Posted on 03/30/2011 6:34:08 PM PDT by Toddsterpatriot
WASHINGTON, March 29 (Reuters) - The U.S. Treasury's bank bailout program will move into a profit for the first time on Wednesday with the expected repayment of $7.4 billion in taxpayer funds, Treasury officials said.
The transfers to the Troubled Asset Relief Program will push recoveries from banks to $251 billion in repayments of capital, dividends, interest and other income. It invested $245 billion in banks during the financial crisis to help avert a U.S. financial system collapse. The officials did not identify the banks expected to repay funds. But SunTrust Banks Inc and Key Corp said on March 18 that they planned to repay $4.9 billion and $2.5 billion, respectively. The repayment from the third bank would likely be much smaller.
The Treasury has estimated it will earn about $20 billion in profits from the bank portion of TARP.
(Excerpt) Read more at guardian.co.uk ...
So, after all that, WHY did Hank Paulson NEED a get out of JAIL card along with TRAP?
If it was all so “legal”, he didn’t need that at all, now did he?
And yes, I know that I “mistyped” TARP, because as far as I am concerned, TARP is a TRAP. A TRAP of never ending debt that will blow up.
I'd ask you for a link, but with your PMS......
The biggest reason fees and rates went up is that ridiculous financial regulation bill passed last year.
SBA loans are for mom-and-pop stuff, usually well under a million bucks.
Banks aren’t borrowing from the SBA, trust me.
Eventually you run out of places to go, Barney...
So, after all that, WHY did Hank Paulson NEED a get out of JAIL card along with TRAP?
What are you talking about? It's the Congress that routinely exempts their members from the laws they pass...
But if if Paulson somehow managed to get a "get-out-of-jail-card" (can we see it?) - good for him - it's probably a good enough insurance from the stupid liberals who always wanted to put George W. Bush, Dick Cheney, Donald Rumsfeld, John Ashcroft, Alberto Gonzales, Ben Bernanke and just about everybody else in Bush / Republican administration in jail for all kinds of "crimes" and other "illegal" acts. (They succeeded to finagle one, with I. Lewis Libby).
If it was all so “legal”, he didn’t need that at all, now did he?
Isn't that like saying that if you were innocent, you wouldn't need a lawyer or would not get accused [of something] in the first place?
Can you say what exactly was "illegal" about TARP? Bush administration / Treasury and the Fed specifically went to the U.S. Congress to get authorization for specific temporary use of loans for up to $700B (and have used less than $450B). The Congress self-righteously "fiddled" for a few weeks before condescending to TARP, while the banking system and businesses who could not get credit for payroll and other operating expenses, were "burning" around them.
A TRAP of never ending debt that will blow up.
Again, what are you talking about? Are you sure you are not confusing TARP and the Fed with the Congress and the Executive "minting" the debt through various "stimulus" packages like the Porkulus, and other budget and off-budget spending?
Reuters: "...program will move into a profit for the first time on Wednesday with the expected repayment of $7.4 billion in taxpayer funds..."
So the Feds have figured out how to trap the bankers into paying $7.4 billion every Wednesday forever. Neat! I wish I'd have thought of that...
LOL.... I don’t know who has been feeding you a line of B.S., but that is what you have purchased hook, line and sinker. It was what I expected out of a Banana Republic. Paulson should not only have his money and assets seized, but he should be in Prison! He converted Goldman Sachs after the TARP was passed in order to make sure it received TARP money. I don’t know where you are getting your news, but you are not being told the truth.
Too big to fail is complete rubbish, and violates economics 101.
Whoever you are listening too you need to leave, and get someone else. This is not a left or right thing. It was corruption plain and simple.
He converted it into what?
Goldman Sachs was converted from a investment bank to a commercial bank one Weekend in order to ensure it receive the TARP funds by Hank Paulson (former CEO of Goldman Sachs).
OMG! That's awful.
in order to ensure it receive the TARP funds
Ummmmmm.....I don't think you needed to be a commercial bank to get TARP. AIG, CIT, GM, F, FNM, and FRE received TARP funds and aren't commercial banks.
I think you're confusing Treasury/TARP with Federal Reserve/Discount Window.
Make that GM, Chrysler, FNM
LOL... SMH.... You might want to research this before you just make anymore knee jerk comments.
Didn't take much research to realize non-banks received TARP. Didn't take much to see that Goldman converted to a bank holding company to borrow from the Fed, not to get TARP.
The BANK portion has made money.
You either don't understand EXTREMELY BASIC concepts like opportunity cost or time value of money
When you post the "opportunity cost or time value" of the money the Treasury used for the bank portion of TARP, I'll be happy to run thru the numbers with you.
Seriously, find some numbers to discuss or run away like a little girl.
You have got be kidding me.... YES Goldman did take TARP money. Here you go,
http://www.nytimes.com/2009/03/24/business/24sorkin.html?_r=2&partner=rss&emc=rss
BTW, most of the TARP money went to foreign banks. Moreover, this was happening while we the housing bust, an economic melt down, high unemployment and a sky rocketing National debt thanks to the corrupt idiots in Washington legalizing the Up Tick Rule. I have no doubt you believe think that’s good.
Oh and speaking of Government Sachs I mean Goldman Sachs. Never mind the fact that they were saying to the public one thing about certain fund and at the very same time telling their employees dump it as fast you can this ship is going down. I’m sure you believe that is good too. If someone did that to your wife, husband or children.... I’m sure you would not mind being lied too right?
Like I said before you really need to do your homework on this.
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