Tag Archives: US treasury department

No Banker Left Behind

A US bank chairman has pleaded guilty to using bailout money given to rescue his firm to buy himself a luxury home. Darryl Woods used $381,000 (£245,000) of the $1m given to his Mainstreet Bank to buy the Florida waterfront property. Following the US housing collapse and financial crash, Mainstreet needed to be propped up […]

Risky Business

China has scolded the US over its “addiction to debt” after rating agency Standard & Poor’s downgraded the US’ top-notch AAA rating to AA+. State news agency Xinhua said unless the US cut its “gigantic military expenditure and bloated welfare costs,” another downgrade would be inevitable. But other countries, such as Australia, France and Japan, […]