“Banks that received federal assistance during the financial crisis reduced lending more aggressively and gave bigger pay raises to employees than institutions that didn’t get aid, a USA TODAY/American University review found.” The study also found that “the amount of loans outstanding to businesses and individuals fell 9.1% for the 12 months ending Sept. 30, 2009 at banks that participated in TARP compared with a 6.2% drop at banks that didn’t,” and that “average pay at banks getting aid rose 9.4% in the program’s first year. By contrast, non-TARP banks increased salaries 1.8%.”
Appalling, no?