Posted on 10/09/2011 9:40:26 PM PDT by Laissez-faire capitalist
(Wall Street Journal) - More than half of $4 billion in federal funds disbursed this year to spur small business lending by community banks was used to repay bailout funds that the banks received under the government's Troubled Asset Relief Program (TARP), the Wall Street Journal reported Thursday.
The Small Business Lending Fund was meant to raise capital at smaller banks, which tend to lend more heavily to small businesses, in the hopes of jump-starting growth and employment. But instead of directly lending to small businesses, many of the banks used the money to rid themselves of higher-cost TARP debt and tougher restrictiins...
(Excerpt) Read more at myfoxboston.com ...
Look at the donations to the reelection campaigns about that time to see where some of the TARP money went to. Hell McShithead stopped his campaign to run back to Congress to get in on the action.
Yeah, Bush and all those poor suckers didn’t have clue what was going on when Paulson demand immunity in distributing Tarp funds, it was the core of the bill and everyone obliged. All investment houses became full fledged banks and sold mortgages to the GSEs at par.
What planet do you live on silverleaf? Banker’s heaven?
Of course the Banks would use the money to pay off the higher interest debt.
So I Borrow money from you to Pay you back the Money I owe you,while I was supposed loan it to someone else who probably will go out of Business because of the Person who Loaned me the money in the first Place.
And a one and a two and three!
DDDDDDDDUUUUUUUUUUUHHHHHHHHHHHHHHH!
What did they THINK they’de do with it? Let’s see... Loan it out to people who aren’t borrowing because they can’t afford it? Or two, get out from under Uncle Sam...
And this is hard to figure out?
Excellent summation
I nominate you to run for Congress!!
The planet where if a bank was forced inot tkaing tARP and raised money by stock purchases and paid back TARP - with interest - 2 years ago
hy are we still bitter against them for taking TARP?
What planet are you living on? The planet where using bank money and bank services is “free”, if you want a bank loan the govt says they HAVE to give it to you, if you can’t pay back a loan the govt says they HAVE to forgive it because their executives are rich, they already have too much money, and unicorns crap skittles?
The biggest waste of TARP money went to GM and no mobs are occupying GM plants.
That money came with strings attached and they said, "No, thanks".
QE2 began the giveaway to private industry in earnest and continues to this day with this administration as paybacks coming to them through the front door again go out through the back door to ‘green’ pet projects at the administration’s whim. Congress sits idle. And banks continue fantasy accounting, in reality are broke.
The only reason for banks to get out from underneath government TARP loans was to get free of the bonus limits that could be paid out to officers under morphed TARP rules.
Here’s a comment from a Financial Times article about Frannie and Freddie (GSEs) on 10/9/11 that I can’t link to but here is the comments as this guy gets it...
“Did not Fannie and Freddy blithely take over the banks’ corrupt mortgages? How then can the myth that the banks fully paid back the US Treasury continue to be perpetrated by the mainstream media? Oh, I forgot their corporate owners are invested in public acceptance of that misleading proposition.”
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