So the Bush people tell all the banks to take the money, now the Obama people will not let them give it back. That's bad mojo, folks.
---- While the Treasury Department is allowing another bank to return money loaned to it under the Troubled Asset Relief Program (TARP), it is still keeping one institution TCF Financial in the lurch, declining to tell it or CNSNews.com why it has taken more than the required 30 days to process the money-return request. The bank allowed to return funds, Shore Bancshares of Easton, Md. will repay its $25 million taxpayer loan Thursday, bank CEO Moorhead Vermilye told CNSNews.com. Shore wanted to return the money because it felt persecuted by Congress and the administration, said Vermilye. We have heard, we got approved, were paying it back today, said Vermilye. The biggest reason for returning the funds, he said, was the public perception that the banks taking TARP money were weak banks that were getting bailed out. Number two, they [Treasury] changed the rules after the game had started and made the rules retroactive, said Vernilye. The basic feeling was that Congress might change these rules anytime they felt like changing them. TCF Financial, based in Wayzata, Minn., also thinks that Congress has changed the rules and would like to return taxpayers money as soon as possible. However, according to TCF spokesman Jason Korstange, the Treasury Department has not approved the return yet, nor have they told TCF why they are taking so long. Not yet, were hoping to hear any minute, any day, Korstange told CNSNews.com. We have not heard back. We have certainly talked to them, but we havent received an answer yet. Korstange said that Treasury had not provided a reason for the delay, but noted that TCF had given Treasury everything it asked for. No reasons, he said. Weve given them a lot of information, any information they ask for, any information we thought was necessary. Korstange explained that Treasury had originally invited TCF to apply for TARP funds, saying it wanted the participation of healthy banks to mitigate the shock to the financial system from the failure of large firms like Lehman Brothers and Bear Stearns. TCF agreed, wanting to do its civic duty by aiding the government in keeping the nations hobbled financial industry going. They came to all the banks, said Korstange. They did come to us and suggested that it would be a good idea, that if you didnt take it you would be looked on as a bank that couldnt get it, that you were too bad to get it. It made sense to do it at that time. We thought we were being good citizens. We didnt need the money, Korstange added. The $700-billion TARP was passed by Congress and signed into law by President George W. Bush last fall. http://www.cnsnews.com/public/conte ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Adobe® ColdFusion® 8 software 8 is the most important and dramatic release to date Get the Free Trial http://ad.doubleclick.net/clk;207172674;29440083;f Archive: http://www.houseoffusion.com/groups/cf-community/message.cfm/messageid:295365 Subscription: http://www.houseoffusion.com/groups/cf-community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=89.70.5
