govt won't accept tarp payback....

[Peejay]

Community banking executives around the country responded with anger yesterday to the Bush administration's strategy of investing $250 billion in financial firms, saying they don't need the money, resent the intrusion and feel it's unfair to rescue companies from their own mistakes.

But regulators said some banks will be pressed to take the taxpayer dollars anyway. Others banks judged too sick to save will be allowed to fail.

Smaller Banks Resist Federal Cash Infusions - washingtonpost.com

The Bush administration forced these banks to take the money. Now you want to cry foul because this administration isn't waving a magic wand to fix this monumental fuck up ?

Four small banks became the first to return millions of dollars of emergency aid, and more may soon follow as the industry tries to escape what it considers the onerous conditions attached to the government’s money.

Signature Bank of New York said on Tuesday that it had repaid $120 million to the Treasury Department. Old National Bancorp of Indiana returned $100 million, Iberiabank of Louisiana paid back $90 million, and Bank of Marin Bancorp of Novato, Calif., repaid $28 million. All of the banks paid 5 percent interest on the money they had received.

http://www.nytimes.com/2009/04/01/business/01bank.html?ref=global

Here are the first banks to repay the TARP money. Don't see any problem with repaying the money here.

This is begining to smell like what it is: a bunch of whiny ass, partisan, lying, distorting, sacks of shit.

While we have confirmed that several banks have repaid the TARP money, forced on them by the Bush administration, no one has yet produced anyhting but a vague claim about this rejection, for some reason, of a bank to give back the TARP money. What bank is this ? Why have other banks been allowed to pay ?

I smell a dirty, stinking, republican rat.

 

[Peejay]

Yep. So far, this is pure, 100% bullshit.

Can anyone produce the bank that claims to have been refused ?

This is quickly being dismissed as a hoax.

Way to swallow, you partisan hacks.

 

[Peejay]

Anyone want to make a deal ? If this turns out to be the turd it appears to be:

Any source reporting this bullshit (and it is all of the usual suspects) is longer acceptable here as a credible source.

 

[Yurt]

Bankers: Take your TARP money back
Some banks say the government's stabilization plan is actually weighing them down.


NEW YORK (CNN) -- There's a growing sense among some bankers that Troubled Asset Relief Program known as "TARP" has become toxic. As a result, they want to bail out of the bank bailout program.

"It should be called 'TRAP,' not TARP," said Brian Garrett, chief executive of Bank of the Bay in San Francisco, who is trying to return bailout funding. "Giving it back is harder than getting it."

0:00 /1:43Take back the TARP money
Garrett and other bank executives complain the Treasury's program to stabilize banks during these turbulent times is actually weighing down their potential for growth.

....

But, they're well aware no one will be permitted to return funds before completion of regulatory "stress-tests" of the major banks to determine how they would withstand a severe recession.

"We want to return the TARP money as soon as possible. We feel more bullish about economic prospects broadly, but we recognize we can't repay the money without the approval of the regulators," said Goldman Sachs spokesman Lucas Van Praag.

The "stress-tests" are supposed to be finished next month. But it's likely the Treasury will not permit bankers to return taxpayer money for many more months.

Bankers: Take your TARP money back - Mar. 27, 2009


since peejay is wrong, will peejay shut his trap and be disgraced?

 

[Peejay]

Bankers: Take your TARP money back
Some banks say the government's stabilization plan is actually weighing them down.


NEW YORK (CNN) -- There's a growing sense among some bankers that Troubled Asset Relief Program known as "TARP" has become toxic. As a result, they want to bail out of the bank bailout program.

"It should be called 'TRAP,' not TARP," said Brian Garrett, chief executive of Bank of the Bay in San Francisco, who is trying to return bailout funding. "Giving it back is harder than getting it."

0:00 /1:43Take back the TARP money
Garrett and other bank executives complain the Treasury's program to stabilize banks during these turbulent times is actually weighing down their potential for growth.

....

But, they're well aware no one will be permitted to return funds before completion of regulatory "stress-tests" of the major banks to determine how they would withstand a severe recession.

"We want to return the TARP money as soon as possible. We feel more bullish about economic prospects broadly, but we recognize we can't repay the money without the approval of the regulators," said Goldman Sachs spokesman Lucas Van Praag.

The "stress-tests" are supposed to be finished next month. But it's likely the Treasury will not permit bankers to return taxpayer money for many more months.

Bankers: Take your TARP money back - Mar. 27, 2009


since peejay is wrong, will peejay shut his trap and be disgraced?

