Next! Six More Banks Get TARP Funds

Six more banks -- four of them in California -- have announced their approval for the Treasury Department's $700 billion Troubled Asset Relief Program. The total amount of taxpayer capital allocated to the companies was $71.7 million.

Middleburg Financial Corp., of Middleburg, Va., said it sold $22 million in preferred stock to the Treasury Department. It announced last week that it turned a $491,000 profit for the fourth quarter, compared to a $2.8 million loss a year earlier. The bank also was profitable for all of 2008, though earnings fell 15 percent.

Read the whole story here.

Comments

[entropyisfun]

Where are all the rehuglicans crying socialism? Oh that's right, they love socialism for big business.

[VivaZapata]

it's not socialism for big business. that would mean the government would own something and have some say in what's going on. what is it? it's welfare for the wealthy. welfare is not socialism. not in the slightest.

[escrow7]

Why are they still calling it TARP Troubled Asset Relief Program. This money is not going toward any troubled assets.

http://www.thirdeyechronicles.com

[VivaZapata]

Before you buy anything, become a bank. The rates are much better.

[USBrit]

Personally I like what the UK is discussing doing - setting up their post offices to work as banks, instead of just as savings institutions. That way if the regular banks wish to fail to act in a manner in the interests of the nation the citizens have another, and very well backed, choice. Another item not much being discussed here is the realization by Americans across the board that they cannot simply run out and purchase every item on their wish lists by waving a magic credit card at any merchant. But the bigger question underlying that is what happens to the much vaunted American standard of living as Yanks are forced to live within their actual means? Does this mean far fewer McMansions? Do the number of vastly oversized and over priced SUVs on the road diminish? Does Bubba have to forego his essential to life massive screen TV? My guess is yes, and it will be interesting to see how the US and its way of life looks in 5 to 10 years as the country comes to understand that much of the economic growth of the last several decades has only been a false economy based upon debt.

[Angelzfantasy4]

Im not too keen on letting the government handle my finances. However, today Im not too keen on any major organization handling my finances.

[TejinaKuro]

It seems so obvious, you have to wonder how corrupt our Government is. They should allow the banks to fail and give the money to the depositors.

[Ayms]

Yeah, let's keep giving the banks more & more money, because obviously they're doing the right thing & lending it out to Americans like they're supposed to....They­'re not spending it on expensive junkets for executives, million dollar a month paychecks, millions in bonuses for a job well done, Superbowl advertising or $87,000 rugs. Oh wait a minute, yes they are.

[WonderingNThinking]

Do others think the media bombardment of bank and business failures and other economic crisis is designed to make us fear how we will survive, so we'll let the government do anything?

I'm not saying that these things aren't happening, but I think the constant and dramatic onslaught is scaring people and detracting them into accepting any "solution", no matter how stupid.

[brighterlight]

Correct... no more bail outs. Which California banks already got money and splurged it at the Ritz Carlton at Half Moon Bay in early December. A couple of them... Criminal.

[Mark Twaine]

No more bail outs.

Government money is just an excuse not to take prudent business decisions like cut cost or become more competitive in the marketplace. Bail outs are just creating "wellfare banks."

With banks supposedly in so much trouble during the past six year, I ask, have you seen any branch offices closed?

A Bank of America branch in my local supermarket used to be so busy that lines of customers backed up to the store's door. Now there a either none or a few customers with 3 - 5 tellers hanging out. Do you think Starbucks would keep a location like that open?

As long as banks know they can get "free" money they are not going to work like a business but work like a welfare receipent.

No more bail outs, let banks compete or shutter up!

[tililek]

Were these funds given under the same "Don't tell..." policy as before?

[trendier]

I am so sick and tired of the government bailing out this banks. In my opinion this banks need to go down. They aren't doing anything to help the people and they sure aren't lending money. Why should we bailed them out? I wrote to my senators here in California and asked them to vote against the bail out but they didn't listen to the people who opposed the bailout. I will never vote for Boxer or Fainstain again!

[zitlight73]

I'd rather see that money start new community based banks, credit unions etc. We need more diverisity, less centralized banking more in tune with the communities they serve than in cahoots with the ponzi schemers of Wall Street .

[MsCanadian]

If the government doesn't stop bailing out these banks, you guys are sooooo screwed! This is a total waste of money and will not help the economy. They need to fail so you can start again on a better business model.

[themodernleader]

On what criteria are monies being given to banks and other corporations? Are individuals to spend the monies as they see fit? Are my friends included in the bail out, even though they live in obscene luxury while I don't go for a medical check-up because it costs too much and my teeth are falling out.?
I am persuaded by our objective media that bankers are excluded from the basic principles and practices of business. Therefore, for them to be extirpated from their financial swindles by a benevolent Administration and Congress is an absolute necessity to save the country, so all the faces on TV tell me.

[WoodyCPM]

it's the heist of the century. The rich are robbing the public coffers, AGAIN!!