Diageo, the hideously oversized conglomerate that happens to own and make Guinness, is receiving $2.7 billion--with a B--from the United States' Troubled Assets Relief Program (TARP).
Why? The lead from here below:
June 26 (Bloomberg) -- In June 2008, U.S. Virgin Islands Governor John deJongh Jr. agreed to give London-based Diageo Plc billions of dollars in tax incentives to move its production of Captain Morgan rum from one U.S. island -- Puerto Rico -- to another, namely St. Croix.
DeJongh says he had no idea his deal would help make the world’s largest liquor distiller the most unlikely beneficiary of the emergency Troubled Asset Relief Program approved by Congress just four months later.
Today, as two 56-foot-high (17-meter-high) tanks for holding fermenting molasses will soon rise from the ground on the Caribbean island of St. Croix, the extent to which dozens of nonbank companies benefited from last October’s emergency financial rescue plan is just beginning to come to light.
Take your blood pressure medication before reading the whole thing.
If and when you see "tea party" protests out on July 4th, or by some miracle hear about them on the news or read about them in the newspaper or online, please don't ask what the heck they're protesting, like many did on April 15th. THIS is the balderdash they're protesting.
(There's supposedly one scheduled for the Inner Harbor on Thursday, July 2nd, 5-8 PM, as well as possible ones on July 4th.)
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