Oct

13

The saga of Park Avenue Bank's Charles Antonucci is over. The bank president, who on March 15 was arrested on charges of engaging in a broad range of illegal conduct that contributed, in part, to the bank's demise, but most importantly to stealing $11 million from TARP. Well, tonight the FBI has just announced that Antonucci has formally admitted to and pled guilty to securities fraud relating to his attempt to fraudulently obtain more than $11 million worth of taxpayer rescue funds from the Troubled Asset Relief Program ("TARP"), bank bribery, embezzlement of bank funds, and participating in a $37.5 million scheme that left an Oklahoma insurance company in receivership.

Then again, this is what every other CEO in America is guilty of every single day. Which means that only thing Antonucci really pled guilty to was being a stupid enough to keep Park Avenue Bank Too Small To Succeed. As we all know the TBTF curtain is the only alibi many other criminals in the industry resort to when the congressional theater convenes.

Moral of the story: unless you can threaten the world with collapse, you will go to jail.


Comments

Name

Email

Website

Speak your mind

Archives

Resources & Links

Search