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Forced to keep TARP money for control?

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posted on Apr, 4 2009 @ 06:50 PM
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Forced to keep TARP money for control?


online.wsj.com

Under the Bush team a prominent and profitable bank, under threat of a damaging public audit, was forced to accept less than $1 billion of TARP money. The government insisted on buying a new class of preferred stock which gave it a tiny, minority position. The money flowed to the bank. Arguably, back then, the Bush administration was acting for purely economic reasons. It wanted to recapitalize the banks to halt a financial panic.

Fast forward to today, and that same bank is begging to give the money back. The chairman offers to write a check, now, with interest. He's been sitting on the cash for months and has felt the dead hand of government threatening to run his business and dictate pay scales. He sees the writing on the wall and he wants out. But the Obama team says no, since unlike the smaller banks that gave their TARP money back, this bank is far more prominent. The bank has also been threatened with "adverse" consequences if its chairman persists. That's politics talking, not economics.
(visit the link for the full news article)




posted on Apr, 4 2009 @ 06:50 PM
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Can this really be correct? If the government is refusing payback of TARP money, we must question the true purpose of the current administration. Although this bank probably was given TARP funds during the waning days of Bush, if the Obama administration is actually refusing a payback, I sincerely hope (see hope and change) that it is not for continued control of the bank.

Since we need to question everything, I sincerely hope this report is wrong.....This is exactly what I (and many others) were afraid of......Control.....Check it out, ATS ferrets!!!

online.wsj.com
(visit the link for the full news article)



posted on Apr, 5 2009 @ 09:53 AM
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