More Than 90 Banks Miss TARP Payments

[Bluebear]

More than 90 U.S. banks and thrifts missed making a May 17 payment to the U.S. government under its main bank bailout program, signaling a rising number of lenders are struggling to meet their obligations.

The statistics, compiled by SNL Financial from U.S. Treasury data, showed 91 banks and thrifts skipped the May dividend payment under the Troubled Asset Relief Program, or TARP. It was the first missed payment for 23 of the banks; for the others, it was at least their second miss.

The number of banks missing their TARP payments rose for the third straight quarter. In February, 74 banks deferred their payments; 55 deferred last November...

Under the TARP program, the U.S. Treasury invested in preferred shares issued banks looking for funds. The banks were to make regular dividend payments to the Treasury, and have the right to repurchase the shares at some point in the future.


http://www.cnbc.com/id/37732312

[chill_wind]

1. K & R. n/t

[ixion]

2. I hope their services charges are astronomical, and

that they're credit rating suffers. It's only fair.

[Bluebear]

3. Really.

[leftstreet]

4. K&R

Interesting!

[Foo Fighter]

5. Thank God it passed!!!! n/t

[Foo Fighter]

6. Gotta correct you on this one.

You referred to TARP as the "Troubled Asset Relief Program" when it actually stands for "Transfer of Assets to the Rich and Privileged."

[Bluebear]

7. So stipulated :)

[Hydra]

8. *lmao*

Cheers to the people who said we'd be getting our money back with interest.

I joked at one point that if they gave me $700 billion and I immediately paid them back $400 billion, it would have been a better deal for them and gotten more of a stimulus response :evilgrin:

[Orrex]

9. Can we foreclose on them?