Bank Rejects TARP Funds

[bush_cheney2004]

A US regional bank has decided to reject TARP extortion and will return $361 million back to the Feds. Barney Frank's bluff has been called, and it won't be the first bank to do so IMO as Congress changes the rules after the fact.

Citing changed terms, the chief executive of Wayzata-based TCF Financial Corp. said today that it has asked for permission to repay the federal government the $361 million it received last November from the U.S. Treasury under its Troubled Asset Relief Program, or TARP.

"I don't want to be part of the new regulatory regime that's growing up around TARP," Cooper said in an interview. "Congress is now talking about putting their oar in the water on just about everything we do. That puts us at a competitive disadvantage."

http://www.startribune.com/business/40562962.html

[Oleg Bach]

Asking permission to repay money? If you need a permit to return the money to a lender - it seems there must be a regulation in place that states - "keep the money - it was hard enough to squeeze it out of the people -- and shhhheee....I will be around to get my cut in a couple of years" Sounds like the Bank does not want a hostile governmental merger to take place - wonder - wow a hold out ...excellent.

[bush_cheney2004]

.....Sounds like the Bank does not want a hostile governmental merger to take place - wonder - wow a hold out ...excellent.

In the US, the banking sector has long enjoyed the best profit margins. Healthy banks were threatened by the Feds to take the TARP funds or else, and now the banks are asking "or else what". No bank wants the government running their business if they can run it better themselves, and have proven it by not falling into this trap to begin with. There are about 7,000 banks in the US, fewer than 10% are in moderate or serious trouble.

So yes...it is stand up and cheer time....take this TARP and shove it.

P.S. TCF is our bank!

Edited March 3, 2009 by bush_cheney2004

[Oleg Bach]

In the US, the banking sector has long enjoyed the best profit margins. Healthy banks were threatened by the Feds to take the TARP funds or else, and now the banks are asking "or else what". No bank wants the government running their business if they can run it better themselves, and have proven it by not falling into this trap to begin with. There are about 7,000 banks in the US, fewer than 10% are in moderate or serious trouble.

So yes...it is stand up and cheer time....take this TARP and shove it.

P.S. TCF is our bank!

OKAY - I will do my usual mafia analogy... Little operators control their own enterprise...For the bigger mafia (government and friends) big is never big enough - and power and the attainment of total power is the goal -- so they say to the little guys - take this bribe and we own you now...Little guy gets cocky and says - "what are you going to do if I don't " _big guy has no answer - little guy says F off and walks away....I get it.

[jdobbin]

Sounds like the Bank does not want a hostile governmental merger to take place - wonder - wow a hold out ...excellent.

The bank has had far right Republicans associated with it for some time now and donates exclusively to that party. They can't even stand Minnesota anymore and are moving their headquarters to South Dakota.

They want to go to a state with little regulation and so that they can charge punitive interest rates.

[bush_cheney2004]

....They want to go to a state with little regulation and so that they can charge punitive interest rates.

Good idea....same as Senator Joe Biden's Delaware and all those credit card companies now jacking Americans to the tune of 30% interest on delinquent accounts. Splendid!

[punked]

There 8,300 banks that make up the US banking system. A small detail but it only bolsters your claim a very small amount are in trouble. Regardless those banks which are Zombie banks should be nationalized don't you agree?

[Oleg Bach]

There 8,300 banks that make up the US banking system. A small detail but it only bolsters your claim a very small amount are in trouble. Regardless those banks which are Zombie banks should be nationalized don't you agree?

Total control of the money by a government is facism...once the banks are nationalized so will you as a person - national socializm with an elite running the place and we will be drones not allowed to have our own wealth.

[punked]

Total control of the money by a government is facism...once the banks are nationalized so will you as a person - national socializm with an elite running the place and we will be drones not allowed to have our own wealth.

I am not talking about nationalization of the banking sector. I am talking about nationalization of those Zombie banks that already owe the public more then they are worth. What do you suggest happens to them?

[msj]

There 8,300 banks that make up the US banking system. A small detail but it only bolsters your claim a very small amount are in trouble. Regardless those banks which are Zombie banks should be nationalized don't you agree?

Why are you guys only focusing on the number of banks rather than looking at the size of the banks that are distressed/zombie?

[punked]

Why are you guys only focusing on the number of banks rather than looking at the size of the banks that are distressed/zombie?

I agree when Citigroup, Bank of America, and AGI are in trouble it doesn't matter that only 3% of the banks are zombies becuase they make up something like 20-30% of the banking sector.

[bush_cheney2004]

Why are you guys only focusing on the number of banks rather than looking at the size of the banks that are distressed/zombie?

Because that's how the banking industry looks at it as well. Do you think Ferrari should suffer because GM and Chrysler are insolvent?

[bush_cheney2004]

I agree when Citigroup, Bank of America, and AGI are in trouble it doesn't matter that only 3% of the banks are zombies becuase they make up something like 20-30% of the banking sector.

Let 'em fail.....and go rent "It's a Wonderful Life".

Edited March 3, 2009 by bush_cheney2004

[msj]

Because that's how the banking industry looks at it as well. Do you think Ferrari should suffer because GM and Chrysler are insolvent?

I think it is American taxpayers who are suffering the most.

[Oleg Bach]

Because that's how the banking industry looks at it as well. Do you think Ferrari should suffer because GM and Chrysler are insolvent?