Again, that's bullshit. Nice words like "likely" and "tough" to give it back. There is nothing stopping these banks from giving the money back except themselves. Nowhere does it say they can't give it back. Banks have already paid this money back. These banks say they think they can't give it back. Show me where anyone actually tried to give it back and was denied. Hasn't happened. They were forced to take the money and now they can pay it back through the right channels. Nowhere, has anyone said the money won't be accepted. It will be.

Take off your partisan specs.

 

[Peejay]

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.

Bankers: Take your TARP money back - Mar. 27, 2009

This is from the article you just cited. Guess what ? These banks successfully returned their TARP money TWO DAYS after this article was written. So much for this bullshit.

 

[Peejay]

So far, any bank that actually wrote the damned check, has been accepted.

This is utter, partisan horse shit. How about this: Wait until these funds are actually refuse instead of listening to a bunch of scared ass banks complaining that they fear the government won't take the money.

Come back when you have something.

 

[Peejay]

Whether spurred by taxpayer outrage or not, each of these institutions have concluded that they don’t need federal help. And the Treasury Department in each case has agreed returning it will not make them unstable. That’s cause for celebration, not regret.

This is Bad News? Banks Return TARP Money, Media Frets » The Foundry

Come on, what have you got ? Anything ? So far each bank has been approved to return the TARP money in a matter of days. The moaning and whining is from the banks that were on the edge of failure, begging for assistance and now they think they see a leg up and want to jump back in the water. FIne, I say, let them give it back. And so far, the treasury has agreed.

Perhaps there will be banks refused in the future. It hasn't happened yet. And if it does, it will be not the banks that were forced to take the money by the Bush admin, but the ones that begged for it.

 

[Yurt]

first its not true, now it might not be true

peejay = pwnd

 

[Peejay]

first its not true, now it might not be true

peejay = pwnd

It is not true. IT IS A LIE. The Treasury has not refused to accept any funds that have been offered, thus far.

You must like flounder too.

Got anything.....at all ? Where is this bank that the Treasury refused to accept it's TARP money plus interest ? Huh ? What is the name of this bank ?

 

[Peejay]

WOW ! Looky, looky ! It was the Obama plan that ALLOWED banks to pay these funds back EALRY, to begin with, getting right what the Bush admin. fucked up.

But President Obama’s economic stimulus plan, enacted in February, changed the rules to allow banks to pay back the money ahead of schedule.

Banks Returning TARP Funds « Zionistgoldreport’s Weblog

Anyone of you idiots that want this money back want to stand up, be man and say "thank you President Obama, for allowing the banks to repay this stuff early !"

Anyone ? Anyone want to say thanks for doing exactly what you want done ? Anyone ? I thought not. Hacks.

 

[Peejay]

The new rules allow banks to repay the amount at any time without having to first replace the funds. Under the original agreement, funding could not be repaid in full for three years and the fund amount had to be replaced before it could be paid back

Blue River Bancshares says TARP participation is stimulus not a bailout

AW man ! More good stuff. The Bush plan stipulated that the funds couldn't be repaid for THREE years. The Obama plan says you can repay anytime.

NEATO !

 

[Peejay]

Originally, banks that accepted TARP money were required to raise private capital before they could repay the loan. But after Congress passed its economic stimulus bill in mid-February, the repayment policy was loosened as strict new compensation rules were put in place. Banks could apply to their primary regulators for permission to return the TARP money to the Treasury Department early. The returned money could be used for other Treasury programmes.

Four small banks 1st to pay back TARP funds


This is good stuff. The original conditions, set by the Bush admin, did not allow for these funds to be repaid early. The Obama plan made a HUGE improvement and inserted conditions to allow this money to be repaid early.

Let's hear it for Obama !

Come on now......you had a plan that did not allow AT ALL for ealry repayment, now you have a plan that allows for ealry repayment. Isn't that what you're whining about ?

Three cheers !!

What's the matter ? This is what you want, right ? This is better, right ? Opportunity to repay early ?

 

[Peejay]

Many contracts are written to prevent pre-payment. To prepay my mortgage requires a $4 service fee for every early payment I send. They've essentially lent this money with the expectation that a certain amount will be repaid with interest. If they allow the strong companies to repay early, they lose all the interest and are left with only the bad banks defaulting and we the American People would be stuck with even more losses.

Was Tarp contracted in such a manner ?

Yes. Tarp was contracted so that it could not be repaid for three years. As a part of the Obama plan, you can now pay it back sooner.

