Obama Bailout Begins

There’s a new administration in Washington, but the bank bailouts continue! The Treasury Department today handed out its first cash infusions under Obama—$386 million to 23 small to midsize banks that are described as “healthy, “viable,” and “local.” The Obama team stresses the goal of the fund is “increasing the flow of financing available to small businesses and consumers.” Notably, there’s no mention of Bush’s unfortunate TARP in today’s announcement; instead, the Capital Purchase Program is highlighted. And, USA Today’s On Deadline blog points out, the list of banks receiving the cash is “included in the announcement itself, not ‘hidden’ behind a separate link.”