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TCF Refuses $361M in TARP funds - 3/5/2009 1:41:32 PM

MasterHypnotist

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Twin Cities Federal (TCF) was told to take $361M in TARP funds. After looking over their financials (TCF didn't make sub-prime loans, nor invest in the funds that did) and the contract (what a concept!) they are returning the money to the Fed... IF the Fed lets them.

(edited at Mod 11's request)

http://cosmos.bcst.yahoo.com/up/player/popup/?rn=3906861&cl=12331057&ch=4226725&src=news

So, maybe sound financial lending isn't evil, after all?

MH

< Message edited by MasterHypnotist -- 3/5/2009 1:45:58 PM >

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RE: TCF Refuses $361M in TARP funds - 3/5/2009 1:46:20 PM

QuietlySeeking

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Many banks were forced to take TARP funds, because "the US Gubmint wanted it to appear as if everyone was bought in to the program."

Some banks HAVE remained fiscally responsible and solvent....and are still lending.

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RE: TCF Refuses $361M in TARP funds - 3/5/2009 2:17:16 PM

slvemike4u

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What banks were forced to take TARP monies?

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If we want things to stay as they are,things will have to change...Tancredi from "the Leopard"

Forget Guns-----Ban the pools

Funny stuff....https://www.youtube.com/watch?v=eNwFf991d-4

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RE: TCF Refuses $361M in TARP funds - 3/5/2009 2:46:12 PM

MasterHypnotist

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quote:

ORIGINAL: slvemike4u

What banks were forced to take TARP monies?

In addition to TCF, another financial institution is Northern Trust. It's mentioned in the news article. Tthe news person continues, "Was money almost forced on the banks?" TCF CEO Bill Cooper addresses this, (near quote) "The Regulators strongly suggested we take the money.... Usually when the Regulator says 'Jump!' you say, 'How high?"

It's the time of hope and change... or a big federal stick. What the congress has done to the banks, they now want to do to Health Care.

Under the Government Accountability Office's (GAO) Long-Term Budget Scenario, publicly held debt will be 60.8% of GDP by 2020 and 188.4% of GDP by 2040. This is Economic Stimulus? The Long-Term Budget Scenario assumes discretionary spending grows with GDP and all expiring tax provisions are extended. (The Concord Coalition, http://concordcoalition.org/learn/debt-facts)

Somewhere along that line, Social Security goes broke because Congress, which knew the numbers back in the 1970s, hasn't done a damn thing about it... except to keep on stealing money from it to make other numbers look acceptable.

Another thing... Why is it bad/wrong/unsafe for me to substitute stock or mutual fund investing for SSI contributions for my long term retirement funding (stocks are best suited for long term investment) but it is perfectly acceptable for the federal government to purchase stock in banking, consumer credit, insurance and manufacturing... for short term economic stimulus?

Why give money to corporate entities, when you can give it individuals who will (mostly) give it to the corporations? I have a six figure debt due to medical bills and the following business losses. Instead of missing mortgage payments and putting our house at immediate risk, we ran up credit card debt. Why not give that money to Citi Bank... through me?

Nah,

MH

< Message edited by MasterHypnotist -- 3/5/2009 3:09:05 PM >

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RE: TCF Refuses $361M in TARP funds - 3/5/2009 2:52:20 PM

Owner59

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Yeah,they were "forced" to take the money.....right

Just like my bro forced me to steal cookies with him when we were young .

lol

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RE: TCF Refuses $361M in TARP funds - 3/5/2009 2:58:55 PM

QuietlySeeking

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quote:

ORIGINAL: slvemike4u

What banks were forced to take TARP monies?

TCF of Milwaukee.
http://www.bizjournals.com/milwaukee/stories/2009/03/02/daily32.html

Northern Trust
http://www.bloomberg.com/apps/news?pid=20601087&sid=aBcJ5_IWw3og&refer=home

U S Bancorp
http://www.bloomberg.com/apps/news?pid=20601087&sid=aBcJ5_IWw3og&refer=home

http://www.riehlworldview.com/carnivorous_conservative/2009/02/bank-exec-trashes-tarp.html

Wells Fargo
http://www.valueplays.blogspot.com/2008/10/wells-fargo-forced-into-tarp-plan.html (cites the Wall Street Journal)

Silicon Valley Bank (Palo Alto, CA)
http://www.tokoni.com/story/8196/paulson-forced-banks-to-take-tarp-money--from-san-francisco.html

From the above mentioned article:
"In late October, Paulson forced the nation's nine largest banks to accept a total of $125 billion, regardless of their health. San Francisco's Wells Fargo got $25 billion in that first round. Citigroup and Bank of America later came back for billions more."

www.google.com : Type Banks forced TARP

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RE: TCF Refuses $361M in TARP funds - 3/5/2009 3:02:17 PM

QuietlySeeking

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quote:

ORIGINAL: Owner59

Yeah,they were "forced" to take the money.....right

Just like my bro forced me to steal cookies with him when we were young .

lol

Have you ever worked with a Bank Regulator?

As part of a small community bank in Tennessee, I did. When the Federal and State Regulators came in, we cleared our board room for two weeks (for each set) while they went over our books. If they asked a question, our CFO and CEO would send his Senior VPs out "to fetch" the information.

You don't mess around with Federal Banking Regulators, much like the average guy doesn't mess around with the IRS.

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RE: TCF Refuses $361M in TARP funds - 3/5/2009 3:30:28 PM

MasterHypnotist

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quote:

ORIGINAL: Owner59

Yeah,they were "forced" to take the money.....right

Just like my bro forced me to steal cookies with him when we were young .

lol

O59... I gave you a video to watch... you didn't have to read a damn thing. Did you listen to the video? Or is it that the facts just don't matter to you?

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