Great news !

 

[Annie]

Originally, banks that accepted TARP money were required to raise private capital before they could repay the loan. But after Congress passed its economic stimulus bill in mid-February, the repayment policy was loosened as strict new compensation rules were put in place. Banks could apply to their primary regulators for permission to return the TARP money to the Treasury Department early. The returned money could be used for other Treasury programmes.

Four small banks 1st to pay back TARP funds


This is good stuff. The original conditions, set by the Bush admin, did not allow for these funds to be repaid early. The Obama plan made a HUGE improvement and inserted conditions to allow this money to be repaid early.

Let's hear it for Obama !

Come on now......you had a plan that did not allow AT ALL for ealry repayment, now you have a plan that allows for ealry repayment. Isn't that what you're whining about ?

Three cheers !!

What's the matter ? This is what you want, right ? This is better, right ? Opportunity to repay early ?

Talking to yourself? Ah well, NYTimes pretty much sums up why banks want out, however there is that sticking point of the government buying the preferred stock % in the banks. You are correct though, Bush shouldn't have done this. Now, that said, this administration is preventing the money from getting out, as the banks want out of the program:

The New York Times > Log In

 

[Peejay]

Many contracts are written to prevent pre-payment. To prepay my mortgage requires a $4 service fee for every early payment I send. They've essentially lent this money with the expectation that a certain amount will be repaid with interest. If they allow the strong companies to repay early, they lose all the interest and are left with only the bad banks defaulting and we the American People would be stuck with even more losses.

so these banks want to pay the money back with interest....and you say no ....
and they are being treatened with adverse consequenses.....

Yep. The Bush plan that was forced onto banks specified that they could not repay the loans at will. 3 years minimum.

Now, the Obama admin says you can repay early.

It's a great day to be an American !

 

[Peejay]

Originally, banks that accepted TARP money were required to raise private capital before they could repay the loan. But after Congress passed its economic stimulus bill in mid-February, the repayment policy was loosened as strict new compensation rules were put in place. Banks could apply to their primary regulators for permission to return the TARP money to the Treasury Department early. The returned money could be used for other Treasury programmes.

Four small banks 1st to pay back TARP funds


This is good stuff. The original conditions, set by the Bush admin, did not allow for these funds to be repaid early. The Obama plan made a HUGE improvement and inserted conditions to allow this money to be repaid early.

Let's hear it for Obama !

Come on now......you had a plan that did not allow AT ALL for ealry repayment, now you have a plan that allows for ealry repayment. Isn't that what you're whining about ?

Three cheers !!

What's the matter ? This is what you want, right ? This is better, right ? Opportunity to repay early ?

Talking to yourself? Ah well, NYTimes pretty much sums up why banks want out, however there is that sticking point of the government buying the preferred stock % in the banks. You are correct though, Bush shouldn't have done this. Now, that said, this administration is preventing the money from getting out, as the banks want out of the program:

The New York Times > Log In

Got anything to support your hot air ?

The banks were completely unable to pay early before. Now we have banks asking to repay and the payment being accepted in a matter of days.

Who changed this thing you say Bush shouldn't have done ? Who allowed for early repayment ? Huh ? Who did that ?

You see some banks have already repaid ? Wow.....they would have been screwed for three years under the forced Bush plan. Glad we have somone in charge that doesn't just ram it down your throat eh ?

 

[Peejay]

The big difference is that the people voted for change. They didn't get it. Now they have someone far worse than George W. Bush. The US can't survive much more of this. 2012 might be the end of the US as we know it.

Let's see....

Bush = Force the money and you can't repay it early.

Obama = Sorry that asswipe forced the money on you, I'll let you repay it early.

Change I can believe in.

 

[Peejay]

chase and wells frago mong otheres were told that they had to take the money as there wasn't time to determine which banks had problems and which didn't....they were told if they didn't take it they would suffer auditing hell.....now that banks can pay it back with interest the fed says no.....

.....

You are misinformed my friend. Bush said you can't pay it back early. Now they can.

 

[Peejay]

I know you're a bunch of hacks, for the most part, but try to get your brains around this:

We wouldn't even be talking about banks trying to pay this back if it were not for the Obama plan. It is the only thing that allows banks to try and pay this early. If you think the chance to pay this money back is a good thing, then great, you should be happy. That's what was given. The opportunity to pay this money back early. Understand, under the Bush plan, you coulod NOT even ask to pay it back.

Got it ?