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PostPosted: 12/30/10 5:58 am • # 1 
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http://www.thestreet.com/story/10957175/1/half-dozen-banks-repay-tarp.html?cm_ven=RSSFeed

Half-Dozen Banks Repay TARP
By Philip van Doorn 12/29/10 - 04:57 PM EST

WASHINGTON (TheStreet) -- The U.S Treasury Department announced on Wednesday that six more banks had repaid the government bailout money received through the Troubled Assets Relief Program, or TARP.

The six banks paid the government a total of $626 million. The Treasury also said that out of $389 billion disbursed through TARP, the government had received repayments of $235 billion plus dividends and other payments totaling $35 billion, for a grand total of $270 billion.

Banks repaying the government on Wednesday included:

    * East West Bancorp (EWBC_) of Pasadena, Calif. exited TARP by fully repaying the government $306.5 million plus dividends of $1.9 million.
    * Webster Financial (WBS_) of Waterbury, Conn. completed its TARP repayment by redeeming the $200 million in remaining preferred shares held by the government, plus dividends of $1.2 million. The company had previously repaid $100 million in march and another $100 million in October.
    * 1st Source Corporation (SRCE_) of South Bend, Ind. fully exited TARP, repaying the government $111 million, plus dividends of $678 thousand.
    * Surrey Bancorp of Mount Airy, N.C. fully exited TARP, repaying the government $2 million plus dividends $12,222. The company also repurchased $100,000 in preferred shares the government obtained by exercising warrants, plus another $1,100 in dividends.
    * Nationwide Bankshares of West Point, Neb. fully exited TARP, repaying the government $2 million plus dividends of $18,822. The company also repurchased $100,000 in preferred shares the government obtained by exercising warrants, plus another $1,687 in dividends.
    * Haviland Bancshares of Haviland, Kan. repaid $425 thousand to fully exit TARP, plus $2,597 in dividends. The company also paid the government $21,000 to redeem preferred shares the Treasury had obtained by exercising warrants.

Any complaints from the right yet?


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PostPosted: 12/30/10 6:24 am • # 2 
"Any complaints from the right yet?"

There weren't any complaints about TARP when Bush first signed off on it. The complaints came only after that uppity young man "took over" the WHITE House.


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PostPosted: 12/30/10 11:05 am • # 3 
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Oh, you mean the BLACK guy?


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PostPosted: 12/30/10 11:41 am • # 4 

The Troubled Asset Relief Program, commonly referred to as TARP, is a program of the United States government to purchase assets and equity from financial institutions to strengthen its financial sector which was signed into law by U.S. President George W. Bush on October 3, 2008. It is the largest component of the government's measures in 2008 to address the subprime mortgage crisis.

Originally expected to cost the U.S. taxpayers $356 billion, the most recent final net estimate of the cost, as of October 5, 2010, will be close to $30 billion, including expected returns from interest in AIG.[1][/sup] This is significantly less than the taxpayers' cost of the savings and loan crisis of the late 1980s. The cost of that crisis amounted to 3.2% of GDP during the Reagan/Bush era, while the GDP percentage of the current crisis' cost is estimated at less than 1%.[2][/sup] While it was once feared the government would be holding companies like GM, AIG and Citigroup for several years, those companies are preparing to buy back the Treasury's stake and emerge from TARP within a year.[3][/sup] Of the $245 billion invested in U.S. banks, over $169 billion has been paid back, including $13.7 billion in dividends, interest and other income, along with $4 billion in warrant proceeds as of April 2010. AIG is considered "on track" to pay back $51 billion from divestitures of two units and another $32 billion in securities.[2][/sup] In March 2010, GM repaid more than $2 billion to the U.S. and Canadian governments and on April 21 GM announced the entire loan portion of the U.S. and Canadian governments' investments had been paid back in full, with interest, for a total of $8.1 billion.[4][/sup] This was, however, subject to contention because it was noted that the automaker had only paid back its outstanding debt, while the much larger portion of the governments' investment would continue to be tied up in the company's stock.[5][/sup]

http://en.wikipedia.org/w...led_Asset_Relief_Program



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PostPosted: 12/30/10 11:42 am • # 5 
You may notice that the banking scoundrels thrive under republican administrations.


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