Bail Up

NYTimes on JPMorgan Chase:

Asked how an infusion of $25 billion of bailout funds would change the bank’s lending policy, an executive said the money would be used to buy other banks.

I’ve said before:

Several of the banks that have received our Treasury funds are using the money for MnA and takeovers.

Typical of the Bush years, ain’t it?

Bailout funds being spent in ways Congress never foresaw

The $700 billion Wall Street rescue plan was intended to go to buying up distressed mortgages and other bad assets. Instead, it’s gone to equity stakes in banks, and at least one bank used the money to buy a rival. It’s also likely to be used to buy stakes in life insurance companies, and maybe to help struggling Detroit automakers.