How much government meddling will our nation’s banks put up with before they start rejecting the federal government’s TARP funds? Looks like we’re starting to find out. Last week ProPublica reported that IberiaBank of Lafayette, Louisiana became the first bank to return TARP cash to the Treasury. From the bank’s …
The federal government’s Troubled Asset Relief Program been complicated and controversial from the beginning. First sold by then Treasury Secretary Hank Paulson as a plan to buy mortgage-related assets from U.S. financial institutions,TARP quickly morphed into an incoherent slush fund. New Treasury Secretary Timothy Geithner has had a very similar problem …
Is it any coincidence that on the same day that the Obama Administration announces restrictions on executive pay for companies taking government bailout money, Goldman Sachs announced that it is pulling out of the government’s Troubled Asset Relief Program? The investment bank, says CFO David Viniar, is chafing under the …
Before President Bush took office, the federal government took in $2 trillion in revenue in 2000. As Bush leaves office, the federal government is expected to take in $2.4 trillion in 2009. In other words, after eight years under President Bush, the federal government is taking in $400 billion more …
Defending the Troubled Asset Relief Program The Washington Post’s Steven Pearlstein writes: Of course, because money is fungible, critics can always say that the Treasury money is now being used to pay excessive salaries or dividends, or finance unnecessary acquisitions — or, for that matter, to clean the toilets or …
