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U.S. Bancorp CEO Davis rips TARP money

Discussion in 'Political Zone' started by sbark, Feb 18, 2009.

  1. sbark

    sbark Well-Known Member Zone Supporter

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    http://www.twincities.com/ci_11722986?source=most_viewed



    "We were told to take it so that we could help Darwin synthesize the weaker banks and acquire those and put them under different leadership," he said. "We are not even allowed to mention that. ... We were supposed to say the TARP money was used for lending."
    But Davis is talking about it now, he says, because he and others oppose current and future strings attached to the program. Davis didn't detail those strings, but he said he and some peers intend to voice their opinions to Washington, D.C., soon. "Now they're punishing you for having the capital," he said, adding that he refuses to stand by and let his company become "collateral damage" in an attempt to nationalize the banks.

    ........they are awakening to the thought of their business being nationalized......better fight back hard asap
  2. iceberg

    iceberg detoxed Zone Supporter

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    but obama isn't a socalist. it's just...you know...bitterness...
  3. MetalHead

    MetalHead Benched

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    Nationalization of banks is the end of the USA.
  4. theogt

    theogt Surrealist Zone Supporter

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    Actually they're just pissing and moaning about pay restrictions and the like that the populist masses forced on them.
  5. DIAF

    DIAF DivaLover159

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    The US isn't going down that easy. And the banks will only be "nationalized" for as long as they owe the US gov't. Not even the democratic party wants the government to be in the banking business.

    That's true. He did say right out that he was speaking out now because he didn't like the strings attached.
  6. iceberg

    iceberg detoxed Zone Supporter

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    then don't take it.
  7. sbark

    sbark Well-Known Member Zone Supporter

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  8. DIAF

    DIAF DivaLover159

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    This sounds a little paranoid, at least the first part. The government has given these companies TARP loans in exchange for equity until the gov't has been paid back. Pay the gov't back, you get the equity back and the government is no longer "in" your bank.
  9. iceberg

    iceberg detoxed Zone Supporter

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    you really think it will work like that?

    how often does the gov let go once it's taken control?
  10. sbark

    sbark Well-Known Member Zone Supporter

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    not paranoid.:lmao2: .....paranoia--the new Lib defense angle?

    Precedent is already set, Goldman Sachs wanted to repay, but was only allowed to repay if Teir 1 capital replaced.....which is virtually impossible in this market/economy....Private Investors are not up to it right now with bank stocks and stock market in general in the crapper

    http://www.bloomberg.com/apps/news?pid=20601087&refer=home&sid=aP6xr9LsyklY
    Lenders may find they can’t back out of the federal program because private investors won’t commit new capital at favorable terms under current market conditions, said RBC Capital Markets analyst Gerard Cassidy in an interview today. They’d probably demand more than the 5 percent initial interest rate charged by TARP, Cassidy said, and as Lewis was testifying, Bank of America’s own chief investment strategist, Richard Bernstein, issued a report urging traders to shun financial stocks until the government increases deposit insurance, shuts large banks and seizes troubled assets.
  11. theogt

    theogt Surrealist Zone Supporter

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    Most of the currently healthy banks aren't.

    Actually, the system is set up to work like that. I don't recall the specifics, but the dividends paid on the preferred shares purchased by the government increase significantly over time, such that the banks would much rather raise capital in the private market to pay back the government. It's all designed to be temporary.
  12. sbark

    sbark Well-Known Member Zone Supporter

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    ....I'm sure the original welfare system was "designed" to be temporary also.....Newt attempted to restore "temporary" in 1996----and now Obama has "redesigned" the system to make it permanent......

    Liberalism needs and wants control......that is why they hate capitalism and everything about it....because they cannot control it.

    You think when Maxine Waters called for Nationalization of the Oil Industry last summer........that would've been temporary. Has Hugo Chavez done anything "temporary"........

    why would the banks be any diff........will the nationalization of the Health care system "be temporary"..........quit defending a untenable position.

    its one of the 10 planks of the Manifesto.......

    Its exactly what Jefferson and the boys wanted to prevent.......
  13. theogt

    theogt Surrealist Zone Supporter

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    It's been reported that Goldman Sachs is already in the process of raising private capital to repurchase the government preferred shares.
  14. iceberg

    iceberg detoxed Zone Supporter

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    are you obama's elf?

    many things i'm sure are "told" to be temporary, but will it stay that way?

    you say a lot of stuff but it usually sounds like you're repeating someone else. go figure.
  15. iceberg

    iceberg detoxed Zone Supporter

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    it's been reported that obama is a socalist.
  16. sbark

    sbark Well-Known Member Zone Supporter

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    ......so then I will presume G.Soro's will be the majority owner.....He's got the trillions from raiding Lehman Brothers Money Markets back in Sept....which hit the tripwire on this entire fiasco

    all set up by Soro's heavy Lobbying to do away with the "Uptick Rules" in 2007.....

    I think USA is the only country in the world that still allows Soros' to do business..........but that is how unverified c.cards as campaign donations work

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