The Heightened Risk Of Doing Business With The Government

One risk for directors and officers of banks or other financial institutions in taking money and support from the Federal Government is the potential increase in exposure for criminal liability for statements made in applications for TARP money or other assistance.  If the financial institution that receives money later fails, there will be heightened scrutiny of that institution's paperwork.  The result could be allegations that any inaccuracies in those papers, with the benefit of hindsight, were recklessly or intentionally made.

A potential example of this was reported today by Marketwatch (here), where the CEO of Park Avenue Bank, which was closed by bank regulators on Friday, was arrested for allegedly making false statements on a TARP application, among other charges.

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