quade 3 #1 December 10, 2009 QuoteNEW YORK -(Dow Jones)- Bank of America Corp. (BAC) has paid back its $45 billion in TARP funds, marking an official end to the Charlotte bank's most chaotic chapter, in which it counted the U.S. government as a reluctant and hard-nosed investor. Source: http://money.cnn.com/news/newsfeeds/articles/djf500/200912091814DOWJONESDJONLINE000671_FORTUNE5.htm So, at least some of the money came back and with a small dividend. That's not horrible news.quade - The World's Most Boring Skydiver Quote Share this post Link to post Share on other sites
TrophyHusband 0 #2 December 10, 2009 that's great news. a lot of banks are paying the money back. it will be even better if in the end, all the money gets payed back and then some. i never thought it would be possible, but maybe it is. "Your scrotum is quite nice" - Skymama www.kjandmegan.com Quote Share this post Link to post Share on other sites
Gawain 0 #3 December 10, 2009 Amazing how these banks, on the verge of collapse only a year ago, can now suddenly pay back tens-of-billions...with interest...even after acquiring institutions that were tens-of-billions in the hole... Color me jaded. Now, will they use this money to pay onto the debt incurred to create TARP? Hellllll nooooo..... So I try and I scream and I beg and I sigh Just to prove I'm alive, and it's alright 'Cause tonight there's a way I'll make light of my treacherous life Make light! Quote Share this post Link to post Share on other sites
rushmc 18 #4 December 10, 2009 QuoteQuoteNEW YORK -(Dow Jones)- Bank of America Corp. (BAC) has paid back its $45 billion in TARP funds, marking an official end to the Charlotte bank's most chaotic chapter, in which it counted the U.S. government as a reluctant and hard-nosed investor. Source: http://money.cnn.com/news/newsfeeds/articles/djf500/200912091814DOWJONESDJONLINE000671_FORTUNE5.htm So, at least some of the money came back and with a small dividend. That's not horrible news. Agreed but, how can the O admin now spend it on something other than what congress authorized? From where does that power come?"America will never be destroyed from the outside, if we falter and lose our freedoms, it will be because we destroyed ourselves." Abraham Lincoln Quote Share this post Link to post Share on other sites
kelpdiver 2 #5 December 10, 2009 QuoteAmazing how these banks, on the verge of collapse only a year ago, can now suddenly pay back tens-of-billions...with interest...even after acquiring institutions that were tens-of-billions in the hole... well, the money flow is so cheap, they're paying virtually nothing to savers, and yet credit card rates continue to soar. Ignoring the toxic loans, it's never been so profitable to hold and lend money. BofA is the first truly threatened company to pay back. The other ones were the ones that didn't need TARP but were forced to do so by the Feds. The crime here is that the taxpayers took all the risk on the bailout, but will not get the payback when (if!) BofA continues to recover. The warrants were supposed to be an investment for the upside. And the driving reason to pay back now is to escape the pay czar, not because they're fully out of the woods. Quote Share this post Link to post Share on other sites
Gawain 0 #6 December 10, 2009 QuoteQuoteAmazing how these banks, on the verge of collapse only a year ago, can now suddenly pay back tens-of-billions...with interest...even after acquiring institutions that were tens-of-billions in the hole... well, the money flow is so cheap, they're paying virtually nothing to savers, and yet credit card rates continue to soar. Ignoring the toxic loans, it's never been so profitable to hold and lend money. BofA is the first truly threatened company to pay back. The other ones were the ones that didn't need TARP but were forced to do so by the Feds. The crime here is that the taxpayers took all the risk on the bailout, but will not get the payback when (if!) BofA continues to recover. The warrants were supposed to be an investment for the upside. And the driving reason to pay back now is to escape the pay czar, not because they're fully out of the woods. Well that's interesting because remember, they now have that stress test, etc. BofA and Goldman did a bunch of trading on paper that buoyed their balance sheets. The fed floated bonds, BofA brokered a bunch, bought them, then sold them back as part of the monitizing of the debt. This headline is a more telling tale of these shenanigans: Audit: Taxpayers lose $61B on AIG, auto bailouts QuoteThe administration is now projecting the losses to the government from the bailout program will be around $141 billion — $200 billion less than it estimated two months ago. So great, "we'll make money back" is confirmed to be a farce. Tallying the interest on the initial debt of $850B spent, of which we know we're not getting back at least $140B. There has to be a crime in here somewhere, because every sense I have is telling me this is wrong, politics aside.So I try and I scream and I beg and I sigh Just to prove I'm alive, and it's alright 'Cause tonight there's a way I'll make light of my treacherous life Make light! Quote Share this post Link to post Share on other sites
