Probe: Bailed-Out Banks Raising Fees
In response to overwhelming customer complaints, a Congressional committee has launched a probe in order to examine the lending practices at the banks which have received TARP funds:
Elizabeth Warren, chairwoman of the Congressional Oversight Panel, the body named by Congress to oversee the federal bailout, said the panel is working on a report examining instances of potentially inappropriate lending by banks that got taxpayer capital. “The people who are subsidizing the activities of the banks through their tax dollars are the same people who are furnishing the high profits through consumer lending,” Ms. Warren said in an interview. “In a sense, we’re asking taxpayers to pay twice.”
