TARP Goes Tropical

BailoutSleuth.com recently updated its master list of financial institutions that have either received or been approved for TARP funding: 282 companies and counting. Among the Top 50 TARP recipients are Popular, Inc. (a.k.a. Banco Popular) at #27 and First BanCorp at #33, both of which are based in San Juan, Puerto Rico. Apparently the Treasury Department has now taken it upon itself to "outsource" American taxpayer money to banks in U.S. territories. Will offshore banks in the Cayman Islands be the next vacation destination for TARP funds?

#27. Popular, Inc. (San Juan, Puerto Rico) - $935 million

#33. First BanCorp (San Juan, Puerto Rico) - $400 million