Comment

Banks Repay $68B

30
lawhawk6/09/2009 11:58:40 am PDT

re: #19 subsailor68

President Barack Obama is complimenting banks that are reimbursing taxpayers to the tune of $68 billion in federal bailout assistance.

Uh, Mr. President, where’s my check? What do you mean you’ve decided to keep it? That sucks.

The TARP money is like a revolving line of credit. Or at least that is how the Administration is treating it in this case.

They didn’t want the banks to repay, because of the claim that they might need it down the road (a spurious claim in any event and one that shouldn’t prevent the repayment to exit the program).

These banks wanted out, and now have that opportunity. They’ll take it as will other smaller banks.

Remember, these were among the banks forced to enter the program to remove the stigma of getting TARP funding in the first place.