BofA CEO: "We won't need any more TARP funds"

[scheming daemons]

Looks like the Prez's threat to cap their salaries has scared them a bit.

http://www.cnbc.com/id/29054289



In other words... "we don't need it any more.... now that it has strings attached."

[woodsprite]

1. I say 'take it back' with interest on what they used and

put it into reducing the Jobs bill toward the number the pubbies want. Then they have no reason to vote against it.

[thewiseguy]

2. As I said it is time to buy their stock

[Subdivisions]

3. Or, they will be allowed to fail on Monday. n/t

[scheming daemons]

6. The Monday "Bad Bank" deal will be very good for the banks....

It gives them a place to park their toxic assets.

[Subdivisions]

13. You remember when Lehman failed? Paulson announced that

no longer would a "company too big to fail" be allowed to fail. So, what if part of the "Big Bang" is a change in that philosophy? What if those companies, including the likes of GM, et. al., are indeed allowed to fail? Then BAC could be allowed to fail.

[scheming daemons]

15. There won't be a change in that philosophy

Geithner/Obama will not make the Lehman mistake again.


GM, Chrysler, and Ford will face drastic changes.... but they won't be allowed to fail.


and neither will BofA.

[Subdivisions]

16. We shall see. n/t

[Subdivisions]

19. BTW, what do you suppose 'Big Bang' means? n/t

[scheming daemons]

22. He's just announcing the "bad bank" setup.....

It's not a negative thing.

[w4rma]

4. Wow, these banks are getting better already! (nt)

[Subdivisions]

5. Or, they will be zapped by Monday's 'Big Bang'. n/t

[Earth_First]

7. What happened to the imminent and utter collapse of the banking industry without TARP?

:shrug:

[thewiseguy]

9. The key word is "not any more"

The salary cap will still apply in their case because they have used some TARP funds already.

[scheming daemons]

11. Nope... the salary caps are no retroactive.... only going forward

[Ganja Ninja]

8. Famous last words.

:eyes: Wait about 6 months.

[Fleshdancer]

10. and yet a BoA employee I know told me the layoffs are coming very soon

Everyone is scared. I was told this last night.

[Subdivisions]

14. Perhaps Monday's 'Big Bang' allows for the failure of

these institutions? Including BoA?

[Mojorabbit]

17. What is Mondays big bang? nt

[Subdivisions]

18. US set for ‘big bang’ financial clean-up

http://www.ft.com/cms/s/0/15f37800-ef05-11dd-bbb5-0000779fd2ac.html

[Fleshdancer]

21. This could get very interesting

Thanks for posting the link. This is the first I've heard of the big bang.

[jwirr]

12. It appears that President Obama has cured the banking industry

with one speech regarding $500,000 wages.

[havocmom]

20. And after hearing about salary caps, Goldman Sachs wants to give the $$ back

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x4994971

[Subdivisions]

23. Salary caps don't work well with Ponzi Schemes. n/t