Thursday, April 23, 2009

TARP funds

From National Review Online : Several large banks, including J. P. Morgan and Goldman Sachs, have announced that they would like to repay the funds they took from the government under Paulson’s Capital Purchase Plan (CPP) last October, but the Obama administration is discouraging them from doing so. A senior administration official told the Financial Times that a bank would not be allowed to repay its TARP funds unless it was “good for the system” — never mind what’s best for that particular bank.

It gets stranger and stranger. I thought we would be happy to get back some of the money we shoveled down the rat hole!

I say get what you can from the banks; it might be our last chance.  Some of the reasons for the banks wanting to pay back the money are the restrictions that President / Congress has placed on the funds (no bonuses for one).

I guess I will never be in the Treasury Department; after all I pay our taxes & don't spend more than we make.

BAIT, (n) A preparation that renders the hook more palatable. The best kind is beauty. (DD)

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