Posted on 03/03/2009 9:42:19 AM PST by NormsRevenge
WASHINGTON – Former Sen. John Sununu, a member of the government watchdog panel that oversees the financial sector rescue fund, is joining the board of managers of a firm affiliated with a bank that has received $3 billion from the fund.
Sununu last week was named to the board of ConvergEx Holdings LLC, the holding company for BNY ConvergEx Group. The Bank of New York Mellon Corp. holds a 33.8 percent stake in BNY Convergex, but it has no control over the company or its board.
The bank was one of nine institutions selected by the Treasury Department last fall to receive infusions of cash through capital purchases financed by the $700 billion Troubled Asset Relief Program.
The bank also serves as Treasury's custodian of the bailout funds, a massive job that includes holding and administering all cash and assets in the program's portfolio.
(Excerpt) Read more at news.yahoo.com ...
Beware the Corporate Gubamint Media Complex... and fiscal entanglements
Boy oh boy- That sure is an ‘arm’s length transaction’ isn’t it??? NOT!!!
The cycle of graft and corruption sure keeps rolling along, doesn’t it!??
Queen Michelle thumbs-up fist bump to you, John.
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