Bank Of America to repay $45B TARP funds to taxpayers

[user_id]

Originally Posted by tallrick

Everyone I know has closed their B of A accounts. They do not pay interest on savings, and charge ridiculous fees. Amazed that anyone uses them. Well amazed that anyone uses a bank anymore. Better to buy some gold and bury it.

I use Bank of America, they have nice ATMs and a great website. If I was interested in using web applications written by monkeys I'd perhaps consider a credit union.

Only old people create savings accounts at brick and mortar banks. Although B of A does have a "risk free CD" that pays just a bit less than a standard short term CD. But they know that the oldsters are not going to use it, its something new.

[Traderx]

Originally Posted by lumbollo

It would probably help to check your facts. TARP was signed into law by George W. Bush and is being administered and controlled by Ben Bernanke, the head of the Federal Reserve. Obama has absolutely no control over it by law.

Tell the truth. Your nickname was supposed to "Dumbollo" but you mis spelled it, right?

[lumbollo]

Originally Posted by Traderx

Tell the truth. Your nickname was supposed to "Dumbollo" but you mis spelled it, right?

How old are you?

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Originally Posted by treasurekidd

Wrong. The TARP program is overseen by the TREASURY DEPARTMENT, headed by President Obama's Treasury Secretary, Timothy Geithner, who recently said that it was time to start winding the program down. NOT the Federal Reserve, and not by Ben Bernanke.

TARP is overseen by the Financial Stability Oversight Board, not the Treasury and that board includes Ben Bernake. Effectively it is Bernake that is handling the money because once the money is tossed to the banks, it becomes part of the Federal Reserve system and they currently are not subject to audits by the President nor the Congress.

I stand by my statement that Obama, by law, has no control over TARP as you indicated.

Expect Bernanke to be grilled greatly over TARP funding during his upcoming confirmation hearings because at the moment he won't give details on how this money was spent.

[user_id]

Originally Posted by lumbollo

TARP is overseen by the Financial Stability Oversight Board, not the Treasury and that board includes Ben Bernake.

Probably should check your facts. The Financial Stability Oversight board does not control TARP, it overseas TARP. Uncle Ben is just one member of a number of others on this board. Suggesting that its really Ben that controls it because once the money is in the banking system its the FED is just silly. The allocation of the TARP funds is completely up to the treasury, not the FED, not Ben, not the financial stability oversight board.

You seem to have trouble dealing with the fact that you keep saying wrong things. No sense digging deeper.


FinancialStability.gov | U.S. Department of the Treasury

[Randomdude]

Originally Posted by treasurekidd

Finally something I can agree with. No bank anywhere is paying interest, and all banks everywhere are charging horrendous fees. That's why you need to take your money oput of their savings accounts and CDs and buy their stock. Bankers know how to makemoney, and in the long run, you'll be much better off. If you can't beat 'em, join 'em!

I have accounts at two different banks, and both pay interest. I wouldnt consider a bank that didnt pay interest, or charged for checking. There are hundreds of banks still paying interest on savings and checking, and not charging any fees.