YAH - just out of sheer spite! - do I smell socialism...it's not what it's cracked up to be - I was a proto-type...about 10 years ago they made me inslovent ...and begged that I declare myself a bankrupt. Now I have been equalized - and maybe the rest of you will equally be poor also...You must allow those that earn their money to keep it and let them donate through their own free will..being the "canary in the gold mine" - I really did feel over the last while as being a test subject..not with intent but in a sublime sort of way - If I can survive on next to nothing through my own cunning and skill then you can also - the world is a Darwinist experiment at this time - only the strong will survive - those solely dependent on money - will not survive - You have to have spirit - and spirit over comes all - good night.

[bush_cheney2004]

I think it is American taxpayers who are suffering the most.

The American taxpayer doesn't really exist....and never did. So if he/she suffers...so what? Far more important is the individual, not some amorphous concept. And that includes the continuation of risk/reward for those with the means to do so.

[punked]

YAH - just out of sheer spite! - do I smell socialism...it's not what it's cracked up to be - I was a proto-type...about 10 years ago they made me inslovent ...and begged that I declare myself a bankrupt. Now I have been equalized - and maybe the rest of you will equally be poor also...You must allow those that earn their money to keep it and let them donate through their own free will..being the "canary in the gold mine" - I really did feel over the last while as being a test subject..not with intent but in a sublime sort of way - If I can survive on next to nothing through my own cunning and skill then you can also - the world is a Darwinist experiment at this time - only the strong will survive - those solely dependent on money - will not survive - You have to have spirit - and spirit over comes all - good night.

What in hell are you talking about? Honestly?

Here is a question what was the top tax rate during the last huge American infrastructure project? Eisenhower highway system? Taxing these at the top end of the income brackets is not socialism and people have to stop pretending it is.

[Shady]

Here is a question what was the top tax rate during the last huge American infrastructure project? Eisenhower highway system? Taxing these at the top end of the income brackets is not socialism and people have to stop pretending it is.

It may not be socialism, but it's definitely bad economics. Top income brackets ARE taxed, heavily. The top 5% of wage earners in America pay 60% of the taxes. How much more is their "fair share" suppose to be to you? 80%? 100%?

[August1991]

I think it is American taxpayers who are suffering the most.

No, it is successful Ford that is giving money to a failed GM and Chrysler.

Obama wants to take from those who succeed and give it to those who fail.

Despite what radicals like Obama think, fairness isn't the issue; it is all about incentives. Obama prefers a system where people have no fear of failure and people have no desire to seek success.

----

This bank's rejection is the start of a broader rejection. I think BC is right and I'm watching Rasmussen. Obama should change tack and favour ordinary Americans.

[GostHacked]

I am not talking about nationalization of the banking sector. I am talking about nationalization of those Zombie banks that already owe the public more then they are worth. What do you suggest happens to them?

You let the banks fail. And you only need to nationalize a few key banks, and the rest will fall into place.

August1991

Obama wants to take from those who succeed and give it to those who fail.

Yeah Bush's bail out plan was just that as well. How soon we forget. And it looks like it is failing to prevent the fail. The bail outs and stimulus packages are a waste of time and money. Let the markets work like they should and let banks and other institutions fail.

I don't agree with BC2004 much, but I am with him 100% on this part.

Let 'em fail.....and go rent "It's a Wonderful Life".

I am gonna have to rent the movie now ...

[Shady]

I don't agree with BC2004 much, but I am with him 100% on this part.

I'm gonna have to agree with both of you.

[Oleg Bach]

I am not talking about nationalization of the banking sector. I am talking about nationalization of those Zombie banks that already owe the public more then they are worth. What do you suggest happens to them?

Realistically - If a bank owes more money to the public than they have in storage - then they are not a bank...and if they are not a bank - putting in more cash - into an empty box will never make them a bank ever again...they should not be nationalized - what is left is a skeleton - and that pile of bones should be burned and the ashes used for fertilizer - You can heal the sick but you can not bring back the dead - It is an insult to human intelligence and to the Zombie to force something to live that has finished it's alotted life span - let them fall....and the people involved in these failed institutions - send them home or to the woods to reflect on what jerks they were for screwing up....let them learn a lesson....the finacial sector will survive - there are many fine people left === What happened is that all became top heavey with those that are inempt...the fools out numbered the wise men and woman..let the fools fall!

[punked]

Realistically - If a bank owes more money to the public than they have in storage - then they are not a bank...and if they are not a bank - putting in more cash - into an empty box will never make them a bank ever again...they should not be nationalized - what is left is a skeleton - and that pile of bones should be burned and the ashes used for fertilizer - You can heal the sick but you can not bring back the dead - It is an insult to human intelligence and to the Zombie to force something to live that has finished it's alotted life span - let them fall....and the people involved in these failed institutions - send them home or to the woods to reflect on what jerks they were for screwing up....let them learn a lesson....the finacial sector will survive - there are many fine people left === What happened is that all became top heavey with those that are inempt...the fools out numbered the wise men and woman..let the fools fall!

You don;t know what a zombie bank is do you?

[Oleg Bach]

You don;t know what a zombie bank is do you?

I know what a zombie is...and what a bank is...I would assume it is a dead bank that is faking being a living bank and walking about in rags pretending they are wearing nice Armani suits...I don't really care - I say off with their heads - and Zombies first - the king has spoken.. Actually I feel a bit zombish right about now. So get bailing.

[Oleg Bach]

You don;t know what a zombie bank is do you?

Just love this guy - instead of telling me or informing me and bringing me up to speed he talks down - Jezzz hope you feel better.