Talk of The Villages Florida - View Single Post - What's this!!!
Thread: What's this!!!
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Old 04-04-2009, 07:23 PM
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Originally Posted by GMONEY View Post
I have been looking for something talking about getting an aduit if you return the Tarp Funds. But dont see anything. Some articles listed below. but nothing on you get nailed if you refuse it..

http://www.npr.org/templates/story/s...ryId=102618967
http://www.bizjournals.com/philadelp...0/daily27.html
Closest to it from what I can see, and guess this could start rumors......HOWEVER, except for what is called facts from the previous administration it is all opinion.....

"Here's a true story first reported by my Fox News colleague Andrew Napolitano (with the names and some details obscured to prevent retaliation). Under the Bush team a prominent and profitable bank, under threat of a damaging public audit, was forced to accept less than $1 billion of TARP money. The government insisted on buying a new class of preferred stock which gave it a tiny, minority position. The money flowed to the bank. Arguably, back then, the Bush administration was acting for purely economic reasons. It wanted to recapitalize the banks to halt a financial panic.

Fast forward to today, and that same bank is begging to give the money back. The chairman offers to write a check, now, with interest. He's been sitting on the cash for months and has felt the dead hand of government threatening to run his business and dictate pay scales. He sees the writing on the wall and he wants out. But the Obama team says no, since unlike the smaller banks that gave their TARP money back, this bank is far more prominent. The bank has also been threatened with "adverse" consequences if its chairman persists. That's politics talking, not economics."

http://online.wsj.com/article/SB123879833094588163.html