Federal Government Extortion Of Sound Banks–You Decide?–Take This TARP and Shove It!
Why Is The United States Government Extorting Banks?
Glenn Beck Shorts 04-06-09 Obama Coerces Threatens Banks
7 : 7 FRONTLINE: Inside The Meltdown
In-Depth Look – Returning TARP Funds – Bloomberg
ROUBINI NATIONALIZATION OF BANKS !!!
The reason why bank nationalization hasn’t been done
cnn – lou dobbs – what foreign policy?
I only wish one or more bank executives would go public and demand the Federal Government take back their TARP money that many banks were extorted or forced to take in the first place.
Tell the Federal Government to take a hike and give the money back to the American taxpayers.
Looks like the politicians and bureaucrats of both political parties just wanted the bankers to shutup.
Who the hell do these people think they are?
Take your TARP and shove it!
America Moving Toward Fascism
AIM Award Video
FIX IT NOW – Plan to Actually SOLVE THE PROBLEM
Background Articles and Videos
The REAL REASON For The Bailout (Hint: FOREIGNERS)
The Potential End Of America’s Government
United States government debt
The United States government debt, commonly called the “public debt” or the “national debt“, is the amount of money owed by the federal government of the United States to holders of U.S. debt instruments. Debt held by the public is all federal debt held by states, corporations, individuals, and foreign governments, but does not include intragovernmental debt obligations or debt held in the Social Security Trust Fund. Types of securities held by the public include, but are not limited to, Treasury Bills, Notes, Bonds, TIPS, United States Savings Bonds, and State and Local Government Series securities.
As of March 16, 2009, the total U.S. federal debt was $11,042,553,971,450.47, or about $36,314 per capita. Of this amount, debt held by the public was roughly $6.74 trillion. In 2007, the public debt was 36.8 percent of GDP, with a total debt of 65.5 percent of GDP. The CIA Factbook ranked the total percentage as 22nd in the world.
Public debt is the amount owed by the government to its creditors, whether they are nationals or foreigners. External debt is the debt of all sectors of the economy (public and private), owed to foreigners. In the U.S., foreign ownership of the public debt is a significant part of the nation’s external debt. The Bureau of the Public Debt, a division of the Department of the Treasury, calculates the amount of money owed by the national government on a daily basis.
Bankers: Take your TARP money back
Some banks say the government’s stabilization plan is actually weighing them down.
“…”Things have changed since TARP was announced. The rules have changed,” said Michael McMullan, CEO of the Bank of Florida, who withdrew his application for TARP funds Thursday. “We’re going to need to attract and retain key revenue drivers and great bankers.”
“The more restrictions that we are placed under from the Government, the less value we can deliver to our shareholders in the long run,” said McMullan.
Iberiabank in Louisiana, California’s Bank of Marin, and TCF Financial in Minnesota confirm to CNN Money that they are asking Treasury to take back their TARP funds.
“What these bank managers are saying is – listen, I want the Government out of my backyard, and I just want to give back the TARP, and I want to run my company by myself,” said Paul Miller, Financial Services Analyst at FBR Capital.
Goldman Sachs (GS, Fortune 500), Bank of New York/Mellon (BK, Fortune 500), Wells Fargo (WFC, Fortune 500), JP Morgan Chase (JPM, Fortune 500) and Bank of America (BAC, Fortune 500) – all ‘mega-banks’ that the government forced to take bailout money – say they want to return taxpayer funds “as soon as practical.” …”
Iberiabank, Signature Among First to Redeem U.S. TARP
“…Iberiabank, the first to apply to return the money, redeemed the shares for $90 million, will record a $2.2 million first-quarter charge and a $1.1 million dividend tied to the capital, the Lafayette, Louisiana-based lender said in a statement today. Old National said it redeemed $100 million, Signature Bank bought back $120 million and Bank of Marin paid $28 million.
The lenders are the first to redeem investments in the U.S. Treasury’s Troubled Asset Relief Program. Signature and Iberiabank had said they wanted to repay to escape limits associated with accepting the aid. The Federal Reserve has urged banks receiving bailout funds to reconsider dividends, and President Barack Obama’s administration has limited bonuses for senior executives and the next 20 most highly paid employees at companies receiving more than $500 million in TARP funds.
A February revision to the bailout as part of a federal stimulus package “adversely affected our business model and it became apparent that we should return these funds to the Treasury,” Signature Chief Executive Officer Joseph DePaolo said today in a statement.
Old National performed a “rigorous stress test” comparable with the examinations required by the U.S. Treasury, before deciding to return its TARP funds, the Evansville, Indiana-based company said in a statement. Corte Madera, California-based Bank of Marin repurchased the TARP preferred shares and paid $178,888.89 in dividends to the Treasury. …”
Banks are now eager to repay TARP
Many that have taken government money are dismayed by changing rules and public outrage.
By Christina Rexrode
Banks are publicly declaring their intent to pay back loans from the Troubled Asset Relief Program, or TARP, as quickly as they can. They range from Charlotte-based Bank of America Corp., which is the country’s biggest bank, to tiny Iberiabank Corp. in Lafayette, La.
The banks complain about the rules that the U.S. Treasury keeps imposing on them retroactively, sometimes in ways that seem arbitrary or driven by constituents’ anger.
Some say they never needed the money but were cajoled into taking it by the Treasury, which wanted a show of industry support for its program.
Others say they’re dismayed by the public’s outrage toward banks that participate in TARP, which was originally touted as a reward of sorts for healthy banks.
To be sure, the government has always had regulatory power over the banks. But at the companies where it’s now a major shareholder, its grip is getting significantly tighter as it gets involved in decisions about everything from corporate jets to mortgage modifications. …”
Suddenly, TARP money looks … bad; Update: Congress gets a clue
“…We heard a little at the beginning of the bank bailout that some were strongarmed into accepting TARP monies. Wells Fargo reportedly was forced to take $5 billion. Why? The Obama administration and Treasury wanted to keep dissent from their strategy to a minimum, and seeding the industry on the widest possible scale helped demonstrate its necessity — and provided incentive for dissenters to keep their mouths shut.
Local bank TCF, run by William Cooper, had been vocal about its disillusion with the program. Cooper had announced earlier that he wanted to give the money back, but Treasury has yet to create a payback mechanism. Why not? The TARP monies gave Geithner and Congress an opening to dictate compensation policies and lending practices to a much greater depth than prior regulation allowed. They don’t want the money as much as they want the leverage to keep their fingers in the business operations at the banks. …”
Man detained and harassed at airport for carrying CASH!