Bank of America repays TARP loan

[ivanm]

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amd Citicorp plans to repay their loan by Thursday. 

This excerpt is from my home page.

CHARLOTTE, N.C. - Bank of America Corp. said Wednesday it has repaid the entire $45 billion it owed U.S. taxpayers as part of the Troubled Asset Relief Program.

Also Wednesday, CNBC reported Citigroup Inc plans to pay back TARP by raising money in an equity offering that could be announced as early as this Thursday, citing sources.

Bank of America, which announced its agreement with the U.S. Treasury to repay TARP last week, funded the repayment through a combination of cash on hand and the sale of $19.29 billion of securities that would convert into common stock. The stock increase remains subject to shareholder approval.

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The extension of TARP is being contested and yet it is serving a purpose.  Some people just cannot be satisfied with reasonable and diligent efforts like this.  The taxpayer stands to lose less than anticipated and in some cases stands to make a few billion by selling the securities it took in exchange for the loans.

[Pepsi]

see here  http://www.newsrake.org/index.php/topic,1475.0.html

[lucy]

It could be merely a paper transfer...with no actual funds involved. Money said to have been given in paper terms, with money being given back on paper....after all, what is money anyway, but a concept, right?

[Observer]

There should have been no loan to pay back.

[johnhp]

Observer,

i agree with you.  When the roof is on fire, you have to let the mother fucker burn.

[Pepsi]

Observer,

i agree with you.  When the roof is on fire, you have to let the mother fucker burn.

the global financial system is not too big to fail.. run on banks, no problem.   collapse of credit markets.. no worries.   It's the ideology which is important 

[johnhp]

Pepsi,

If you are going to make the randian omelet, some eggs are going to need to be broken.  Cause, you know, capitalism, if it is about anything, is about the failure of banks.

[Observer]

I haven't seen anyone but you make that claim.

[johnhp]

I haven't seen anyone but you make that claim.

What are you talking about?

[Observer]

If you are going to make the randian omelet, some eggs are going to need to be broken.  Cause, you know, capitalism, if it is about anything, is about the failure of banks.

At least TRY to keep up.

[johnhp]

Observer,

Apparently you do not get sarcasm.  You are a lot dumber than i thought.

[Observer]

I saw it for what it was.

I guess my response was just over your head.

It isn't about letting financial institutions fail. It is about accepting that with Freedom comes Responsibility. It is about accepting the fact that Government has boundaries it should not cross.

Your failure to grasp those relatively simple ideas doesn't speak well of you.

[johnhp]

I saw it for what it was.

I guess my response was just over your head.

Suggesting it was a claim really does not tell me you knew about the sarcasm.

i understand you feel the need to pretend to be smart, but really you should just stop trying.  You are just transparently stupid.

It isn't about letting financial institutions fail. It is about accepting that with Freedom comes Responsibility.

i am not sure what part of let the motherfuckers burn you didn't understand, but like i said we agree.  And look, those stupid mother fuckers that put their cash and their mortgages in the banks, hey, fuck them.  They should have known that these financial institutions were just gambling with their money.  Losing their houses will be a sober breath of fresh air for them.

Your failure to grasp anything other than the pat answers of your insipid ideology, says everything anyone needs to know about you.

[Observer]

You really don't do this very well.

[johnhp]

You post a lot of snarky comments but when asked to back up anything you back down.  When asked to back up my serious posts i do so.

When banks fail average people get screwed.  That is something your obnoxious ideology cannot acknowledge or do anything about.  When the rubber hits the road you are only about letting the motherfucker burn without any serious consideration for how it screws the average person.