Wednesday, February 08, 2012

 
 
 

 
 
 
 
 
Backdoor deal allows GE to gorge itself at government trough
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Tuesday, June 30, 2009
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By Daily Crux Editor Braden Copeland:

General Electric is the world's largest industrial company, and it controls one of the world's largest financial institutions in GE Capital... But the company wasn't eligible to receive a government bailout through TARP.

Of course, being the powerful behemoth it is, GE sent its lawyers looking for loopholes, and not surprisingly, it found one...

Because GE owns two small Utah banks, it's eligible for the Temporary Liquidity Guarantee Program, or TLGP. GE has now used TLGP to help it raise $74 billion at ridiculously low interest rates and save billions of dollars. All on your dime...

Read full article...

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Topics: Bailout | Fraud | Boondoggle
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