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	Name:	water_watcher -
	Subject:	TARP Dollars
	Date:	4/21/2009 1:02:42 PM

Now that the big banks want to "return" the TARP dollars the Obama administration will NOT let them. B of A is ticked off. I saw Ken Lewis this morning say that he did not want the money in the first place, he got a call from the Obama administration saying that they wanted him to take it so he did. He does not like what goes with it and he and the board decided it is best to return it. Now the Obama administration is saying if you try to return it, then they will convert the preferred to common stock which will give them a controlling interest which is basically nationalizing the banks.

This is not in the best interest of tax payers. On the preferred stock that backed the money, the banks were required to pay a fixed dividend (basically interest) so the tax payers at least got a return on the money. Then the banks want to give the "tax payers" dollars back and Obama wants to become a voting shareholder of the banks with tax payer money.

How can anyone see this as a good thing.

And where is architect when he says "no one forced the banks to give bad loans or to tax the TARP money". Many banks were forced or strongly encouraged where there would be ramifications if they did not take it ... and now that banks, as well as investment banking houses like Goldman wants to return the money, Obama is say no.

The reason ... Obama wants to "control" them and he can't if he lets them return the money. This is getting beyond nuts.

Other messages in this thread:

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TARP Dollars - water_watcher - 4/21/2009 1:02:42 PM

TARP Dollars - Jim Dandy - 4/21/2009 1:11:24 PM

TARP Dollars - Rob Roy - 4/21/2009 1:46:12 PM

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