank that benefited Heinz Field in Pittsburgh. And no Rick Santorum had nothing to do with it
What does a $100 million dollar bailout get you? Ask Arthur Rooney II. Its a $135,000 lease on a luxury box at Heinz Field. Thank the top Treasury officials.
To be fair which is something the Democrats forgot
Luxury perks and big bonuses enjoyed by the recipients of massive government bailout programs have struck a raw nerve with some taxpayer groups, and have become a rallying cry among tea-party activists. But First National Bank's executives say the company's Steelers tickets should not be lumped in with other recent episodes.
Steve Gurgovits, the Chairman and CEO of First National Bank, told ABC News Tuesday that he understands why such an expense might look bad to the American public, but he wanted to make clear the bank spent none of the taxpayer funds – issued under the Troubled Asset Relief Program (TARP) during the final days of the Bush administration – on pricey stadium seats.
In fact, he said, the bank never touched the taxpayer money. It accepted the funds as a backstop in case the economy tanked, but conditions never got so bad that the bank actually needed them. FNB "paid back every penny of interest and principle" last September, Gurgovits said.
As for the Heinz Stadium luxury suite, Gurgovits said the company was partway into a 10-year lease – a lease it signed before Rooney joined the bank's board.
In the end one wonders how you separate TARP money that is not needed when you decided to accept it.
No comments:
Post a Comment