Bank exec admits to buying condo with bailout cash

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A bank executive in Missouri has admitted to using bailout funds to purchase a condominium, The New York Times reported.

He allegedly applied for aid from the Troubled Asset Relief Program (TARP), received $1 million under the program, and then used $381,000 of the aid to buy a condominium in Fort Myers, Fla., according to The Times.

Source: The New York Times