News 4's Chris Nagus confronts Missouri banker using tax dollars for his benefit

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by News 4 Investigates

KMOV.com

Posted on November 7, 2013 at 12:22 PM

Updated Thursday, Nov 7 at 12:35 PM

(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. 

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