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Repayment of $45 billion in TARP money will free nation's largest lender from, among other things, executive pay caps.
NEW YORK (CNNMoney.com) -- Billions of dollars in bailout money received by Bank of America over the past year is now officially back in government hands.
Just a week after announcing plans to repay $45 billion in aid from the Troubled Asset Relief Program (TARP), the nation's largest lender said Wednesday it had cut a check to the government for the full amount.
Obama should have given BOA a prepayment penalty and the interest should have been calculated using compound interest. It’s only fair that is what they would have done.
You really need to do a little research; it's not too hard to find the answers.
The funds go back into the general coffers, that big pot of money that appropriations are funded from.
You know, like defense, where things like body armor can be bought for our troops to keep them a little bit safer.
They were credits. The money never existed in the first place. It was nothing more than a computer transaction.
I always laugh when someone tells others to do research, right before saying..
Quote:
Originally Posted by chielgirl
Like your hero, Bush, did?
We're in this trouble from his policies.
Really, what policies? LIST THEM!!
Its especially funny to hear you say that, right before proclaiming
Quote:
Originally Posted by chielgirl
The funds go back into the general coffers, that big pot of money that appropriations are funded from.
You know, like defense, where things like body armor can be bought for our troops to keep them a little bit safer.
Actually wrong, the money didnt come from the general coffers, and will not be returned to them. The funds go into a fund held by Geithner and kept seperate from the general funds..
No one taught our Congress how to pay their bills.
Or how to pay their taxes.
Quote:
Originally Posted by pghquest
...do you know how AIG is paying theirs back? By selling off a very large percent of their company TO THE GOVERNMENT.. Indeed thats socialism, even if you pretend its not..
I'm glad you mentioned that. AIG got its money from the Treasury, which is funded by the Fed, created two companies and sold them to the Fed, thereby having money to pay back the Treasury. Huh? Something smells really bad here.
Quote:
Originally Posted by chielgirl
You really need to do a little research; it's not too hard to find the answers.
The funds go back into the general coffers, that big pot of money that appropriations are funded from.
You know, like defense, where things like body armor can be bought for our troops to keep them a little bit safer.
Wrong. That money belongs to us, the taxpayers. It didn't come from the "general coffers". It should come back to us in the way of reducing the growing deficit. Obama and Geithner think it's perfectly OK for that money to go into a slush fund, and they want to see it go to jobs creation a/k/a/ "stimulus" funds. But, there is stimulus money still sitting there, unused. $550 billion. What is the matter with these people!
Quote:
Originally Posted by pghquest
I always laugh when someone tells others to do research, right before saying..
Really, what policies? LIST THEM!!
Its especially funny to hear you say that, right before proclaiming The funds go back into the general coffers, that big pot of money that appropriations are funded from.
Actually wrong, the money didnt come from the general coffers, and will not be returned to them. The funds go into a fund held by Geithner and kept seperate from the general funds..
Once they get their hands on money, they just won't let go. The spending list is growing and growing. Wonder how many more pork projects are lined up, waiting in the wings?
Stockholders were not going to lose it all, they could have diluted the stockholders last year without government money
If BofA had gone bankcrupt the stock holders would have taken a rather severe hit. Wouldn't you agree?
The story with AIG seems to change every day. Last week they were still selling some of their biggesr components to private companies, and then some to Fed. Did this change?
Last edited by Finn_Jarber; 12-10-2009 at 08:11 AM..
I don't get what you're driving at with that comment... BofA paid back TARP money because they don't want any part of the government's welfare funds, and the fed control that comes with it. They got rid of that dirty money and are now back in self-sufficient mode... the way businesses should be.
That was the plan. The purpose of adding the controls was to motivate them to pay off the loan as opposed to not paying it off, or paying it off at a much slower rate. I don't know about you, but I'd say the plan worked.
If BofA had gone bankcrupt the stock holders would have taken a rather sever hit. Wouldn't you agree?
If BOFA would have gone bankrupt, stock holders would have sold out. Just like we did with CIT..
Quote:
Originally Posted by Finn_Jarber
The story with AIG seems to change every day. Last week they were still selling some of their biggesr components to private companies, and then some to Fed. Did this change?
No, has not changed.. I think AIG was so big, that many didnt understand their size and complexions..
They have been selling off divisions after divisions for billions of dollars each to pay down their debt. The high priced divisions though, were sold to the Fed...
DJ newswire (unable to link from the source, but written by Meena Thiruvengadam)
TARP Estimated cost to taxpayers in 2009, $41.6B.
Costs primarily driven up due to losses helping american automakers and AIG.
Figures calculated by US Treasury, contained in financial statements audited by Govt Accountability.
AIG costs alone $30.43B in 2009 and auto sector $30.47B, with profits of $19.5 from the financial sector.
Programs costs estimated to be $141B over 10 years, as Geithner asked that Tarp be continued through Oct 2010.. (not sure how they estimate costs over a decade, if the program is scheduled to wrap up in 2010)..
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Yes, we're being hoodwinked
Something smells really bad here.
