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Update: More Banks that received TARP funds buying California IOUs
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The Wall Street Journal reported that Bank of America Corp., Citigroup Inc., Wells Fargo & Co. and J.P. Morgan Chase & Co. are buying the risky California IOU’s. Why would banks that had to be bailed out get into another perilous venture? California trying to close its $26.3 Billion annual budget gap and $28 Billion of bonds maturing by October plans to issue more than $3 Billion of IOUs in July.
On June 16th the Washington Post reported, Calif. Aid Request Spurned by U.S., that the White House would not bailout California. This leaves you wandering why the W.H. and the Treasury would allow these banks to be involved with the IOU’s while still holding TARP funds. Is this another slight of hand by the Obama administration and is the W.H. strong arming these banks to play along?
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