riddler 0 #7 December 10, 2009 QuoteAgreed but, how can the O admin now spend it on something other than what congress authorized? I'm not sure what the TARP regulations are, but I am guessing that any money repaid from banks is used to repay the original debt that the country took out, and not used to spend on some other foolish government program. But I don't know - anyone else know?Trapped on the surface of a sphere. XKCD Quote Share this post Link to post Share on other sites
Gawain 0 #8 December 10, 2009 Quote Quote Agreed but, how can the O admin now spend it on something other than what congress authorized? I'm not sure what the TARP regulations are, but I am guessing that any money repaid from banks is used to repay the original debt that the country took out, and not used to spend on some other foolish government program. But I don't know - anyone else know? It doesn't f**k**g matter. We let Congress open the flood gates, they'll pass legislation to do whatever they want with it. They should have been stopped last September, but we let up, and they have a veritable slush fund to perpetuate at their whim. Who wants to make a bet about how these repaid funds get handled? So I try and I scream and I beg and I sigh Just to prove I'm alive, and it's alright 'Cause tonight there's a way I'll make light of my treacherous life Make light! Quote Share this post Link to post Share on other sites
kelpdiver 2 #9 December 10, 2009 QuoteQuoteAgreed but, how can the O admin now spend it on something other than what congress authorized? I'm not sure what the TARP regulations are, but I am guessing that any money repaid from banks is used to repay the original debt that the country took out, and not used to spend on some other foolish government program. But I don't know - anyone else know? The Administration has already proposed using this "found" money for other purposes, rather than taking the money as deficit reduction. Quote Share this post Link to post Share on other sites
SpeedRacer 1 #10 December 10, 2009 Quotethat's great news. a lot of banks are paying the money back. it will be even better if in the end, all the money gets payed back and then some. i never thought it would be possible, but maybe it is. Part of the reason they're paying it back is probably to avoid the caps on executive salaries. Looks like that was a good move on the administration's part: it prevents spending $$ on exhorbitant salaries AND ALSO creates motivation for the companies to return the $$ in order to avoid that regulation. Speed Racer -------------------------------------------------- Quote Share this post Link to post Share on other sites
Armour666 0 #11 December 10, 2009 Well maybe it's not so good that they are paying it back. Appears they are taking out other low interest government loans that have none of the restrictions that TARP has. So they are still using tax payers money with less of the strings attached and oversight. http://www.businessinsider.com/henry-blodget-now-let-us-admire-the-clever-way-in-which-bank-of-america-has-screwed-taxpayers-again-2009-12SO this one time at band camp..... "Of all the things I've lost I miss my mind the most." Quote Share this post Link to post Share on other sites
Andrewwhyte 1 #12 December 10, 2009 What about service charges? Did those fuckers pay service charges? Quote Share this post Link to post Share on other sites
kallend 1,651 #13 December 10, 2009 QuoteQuoteQuoteAgreed but, how can the O admin now spend it on something other than what congress authorized? I'm not sure what the TARP regulations are, but I am guessing that any money repaid from banks is used to repay the original debt that the country took out, and not used to spend on some other foolish government program. But I don't know - anyone else know? The Administration has already proposed using this "found" money for other purposes, rather than taking the money as deficit reduction. It can propose what it likes, but Congress has to take the action.... The only sure way to survive a canopy collision is not to have one. Quote Share this post Link to post Share on other sites
rushmc 18 #14 December 10, 2009 Quote Quote Quote Agreed but, how can the O admin now spend it on something other than what congress authorized? I'm not sure what the TARP regulations are, but I am guessing that any money repaid from banks is used to repay the original debt that the country took out, and not used to spend on some other foolish government program.Just like the what, 6.3 million Hillary's polster got to save 3 jobs? Nice slush fund they got going But I don't know - anyone else know? It doesn't f**k**g matter. We let Congress open the flood gates, they'll pass legislation to do whatever they want with it. They should have been stopped last September, but we let up, and they have a veritable slush fund to perpetuate at their whim. Who wants to make a bet about how these repaid funds get handled? "America will never be destroyed from the outside, if we falter and lose our freedoms, it will be because we destroyed ourselves." Abraham Lincoln Quote Share this post Link to post Share on other sites
