Ten Banks Get Approval To Repay TARP

Bloomberg News:

The Treasury is preparing to announce tomorrow it will let 10 banks buy back government shares, people familiar with the matter said, signaling confidence some of the largest U.S. lenders won't again need a taxpayer rescue.

Read the whole story: Bloomberg News

Comments

[haljett]

You know what bothers me about this news. Where the heck is the transparency we’ve been promised from this administration. Why can't they just tell us the names for pity sake? It continues to be murky at best. We’re left guessing which banks yet again. I’m tired of it. I’m tired of the rhetoric.

When I see China telling us they diversifying their dollar holdings because they are concerned at how our government is printing money at light speed I know we are in trouble ( http://www.gata.org/node/7484 ). Which might explain by gold is tracking higher today on the announcement about the banks and the news out of China. Looking at gold right now with the widget I use ( http://www.learcapital.com/exactprice ) it’s bounced back of the lows it saw yesterday. Now at $956.00. Silver back up too.

I think a lot of people are looking to hedge in gold when they see the coming inflation on the horizon. Even Northwestern Mutual Life Insurance Co. bought gold for the first time in their 152 life time. That’s amazing if you ask me and I think the lack of transparency and heavy handed government practices towards the private sector are scaring a lot of people that way.

[smiththomas]

If they want to pay it back let them. If they need it in the future let them have it.

[Roxie74]

This is classic thuggery. Our government, I mean BOTH PARTIES, are bought and sold by Wall Street. How can this go on?

[Chris]

only the US government would tell people not to repay them. what a joke.

[SamKnause]

The only reason any of these banks want to pay back the TARP funds is so they can return to business as usual with no restrictions placed on them by the government. They want to get back to their multi million dollar salaries and multi million dollar bonuses. They want to do this up front and in the faces of we the people with out fear of retribution. No one has learned from the crises that greed is bad for our country and for we the people. When the middle class thrives, the country thrives, and apparently our elected officials do not want our country to thrive. It is more important to keep the top 1% rich and happy.

[SteamRanger]

You've got it. Now that they see that can get away with this chicanery, it's only a matter of time before they do it again. I foresee an endless cycle of binging and bailing out.

[rf-hawaii]

Here's a better explanation of the problem.

http://video.google.com/videoplay?docid=7065205277695921912

[breakingpoint]

A full investigation - the crooks must go to jail

[delta7777]

.

JPMORGAN???

GS???

BIG SURPRISE! !

Is Dimon Chairman of the NY Fed BOD??

Does a bear s*** in the woods??

.

[Montgriz]

The corruption in our government is beyond belief and they do it right up front!

[notAMoron]

Who are these unnamed sources? This is actionable financial information regarding going concerns. My wife is an accountant for a large company, if she leaked this kind of information even to me or traded stock in the company based on private information only her and a handful of her co-workers knew she would be in the clink.

Treasury, fed, and the white house need to seal these loose lips. Same thing happened with the stress test, very precise information was known by a select few insiders and leaked to the press in anonymous drips and drops for a week before the official release.

If Washington is going to step into the financial markets they can't act like Joseph Kennedy in the 1920s.

[killpack]

Let?!?! You have to be joking? How about REQUIRE that these banks return the stolen money that was given to them.

[mikekc]

The people who work in and most importantly run these bailed-out institutions now know that they can take any and all risks, because they have the rare distinction of being backed by the full faith and credit of the US Treasury and Federal Reserve. In the next "let's move money around and create something from nothing" boom - commodities anyone? - they will all have it in the back of their mind that they can take any risk and the worst that will happen is it *might* be a little tougher to get bonuses - so be sure to pay those before calling Timmy or Benny Boy for a few billion. They have also learned and displayed to the rest or Corporate America that the way to have a seat at the table in a plutocracy is to lobby and donate Congress, it's the best insurance policy against failure you can have.

[FogBelter]

Was what ENRON did to California a conspiracy or a conspiracy theory? Was it in the best interest of the United States to allow Lehman to collapse or the best interest of Goldman Sachs?

American Business has enough of a track record by now ... conspiracy is never out of the question.

[FogBelter]

sorry ... this was a response to drymartini below.

[Kache]

You mean we finally get back a hundred billion from these deadbeat welfare morons?

Great! Let's invest it where it will do some good. Loan it to solvent community banks and credit unions so they can run these zombies out of business. The community banks and credit unions already do half of the nation's banking business, let's give them a hand in getting 100% of it and be done with "too big too fail - too big too think" banks.

[battlinbob]

Next step, the treasury should pay back the FED in order to take the money back out of circulation and strengthen the dollar... If they dont do it immediately, it would be a clear indication of how inept the administration is - or puppetry at work to ruin the dollar...

[FebM]

But I thought the free enterprise wants Obama the socialist to fail! How could he have saved the banks?

[hilary916]

Good. That's what they should do.