Eric Cantor Slams TARP - While His Wife's Employer/Bank Cashes In

[babylonsister]

Bank Employing GOP House Leader’s Wife Got Bailout Bucks
by Aram Roston, Special to ProPublica and Paul Kiel, ProPublica - January 23, 2009 1:49 pm EST

House Republican Whip Eric Cantor, a rising star in the Republican party, has been a prominent voice demanding accountability in how the government doles out hundreds of billions for bank bailouts.

"I think most American taxpayers now are sort of scratching their head," Cantor told CNN in December, "wondering when all this bailout stuff is going to end. And probably thinking, 'You know, when is my bailout coming?'"

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) <2> 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 <3>, 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.

more...

http://www.propublica.org/article/bank-employing-gop-house-leaders-wife-got-bailout-bucks-090123

[NJmaverick]

1. So typical of Republican hypocrisy

[stillcool]

2. what a tool he is...

you'd think they would pick someone who at least looked a little sane.

[WannaJumpMyScooter]

3. yeaaaaah. I believe him

not

now his wife's back employer is secure, screw everyone else, right Cantor?

this guy is great. he makes Sam Brownback look like a genius.

[tularetom]

4. The republican party is indeed in dire straits

if this douchebag is a rising star in it.