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To: bronxboy

Come on now. You made the assertion, now prove it.


272 posted on 01/31/2009 5:57:53 AM PST by kabar
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To: kabar

Here you go...the banks signed away all rights when they took the money. They knew what they were signing up for so too bad...you took the money. Please note some banks refused TARP money and are not subject to government meddling.

http://www.badfaithinsurance.org/reference/General/0816a.htm

Dec. 19 (Bloomberg) — Regional lenders, insurers and credit-card companies clamoring to get into the Treasury’s $700 billion rescue fund may not know what they actually signed up for until long after they’ve pocketed the money.

As financial firms race against a Dec. 31 deadline to become eligible for federal funds, they must decide if they can live with rules allowing the U.S. to “unilaterally amend” any part of its Troubled Asset Relief Program securities-purchase agreement. Bank officers and trade groups asked the government to delete the “open-ended obligation,” said Mark Tenhundfeld, regulatory-policy director at the American Bankers Association.

“It’s inconsistent with safe and sound banking practices,” Tenhundfeld said in an interview. “Treasury is saying, in essence, Sign up, but we can’t tell you exactly what you’re signing up for.”

The government could increase the dividend it’s being paid for preferred shares, require caps on executive compensation or force banks to halt foreclosures, said David Baris, executive director for the American Association of Bank Directors, in a Nov. 3 letter to Treasury Secretary Henry Paulson. At least 148 regional lenders have preliminary approval for more than $61.7 billion in TARP funds, according to data compiled by Bloomberg. Another $14.6 billion may be doled out to 45 other companies (excerpted).


275 posted on 01/31/2009 6:10:34 AM PST by bronxboy
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