kelpdiver 2 #15 December 10, 2009 Quote It can propose what it likes, but Congress has to take the action. That would be more comforting if the majority was smaller, or if Congress didn't have a long history of treating smaller increases as savings. Quote Share this post Link to post Share on other sites
quade 3 #16 December 10, 2009 Quote Who wants to make a bet about how these repaid funds get handled? And exactly how do you propose to track the funds from BofA to whatever piece of pork you think they might have ended up in? You have the serial numbers on the bills or something?quade - The World's Most Boring Skydiver Quote Share this post Link to post Share on other sites
kelpdiver 2 #17 December 10, 2009 Quote Quote Who wants to make a bet about how these repaid funds get handled? And exactly how do you propose to track the funds from BofA to whatever piece of pork you think they might have ended up in? You have the serial numbers on the bills or something? It's easy when they say they plan to do it: Administration officials on Monday said the TARP was expected to cost at least $200 billion less than anticipated over the summer. The new estimates suggest it could cost $141 billion. “This gives us a chance to pay down the deficit faster than we thought possible and to shift funds that would have gone to help the banks on Wall Street to help create jobs on Main Street,” Obama said. Obama said he would work with Congress to approve legislation that would allow the use of TARP funds for other purposes. The TARP statute said funds repaid by banks should go to deficit reduction, and Republicans have criticized Obama and Democrats for saying they’ll use leftover funds to create jobs. House Minority Leader John Boehner (R-Ohio) on Tuesday called the idea “repulsive.” Obama and White House officials acknowledged there are legal limits on how they spend TARP money, but they said helping small businesses create jobs does fall under that area. Obama said he would direct the Treasury Department to use TARP on small-business loans. http://thehill.com/homenews/administration/71155-obama-plans-to-use-tarp-funds-for-jobs Quote Share this post Link to post Share on other sites
rushmc 18 #18 December 10, 2009 Quote Quote Who wants to make a bet about how these repaid funds get handled? And exactly how do you propose to track the funds from BofA to whatever piece of pork you think they might have ended up in? You have the serial numbers on the bills or something? Re-spent without congressional authorzation as in the Jobs crap Obama is talking about"America will never be destroyed from the outside, if we falter and lose our freedoms, it will be because we destroyed ourselves." Abraham Lincoln Quote Share this post Link to post Share on other sites
quade 3 #19 December 10, 2009 Quote Quote Quote Who wants to make a bet about how these repaid funds get handled? And exactly how do you propose to track the funds from BofA to whatever piece of pork you think they might have ended up in? You have the serial numbers on the bills or something? Re-spent without congressional authorzation as in the Jobs crap Obama is talking about Holy shit! You're right. Employment is only running at 10%. We certainly don't need anything that creates jobs.quade - The World's Most Boring Skydiver Quote Share this post Link to post Share on other sites
Gawain 0 #20 December 10, 2009 Quote Quote Quote Quote Quote Who wants to make a bet about how these repaid funds get handled? And exactly how do you propose to track the funds from BofA to whatever piece of pork you think they might have ended up in? You have the serial numbers on the bills or something? Re-spent without congressional authorzation as in the Jobs crap Obama is talking about Holy shit! You're right. Employment is only running at 10%. We certainly don't need anything that creates jobs. Yeah, because the Omnibus and Stimulus have created and saved...er...never mind...So I try and I scream and I beg and I sigh Just to prove I'm alive, and it's alright 'Cause tonight there's a way I'll make light of my treacherous life Make light! Quote Share this post Link to post Share on other sites
rushmc 18 #21 December 10, 2009 Quote Quote Quote Quote Who wants to make a bet about how these repaid funds get handled? And exactly how do you propose to track the funds from BofA to whatever piece of pork you think they might have ended up in? You have the serial numbers on the bills or something? Re-spent without congressional authorzation as in the Jobs crap Obama is talking about Holy shit! You're right. Employment is only running at 10%. We certainly don't need anything that creates jobs. Whoosh....."America will never be destroyed from the outside, if we falter and lose our freedoms, it will be because we destroyed ourselves." Abraham Lincoln Quote Share this post Link to post Share on other sites
