98 Bailed Out Banks on Brink of Failure Anyway

[The Straight Story]

98 Bailed Out Banks on Brink of Failure Anyway

Four billion dollars later and nearly 100 U.S. banks that got help from the federal government are in danger of collapsing. The Troubled Asset Relief Program (TARP) was supposed to only help healthy financial institutions weather the crisis that unfolded in 2008. But now that 98 banks are on shaky ground, it is possible that TARP officials weren’t being entirely truthful.

Seven TARP recipients have already failed, resulting in more than $2.7 billion in lost bailout funds. This total is in addition to the $4.2 billion that could go down the drain if all of the 98 troubled banks fail as well.

Chris Cole, a lawyer with the Independent Community Bankers of America, told The Wall Street Journal that smaller TARP recipients were more vulnerable because the big banks, such as Bank of America and Citigroup, also received loans from the Federal Reserve’s emergency liquidity programs, which distributed $3.3 trillion.

http://www.allgov.com/Where_is_the_Money_Going/ViewNews/98_Bailed_Out_Banks_on_Brink_of_Failure_Anyway_101229

[lonestarnot]

1. I read 100 yesterday.

[Major Hogwash]

2. "it is possible that TARP officials weren’t being entirely truthful." Geez, imagine that!!

I agree with Keith Olbermann, I think a lot of crooks were given a lot of money.
Or what Keith said, paraphrased here as "Why did my daddy have to go to jail?"

[FreakinDJ]

3. The HIGH Cost of CEO Bonuses

Just can't keep the talent

[xchrom]

4. was any body there from the official 'we're SURPRISED committee'? you know -- to

make it official and all.

[dkf]

5. These are community banks that we supposedly support.

If we wipe them out then the big banks would get even more business I imagine.

[Javaman]

6. We should have broken up the banks like we did with AT&T,

but alas. "to big to fail" was the governing mantra to keep us all in line.

We are fucked. And I'm not saying "we are fucked" in that over exaggerated multiple exclamation point sort of way, no, I'm saying "we are fucked" as in that talking-to-a-friend-over-a-beer-and-feeling-helpless sort of way of we are fucked.

This is the new reality.

We bail out the rich, they keep the money and still fuck up anyway.

This needs to be changed right? Well, please tell me who will change it? They ignore we the people daily, the few pundits that rattle the apple cart get shushed down, and the lone handful of tv media news evangelists that say something don't get air time.

So here we are: controlled by the corps, bought by the corps and owned by the corps.

we are fucked. Bottoms up.