This came up over dinner on Sunday night and we all got talking about the bail outs and the fact that AIG just got more loan guarantees to the tune of
$30 billion or so.
We started talking about what that is going to do to us, the little people. The ones who will have to shoulder the burden of these loans with the
inevitable taxes that will follow. It also got us talking about the ways to make these huge companies repay these things in a timely fashion and where
the monies should go. More importantly, why none of those monies are coming to us, the tax payers.
I came up with this..why not issue stock to anyone who paid taxes this year or next year or what ever. You see where I'm going with this?
If we, the tax payers, were issued stock in these bailed out companies, we would actually have some say and power in this whole bail out scandal.
Shares of class A stock from the following companies...
11-08...The TARP has so far committed the following funding:
AIG $40 billion
JP Morgan $25 billion
Citigroup $25 billion
Wells Fargo $25 billion
Bank of America $15 billion
Merrill Lynch $10 billion
Goldman Sachs $10 billion
Morgan Stanley $10 billion
PNC Financial Services $7.7 billion
Bank of New York Mellon $3 billion
State Street Corp $2 billion
Capital One Financial $3.55 billion
Fifth Third Bancorp $3.45 billion
Regions Financial $3.5 billion
SunTrust Banks $3.5 billion
BB&T Corp $3.1 billion
KeyCorp $2.5 billion
Comerica $2.25 billion
Marshall & Ilsley Corp $1.7 billion
Northern Trust Corp $1.5 billion
Huntington Bancshares $1.4 billion
Zions Bancorp $1.4 billion
First Horizon National $866 million
City National Corp $395 million
Valley National Bancorp $330 million
UCBH Holdings Inc $298 million
Umpqua Holdings Corp $214 million
Washington Federal $200 million
First Niagara Financial $186 million
HF Financial Corp $25 million
Bank of Commerce $17 million
TOTAL: $203.08 billion
These figures are from Global reserch way back in November so the numbers are most likely higher.
If these companies had to buy the stock back from the tax payer in a timely fashion, then we would actually benefit from this mess as well as big
business. Buy back the stock or split it to make it more attractive for us to hold on to it.