Mr. Shaman
Senior Member
- May 4, 2010
- 23,892
- 822
- 48
At least, when OBAMA bailed-out companies....the Country got $TOCK, outta-the-deal....and, will show a PROFIT!!!!
When BUSH bailed-out the BANK$, we got ZIP!!!!!!!!!
When BUSH bailed-out the BANK$, we got ZIP!!!!!!!!!
"Chip Besse figured he could hire a dozen people once he got a $1.1 million small-business loan.
Wells Fargo & Co. turned him down.
U.S. taxpayers helped the San Francisco-based bank weather the 2008 financial crisis with a $25 billion loan and $9.5 billion of debt guarantees. By July 2009, when Besse wanted to buy and expand a Colorado snowmobile-rental business, Wells Fargo wasn’t sharing the wealth, he said.
Besse, 29, had little success with 16 other lenders in 2008 and 2009. His list included New York-based JPMorgan Chase & Co., which agreed to provide less than 70 percent of what he wanted, and Charlotte, North Carolina-based Bank of America Corp., which Besse said kept him hopeful for a month before rejecting his application.
“I was furious,” he said. “A lot of bankers are trying to justify their jobs and they waste everyone’s time.”
Besse, a Philadelphia native, was a partner in a London private equity firm with a credit score of 769 out of 850 and $185,000 in a checking account. His search for a loan shows how difficult it is for small companies, which the Small Business Administration says created 64 percent of net new jobs over the past 15 years, to get credit -- even from banks that accepted billions in taxpayer-funded bailouts."
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