Posted on 06/17/2009 10:13:53 AM PDT by ml/nj
With the wiring of nearly $10 billion to the United States Treasury, U.S. Bancorp and BB&T on Wednesday became the first large financial institutions to announce that they have repaid the government in full for the preferred shares it bought last fall under the federal bailout program.
U.S. Bancorp, based in Minneapolis, said Wednesday morning it redeemed $6.6 billion in preferred stock from the Treasury. BB&T, based in Winston Salem, N.C., said that it had bought back the preferred shares for $3.1 billion plus a final dividend payment of about $13.9 million.
Morgan Stanley and Goldman Sachs were also expected to return their federal aid on Wednesday, signaling that the nation’s top bankers are regaining their confidence after the financial crisis that shook Wall Street last fall.
BB&T, U.S. Bancorp, Goldman, Morgan Stanley and six other large financial firms won approval last week to repay the money they received under the Troubled Asset Relief Program, a move that would bring them close to cutting their financial lifeline from Washington.
Among the other banks cleared to exit the TARP were JPMorgan Chase, American Express and Bank of New York Mellon.
(Excerpt) Read more at dealbook.blogs.nytimes.com ...
You see nothing. It's obvious that you have no clue regarding what I am suggesting here.
While I do not worship, nor ever have worshiped, the ground that Bush walks upon, characterizing me as a Bush hater is obscene.
This is about a fraud perpetrated by a gaggle of financial institutions and not about Bush or Obama, except that the latter benefited politically as a result.
ML/NJ
Oh don't worry about that. there will be plenty of debt on our grandchildren with the other trillions Obama is spending, none of which is going to be paid back by anyone except us in interest payments on the national debt.
Because it is. Don't you see what they did?
And do you really think this money is going to be taken off the massive national debt Obama has racked up?
This money will eventually vanish, and he and his pals will have stolen a trillion dollars to finance his national brownshirt force.
Of course people like you would have blamed Bush no matter what he did.
You’re confusing TARP with the stimulus package.
Because government handouts cannot save the economy. Government spending of any kind is deleterious to the economy, and the kind that has been done in the past eight months is a fusion bomb.
The gangrenous leg is a good analogy; the sooner the failures get completed, the less damage will be done.
The TARP plan was a loan. And it’s getting paid back in record time...with interest.
It was fraud because the repayment shows there never was a need to "save the economy" (and I guess you wouldn't understand that even if there were a need, it still would be unconstitutional, i.e. illegal, for the Federal government to attempt meet that need).
As for your repeated attempt to divert this to a discussion about President Bush, give it up. This isn't about President Bush.
ML/NJ
Some ot TARP is getting paid back, because they saw that it was in reality an attempt at nationalization.
Much of TARP will never be paid back; it went into failing companies that had no hope of recovery. Delaying the failure of those companies has harmed the economy.
And don’t forget that over half of the funds cannot be accounted for. (Interesting coincidence: Two Japanese men arrested attempting to cross into Switzerland from Italy carrying undeclared bonds with the same value as the missing TARP funds)
The people then who needed to be bailout were those who put their money into the banks, not the banks!
Banks have no money, they lend other people's money!
The Bush bailout was a disgrace and against all free market principles!
Those banks never needed the money in the first place but were forced to take it by the government.
So the entire 'sky is falling' nonsense that Bush and the nitwit Paulin, was simply smoke and mirrors.
And what is worse, is that the GOP Senate, went along with him instead of resisting it like the GOP House did.
It’s the profits they made from their dealings with AIG.
Who do you think AIG was paying? Phantoms?
What garbage. Cut it out. The bonds were from the Kennedy era. Isn’t there a UFO thread you can hang out on?
You have no idea what you’re talking about.
ML/NJ
Bonds from any era can be sold, or given, at any time.
Deb, your preferred, soft padded safe world has been gone for a long time (if it ever existed).
Actually, I do.
Bailouts are anti-free enterprise, no matter which Party does them.
Obviously bonds from any era are negotiable. As to your last sentence, you’ve lost your mind (if it ever existed). Try making sense.
Duh. Once again, TARP wasn’t a “bailout”, it was a loan and like Bush said, it’s being paid back. You can keep pretending you understand, but you obviously don’t.
Duh, you can rename it whatever you want, it was a BAILOUT.
And the Government LOANING money to business is ALSO anti-free enterprise.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.