George Bush: By the Way… Most of the TARP Money Passed Under My Watch Has Been Repaid (Video)
Posted by Jim Hoft on Friday, November 26, 2010, 7:44 PM
Former President George W. Bush told Bill O’Reilly tonight that, for the record, most of the TARP money loaned under his watch has been repaid.
He’s correct, of course. The money loaned to banks back in September 2008 was repaid the treasury.
More… Tom wrote in with this:
The reason that TARP was repaid so fast is because large banks that didn’t want it or need it provided cover for those that did and then paid it back ASAP! Reminds me of when a sibling needs a loan or money and you receive money from your parents too.
Banks like US Bancorp (US Bank), who I have worked for over 10 years, did not need nor want TARP but because it was one of the ten largest banks in America (#6) it was forced to take TARP. Richard Davis our wonderful CEO along with all the top ten bank CEOs where drug to the White House by the Obama Regime and were told by then Treasury Secretary Hank Paulson to take it or else risk bad publicity. The Obama Regime knew that they along with The Lap Dog Media would skewer any bank that refuse to comply.
US Bank after taking the money immediately asked to repay it. They were told there was no set criteria and they would have to wait until there was. Because the cost was unknown US Bank’s CEO told all the Department VPs that they needed to reduce costs by 5% to build a war chest to basically fight the Federal Government.
Some departments laid off people. Fortunately my department along with others decided to reduce our pay 5% and give us two weeks unpaid vacation to compensate. US Bank passed as the number one bank. We immediately had our pay restored AND those of us who had not taken off all or any portion of the two weeks unpaid vacation were allowed to take it anyway.
During this time our stock went from around $25,share to $8.50/share it has recovered to around $21/share. Also during this time frame a local financial writer lumped us with Bank of America and Citigroup as a “bailed-out” bank. I called that reporter and he agreed that US Bank was not a bailed-out bank all the while arguing that we took TARP money. I often said that there are no degrees of punishment in hell but I am convinced their is a Press Room!
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Published February 22, 2012 at 4:19 pm - 32 Comments
squeaky commented:
[President-elect Barack Obama yesterday (Monday) asked Congress to release the remaining $350 billion in bank bailout money that's part of the $700 billion Troubled Asset Relief Program (TARP).] maybe one of the rascally Bush personnel stole the “no” button or obama was so unfamiliar with the term “no”that he thought with a 50/50 chance what could go wrong he voted “yes”….it would have been painfully obvious if he voted present.
he signed it – he owned it.
http://moneymorning.com/2009/01/13/obama-tarp/
a former democrat commented:
not sure how I can submit posts for consideration…I thought this was a very interesting read
“A Majority Of Americans Believe The US Government No Longer Operates Within The Constitution”
http://www.zerohedge.com/article/majority-americans-believe-us-government-no-longer-operates-within-constitution
gastorgrab commented:
“The money loaned to banks back in September 2008 was repaid the treasury.”
—————–
……and then it was ‘re-appropriated’ for another purpose that they never bothered to mention, and that Congress never bothered to vote on.
.
bg commented:
++
Bravo Bush..
evidently still the only Republican with a backbone..
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Captain EO commented:
Regardless, TARP was a bad idea because it set the precedent that bailouts are okay. They are not. It is a moral hazard.
Besides, does anyone think that TARP has saved us from anything?
Homes are still overpriced, and we are still in a recession. Yay.
The truth is that banks that made bad bets should fail.
If they wanted to ease the social impact, they should’ve given more capital to smaller, more prudent banks who made the right decsions, thereby rewarding good behavior.
It was the worst decision Bush made.
bg commented:
++
a former democrat #2
thanks..
==
AuntieMadder commented:
Didn’t he sign another bank bailout in late Oct or early Nov 2008, just days before the elections?
Chippy commented:
I want to know where the TARP money is now? What is Obama doing with the money? We know most of the big banks invested TARP money in stocks (GS). Meanwhile, the housing dilemma is still with us.
rickl commented:
Captain EO:
Yep. I was dead set against it at the time. TARP set the stage for Obama’s even worse interference in the economy.
Banks that made bad loans should fail, and individuals who bought houses they couldn’t afford should be foreclosed. It’s harsh but just. People and businesses should never be rewarded for bad judgement.
All the government has been doing is to kick the can down the road, and postpone the day of reckoning. The longer we put it off, the worse it will be.
Militant Conservative commented:
#2 November 26, 2010 at 8:05 pm
a former democrat commented:
Glad you woke the hell up. A little late Rip Van Winkle but, welcome to the party.
Democrat party has been taken over by the socialists and is now democrat in name only.
I have many democrat friends also waking up that thought I was just a party line tool.
Oh no, there were many a republican socialist that needed to get whacked this November.
Got a bunch but did not get them all (McCain is the granddaddy socialist).
America wants center right governance, not socialism. powder is dry
welcome aboard.
Chippy commented:
AuntieMadder #7
Six republicans voted for TARP 2. Worth 350 billion. Thank you moderate RINO’s.
http://www.huffingtonpost.com/2009/01/15/tarp-vote-obama-wins-350_n_158292.html
Anonymous commented:
The reason that TARP was repaid so fast is because large banks that didn’t want it or need it provided cover for those that did and then paid it back ASAP! Reminds me of when a sibling needs a loan or money and you receive money from your parents too.
Banks like US Bancorp (US Bank), who I have worked for for over 10 years, did not need nor want TARP but because it was one of the ten largest banks in America (#6) it was forced to take TARP. Richard Davis our wonderful CEO along with all the top ten bank CEOs where drug to the White House by the Obama Regime and were told by then Treasury Secretary Hank Paulson to take it or else risk bad publicity. The Obama Regime knew that they along with The Lap Dog Media would skewer any bank that refuse to comply.
http://www.businessinsider.com/uncovered-tarp-docs-reveal-how-paulson-forced-banks-to-take-the-cash-2009-5
US Bank after taking the money immediately asked to repay it. They were told there was no set criteria and they would have to wait until there was. Because the cost was unknown US Bank’s CEO told all the Department VPs that they needed to reduce costs by 5% to build a war chest to basically fight the Federal Government.
Some departments laid off people. Fortunately my department along with others decided to reduce our pay 5% and give us two weeks unpaid vacation to compensate. US Bank passed as the number one bank. We immediately had our pay restored AND those of us who had not taken off all or any portion of the two weeks unpaid vacation were allowed to take it anyway.
During this time our stock went from around $25,share to $8.50/share it has recovered to around $21/share. Also during this time frame a local financial writer lumped us with Bank of America and Citigroup as a “bailed-out” bank. I called that reporter and he agreed that US Bank was not a bailed-out bank all the while arguing that we took TARP money. I often said that there are no degrees of punishment in hell but I am convinced their is a Press Room!
avery commented:
IF ALL THIS MONEY BEEN PAY BACK THEIR IS IT NOW,WHY IS NO ONE GOING TO jail,every one getting Rich expect the tax payer,
befuddled commented:
large banks buying up smaller banks at a fraction of the cost. government mandated control, down to enforcing salary. this wasn’t a bailout; this was a dictatorship. government forced monopolies, sounds like to me.
chillguy33 commented:
The banks DIDN’T WANT THE MONEY.
Bush is STILL an idiot when it comes to economics, however affable on the surface.
That said, he is light years preferable to his replacement; who is diametrically opposed to any economic activity outside of government, and proud of it.