TARP Bailed Out Foreign Banks

As many suspected, the overwhelmingly unpopular (except to the bailed out bankers) program to prop up failed banks gave America's money to foreign banks.

Watchdog: U.S. Rescue Helped Foreign Banks
The $700 billion U.S. bailout program launched in response to the global economic meltdown had a far greater impact overseas than other countries' financial rescue plans did on the U.S., according to a new report from a congressional watchdog.

Billions of dollars in U.S. rescue funds wound up in big banks in France, Germany and other nations. That was probably inevitable because of the structure of the Treasury Department's program, the Congressional Oversight Panel says in a new report issued Thursday.
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