Posted on 03/25/2009 6:35:08 AM PDT by Arguendo
NEW YORK (Reuters) - News that Goldman Sachs Group Inc might quickly pay back taxpayer money could pressure able rivals to do the same.
The Treasury Department's $700 billion Troubled Asset Relief Program was intended to provide lenders with more capital to spur lending and improve the economy.
Hundreds of companies have taken TARP money, ranging from $45 billion accepted by both Citigroup Inc and Bank of America Corp to $541,000 by The Victory Bank of Limerick, Pennsylvania.
But with TARP now seen more as an albatross, expectations are growing that more banks will repay their money as soon as they can. That would also free banks from dividend payouts, typically 5 percent a year. as well as Congress' demonstrated willingness to change the rules of engagement.
"What you have now is the stronger banks who have the money, but with one eye on Congress," said Jerry Blanchard, a partner in the financial institutions practice at Bryan Cave LLP in Atlanta.
(Excerpt) Read more at reuters.com ...
Two banks here in the OKC area have notices on their site that they didn’t take any TARP funds!
Who?
Soros and the elite idiot radical left?
All this created so that the sheeple will demand ‘democracy’ and when they don't get it, mob rule, then anarchy, then to the rescue, the oligarchy run by . . . Caliph 0bama and Soros and the Hollywood ignoramus elite?
Turns out the free money wasn’t so free. So it goes.
The faster companies get out from under government control, the better off the country will be. Our government needs to get back to its main purpose, defend the nation, not control our daily lives. All this must start within our states. This is where the power is. The states can control the Feds if set up correctly.
No.
In this case, “Good on Goldman”!
I guess businesses are finding out what we all knew already. Government can’t be trusted. You take what they offer you have to abide with the strings even when the strings constantly change! Pay the govt back and be done with it.
Seriously. I can see why Goldman wanted to take TARP money—back when it first came out, the uncertainty and fear in the markets was enormous, to the point people even questioned Goldman’s survival (with no basis except the assumption that they would be the “next in line” after Morgan Stanley failed)—but it’s certainly looking like it is far more expensive than they first thought.
Banks don’t want Obama as a partner. Nobody wants a partner who keeps changing the rules, and has his thug pals coming into their businesses doing who knows what.
Just like the old Mafia days, once you let them become “partners” your business was robbed blind and used as a front for all kinds of other illegal activity.
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