It looks like you're using an Ad Blocker.

Please white-list or disable AboveTopSecret.com in your ad-blocking tool.

Thank you.

 

Some features of ATS will be disabled while you continue to use an ad-blocker.

 

Obama Refuses TARP Payback From Bank

page: 1
0

log in

join
share:

posted on Apr, 4 2009 @ 07:44 PM
link   
Well, it looks like Obama's plan to federalize the banks is going along well. He is now refusing TARP money payback from at least one prominent bank so he can maintain control over their day-to-day operations. Funny how this is going unnoticed by a majority of the MSM, who are more concerned about what designer was responsible for his wife's threads today.

Obama Wants to Control the Banks


Here's a true story first reported by my Fox News colleague Andrew Napolitano (with the names and some details obscured to prevent retaliation). 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.




posted on Apr, 4 2009 @ 07:50 PM
link   
FYI....

Already exists here .



new topics
 
0

log in

join