http://www.usatoday.com/money/industries/banking/2010-04-21-tarp-banks_N.htm

Pretty good article IMO about how the banks didn't use the money as the Obama admin. intended. Personally, i'm not surprised. It was a very poor thought out move in response to the mortgage crisis to get the economy back on track...only that it didn't do anything Washington wanted it to do.

Thoughts?

This is why everyone is pissed off.

There was a thread about this before, but Moore's new movie talks about this. How the banks took the money and gave people raises and such. I'm not going to talk any more about the movie because that isn't what this thread is about.

IF the banks ever need help again, this should be cited when the Government SHOULD say "NO"

bigkahuna wrote: This is why everyone is pissed off.

There was a thread about this before, but Moore's new movie talks about this. How the banks took the money and gave people raises and such. I'm not going to talk any more about the movie because that isn't what this thread is about.

IF the banks ever need help again, this should be cited when the Government SHOULD say "NO"

The stock market essentially forced the governments hand on the issue. They were going to say no and the market effectively had the largest point loss in history. It had nothing to do with whether or not it would actually help, it was the fact that the governemt kept saying they were going to do it, and when it appeared that they would not, people freaked.

They didn't do what the taxpayers wanted them to do but they didn't fail like Lehman Brother's either.

^^^^

There have been plenty of bank failures in the last 18 months or so, some of which were TARP deadbeats. Granted, these regional community bank holding companies aren't big enough to be deemed 'can't fail', but it happens. I can think of two bank holding companies in our region that may go under in the next few months, and haven't paid back a cent on TARP. Hope it doesn't happen, I suppose we'll see.

I read over on zero hedge that the Lehman bankruptcy has been nothing more than a feeding frenzy for attorney billing hours to the tune of $741.6 million so far. After the lawyers are done picking the bones there is little left to disperse to creditors and such.

If any of the major TARP banks fail it will be a similar buffet of billable hours for attorneys to clean out the carcasses of those banks making sure to leave little left of the bones for the taxpayers to ever recover.