Word: smalleness
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Some see this as a smart move. Last week, Senate majority leader Harry Reid, a Democrat from Nevada, sent a letter to Treasury Secretary Timothy Geithner urging him to consider giving TARP funds to more small banks, even those that might fail without government assistance. "Comparatively modest assistance from the government now could make a significant difference to these banks, their customers, and their communities, as well as help ensure the fledgling recovery we are seeing in our economy continues," wrote Reid...
...when the prospects of many banks are improving and most economists believe the financial crisis has largely ended. Earnings at a number of large banks are rising again, and some smaller banks have been able to raise money on their own. Since the end of June, at least 15 small or regional banks have together raised more than $1 billion in stock offerings, without the assistance of the government, according to research firm SNL Financial. Some banks have already paid back the money they got from the government with interest. That's raised the question of why the Treasury...
...that a bank could survive on its own. While the Treasury is winding down some of its programs meant to assist the financial sector, it has no plans to end the TARP program early. The Treasury Department says it is still getting new requests from banks for TARP funds. (Small banks have until Nov. 21 to apply to get TARP funds...
Earlier this year, Geithner gave a speech promising more assistance from TARP to smaller banks. Treasury officials say the Obama Administration has placed an increased emphasis on using TARP funds to ensure the strength of smaller banks. "The Capital Purchase Program expansion for small banks is helping to stabilize the economy, support small businesses and get us on a path to recovery," says Treasury spokeswoman Meg Reilly...
...accountable." What the world really needs is for its leaders to think short term, to make the hard pledges that are required to start bringing global carbon emissions down. They can start at Copenhagen. And they should remember the words of Mohamed Nasheed, the President of the Maldives, whose small island country literally risks being erased from the planet by rising sea levels. "We are talking about not living because of climate change," he said on Sept. 21. "We are going to die. Don't do this to us." Not as eloquent as Obama's words - but far more urgent...