Word: tarp
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Dates: during 2000-2009
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Will investors regret rooting for TARP paybacks...
...Recently, Goldman Sachs, JPMorgan and others have said they plan to repay the tens of billions of dollars they received last fall as part of the government's Troubled Asset Relief Program (TARP) as soon as possible. Investors immediately cheered the news. Shares of Goldman and JPMorgan are up 80% and 117%, respectively, since the market bottomed in early March...
...seems clear that bank executives will benefit from the return of government funds. TARP-funded banks have to adhere to compensation rules that limit what the firms can pay their top executives. What's more, banks that received government assistance have put off buying private jets or remodeling offices so as not to appear irresponsible with taxpayer money. Industry insiders say that behind the scenes government regulators have also limited the risks that TARP-funded banks can take. (See the top 10 worst business deals of last year...
...percent in extra interest because they are increasingly likely to default. Congress uses perverse mathematics that no one else has to make certain that banks will write down more money on credit card losses. This gives the government the opportunity to lend the banks more out of the TARP fund...
...loans into stock or participating in the fledgling government-led effort to get toxic assets off their balance sheets. And those that are short on cash won't need more in total than the $110 billion to $135 billion the Treasury still has from the original $700 billion in TARP funds that Congress gave the Bush Administration for bank rescues last fall. "There is a reassurance in clarity," Geithner said at a briefing on Thursday...