Word: bankses
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Now the government has said that even banks that passed stress tests will not be allowed to pay back TARP funds until they can raise money on their own. Some banks have been able to venture out into the market on their own, but the rates they are now paying...
That could translate into a lot of money. In the past six months, the nation's largest banks have raised just over $225 billion using government guarantees, according to Thomson Reuters. Had the banks had to raise that money on their own it would have been much more expensive. Morgan...
Banks exiting the TARP program are also looking to buy back the warrants they issued to the government in order to receive TARP funds. David Hendler, an analyst at CreditSights, estimates that it would cost JPMorgan nearly $2.6 billion to buy back their warrants from the government. "Banks may have...
Still, the high costs of being TARP-free are causing some banks to say that for the time being they are better off with the government funding than without it. PNC Financial's chief executive Jim Rohr recently told Bloomberg that his bank, which got $7.6 billion in TARP funds...
Such is the danger of the analogy-packed way we choose to discuss the economy. We talk of the housing "bubble," of stocks "skyrocketing" and "cratering," of the credit "crunch," of the possibility of "zombie" banks. These are not rigorous terms. And yet through them we view the world - often...