Post Crescent – U.S. Senate candidate Eric Hovde has purchased a bank that received federal bailout money, even though the Republican hedge fund manager says he remains staunchly opposed to the program.
When announcing his candidacy last month, Hovde stressed that he never owned a bank at the time it received bailout money from the federal government. But at the same time he was entering the race, his private equity firm was in the process of acquiring a failed bank that got $9.1 million in bailout money under the Troubled Asset Relief Program, better known as TARP.
