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Hey all you doom and gloomers, here comes a $45B TARP repayment from BOA in the next few days. This is ALL of the bailout money taken by BOA last fall. Now let's see Bank Of America stock begin it's long, slow climb back into the $60 dollar range. As for the TARP money, let's see what Obama squanders it on next.
Bank of America to repay TARP, raise cash - Yahoo! Finance (http://finance.yahoo.com/news/Bank-of-America-to-repay-TARP-apf-1989720777.html?x=0&sec=topStories&pos=1&asset=&cc ode - broken link)=
Hey all you doom and gloomers, here comes a $45B TARP repayment from BOA in the next few days. This is ALL of the bailout money taken by BOA last fall. Now let's see Bank Of America stock begin it's long, slow climb back into the $60 dollar range. As for the TARP money, let's see what Obama squanders it on next.
Bank of America to repay TARP, raise cash - Yahoo! Finance (http://finance.yahoo.com/news/Bank-of-America-to-repay-TARP-apf-1989720777.html?x=0&sec=topStories&pos=1&asset=&cc ode - broken link)=
B of A had the money long before. It was not until Obama decided to put their balls in a vice by limiting CEO'S pay did they decide to pay it all back.
.... As for the TARP money, let's see what Obama squanders it on next.
...
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.
BofA made this announcement today because they can't find a CEO that will take over that mess of a company when Ken Lewis leaves. The last two candidates were apparently not chosen because they thought the best course of action was to break up the bank.
IMO, you will be waiting a while on that $60 share price.
They're doing a capital raise. Expect everyone else to follow along. Yes, the gov't will get it's money which is good. The dilution and lack of earnings power going forward for the shareholder's probably not so much. But, the fact they can sell stock will probably be seen as a positive in the short run because all news is good news for now.
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.
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.
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.
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IMO, you will be waiting a while on that $60 share price.
That's fine with me. I don't need the money, and besides, at the price I bought in at, I can afford to wait. I'm already sitting pretty on it at $15+.
[QUOTE]They do not pay interest on savings, and charge ridiculous fees.[/QUOTE]
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!
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.
haha...this is too funny. You tell someone to check their facts, yet say something completely wrong. TARP is NOT managed or controlled by the Ben Bernanke or the FED in general. It is managed by the US treasury.
It would probably help to check your facts.
Edit: Oh, someone else pointed this out already.
Last edited by user_id; 12-02-2009 at 08:38 PM..
Reason: repeated info
They're doing a capital raise. Expect everyone else to follow along. Yes, the gov't will get it's money which is good. The dilution and lack of earnings power going forward for the shareholder's probably not so much. But, the fact they can sell stock will probably be seen as a positive in the short run because all news is good news for now.
Yes, the reason they are doing this is their cost of capital is relatively low now and the government continues to add strings to the bailout terms, and thus, it makes more sense to just pay it back.
This doesn't mean they all of a sudden made $45B that they can just pay back by writing the government a check.
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