US bank chief pleads guilty to using bailout cash to buy home

A US bank chairman has pleaded guilty to using bailout money given to rescue his firm to buy himself a luxury home.

Darryl Woods used $381,000 (£245,000) of the $1m given to his Mainstreet Bank to buy the Florida waterfront property.

Following the US housing collapse and financial crash, Mainstreet needed to be propped up with taxpayers' money.

Read more... Bailout money was given to Mainstreet under the Troubled Asset Relief Program