(KMOV) – The controversial 2008 bank bailout that was supposed to get the economy going once the recession hit was certainly beneficial for one Missouri banker.
In fact, Daryl Woods used nearly $400,000 in tax money to buy a luxury condo in sunny Florida.
Federal court records revealed Woods used to be the chairman of the tiny Mainstreet Bank in Ashland.
Back in 2009, when a bunch of American banks needed help - Mainstreet got a government funded infusion; more than a million dollars through TARP - known as the troubled asset relief program.
According to Washington University Professor Cheryl Block, the $205 billion TARP program actually worked pretty well - in many cases the federal government made money as banks paid dividends on the borrowed money. Then you have guys like Daryl Woods.
Woods received a sentence of one year in prison after he was accused of using tax payer dollars to buy a condo.
He pleaded guilty to a misdemeanor charge of making a false writing and failed to tell the government about the purchased condo.
News 4’s Chris Nagus confronted the banker himself for answers. Click the video player for the full report.