Obama allows TARP repayment

[Skull Pilot]

No one is preventing Goldman Sachs from repaying but Golman Sachs.

Goldman Sachs (NYSE: GS) President said the company is unlikely to return TARP funds before the stress test.

StreetInsider.com - Goldman Sachs (GS) President Said the Company is Unlikely to Return TARP Funds Before the Stress Test

you mean they are waiting for the government's stress test to see whether the government will allow them to pay back the money??

Gee, didn't I just say that?

 

[Peejay]

Goldman Sachs President and co-Chief Operating Officer Gary Cohn was asked by Journal Deputy Managing Editor Nikhil Deogun at The Wall Street Journal’s Future of Finance Initiative when the company might return funds it has received from the government under the TARP plan. The answer was a firm “I don’t know.”

Some officials have talked about the possibility of returning TARP funds early, especially as the government has tied to program to more onerous terms for compensation and other issues. Cohn says that while Goldman has daily conversations with regulators, the returning TARP funds hasn’t been discussed in any level of detail.

Stress-Test Results, Earnings Set Up as Next Key Events - Real Time Economics - WSJ


Don't believe the hype. Goldman Sachs has no firm plans about returning TARP funds. See that? See that right there? See where the actual President of the bank says he doesn't know when they will return the funds ?

The stress test are being conducted on all banks and are not a part of any formal request to return funds.

Like I said, when someone actually tries to give it back and is denied, you let me know.

 

[Peejay]

No one is preventing Goldman Sachs from repaying but Golman Sachs.

Goldman Sachs (NYSE: GS) President said the company is unlikely to return TARP funds before the stress test.

StreetInsider.com - Goldman Sachs (GS) President Said the Company is Unlikely to Return TARP Funds Before the Stress Test

you mean they are waiting for the government's stress test to see whether the government will allow them to pay back the money??

Gee, didn't I just say that?

Show me where the stress test has any bearing on anyone repaying early. Fucking show me. Don't think it, know it.

 

[DiveCon]

How funny is that, it actually was Bush's fault.

This money was handed out by George Bush.

funny, i do believe it was both Bush and Obama with the help of Congress, handing out this money

and as i recall, Bush had consults with Obama through the whole process

 

[Skull Pilot]

Goldman Sachs President and co-Chief Operating Officer Gary Cohn was asked by Journal Deputy Managing Editor Nikhil Deogun at The Wall Street Journal’s Future of Finance Initiative when the company might return funds it has received from the government under the TARP plan. The answer was a firm “I don’t know.”

Some officials have talked about the possibility of returning TARP funds early, especially as the government has tied to program to more onerous terms for compensation and other issues. Cohn says that while Goldman has daily conversations with regulators, the returning TARP funds hasn’t been discussed in any level of detail.

Stress-Test Results, Earnings Set Up as Next Key Events - Real Time Economics - WSJ


Don't believe the hype. Goldman Sachs has no firm plans about returning TARP funds. See that? See that right there? See where the actual President of the bank says he doesn't know when they will return the funds ?

The stress test are being conducted on all banks and are not a part of any formal request to return funds.

Like I said, when someone actually tries to give it back and is denied, you let me know.

Time will tell. But I have no faith that the government will give up it's control.

 

[Peejay]

Goldman Sachs President and co-Chief Operating Officer Gary Cohn was asked by Journal Deputy Managing Editor Nikhil Deogun at The Wall Street Journal’s Future of Finance Initiative when the company might return funds it has received from the government under the TARP plan. The answer was a firm “I don’t know.”

Some officials have talked about the possibility of returning TARP funds early, especially as the government has tied to program to more onerous terms for compensation and other issues. Cohn says that while Goldman has daily conversations with regulators, the returning TARP funds hasn’t been discussed in any level of detail.

Stress-Test Results, Earnings Set Up as Next Key Events - Real Time Economics - WSJ


Don't believe the hype. Goldman Sachs has no firm plans about returning TARP funds. See that? See that right there? See where the actual President of the bank says he doesn't know when they will return the funds ?

The stress test are being conducted on all banks and are not a part of any formal request to return funds.

Like I said, when someone actually tries to give it back and is denied, you let me know.

Time will tell. But I have no faith that the government will give up it's control.

I have equally little faith that these banks will give up the money. If they wan to, they can. There is no reason to believe otherwise and other banks have repaid, meaning that anyone with a clue can see that you can repay this money early.

Want to make a little wager ?

The big banks and the Treasury make a private deal to loosen the restrictions on CEO pay in the stimulus bill and the Banks keep the money.

 

[Peejay]

How funny is that, it actually was Bush's fault.

This money was handed out by George Bush.

funny, i do believe it was both Bush and Obama with the help of Congress, handing out this money

and as i recall, Bush had consults with Obama through the whole process

Well of course that is true.

But I try to speak in terms the partisans can understand. You know, the first topics on this said "Obama won't take the money"....."Obama won't allow"........"Obama ate my children"......

Sure, Bush didn't personally hand out the checks just as Obama hasn't personally done any of the shit he gets dumped on him here.

Bush approved the first round of TARP. The money that the Banks want to give back now.

 

[Skull Pilot]

Stress-Test Results, Earnings Set Up as Next Key Events - Real Time Economics - WSJ


Don't believe the hype. Goldman Sachs has no firm plans about returning TARP funds. See that? See that right there? See where the actual President of the bank says he doesn't know when they will return the funds ?

The stress test are being conducted on all banks and are not a part of any formal request to return funds.

Like I said, when someone actually tries to give it back and is denied, you let me know.

Time will tell. But I have no faith that the government will give up it's control.

I have equally little faith that these banks will give up the money. If they wan to, they can. There is no reason to believe otherwise and other banks have repaid, meaning that anyone with a clue can see that you can repay this money early.

Want to make a little wager ?

The big banks and the Treasury make a private deal to loosen the restrictions on CEO pay in the stimulus bill and the Banks keep the money.

After Geithner was on face the nation basically threatening to fire bank CEOs?

RealClearPolitics - Articles - Secretary Geithner on "Face the Nation"

what I'll say is this. When, in the future -- or I'll just say, if, in the future, banks need exceptional assistance in order to get through this, then we'll make sure that assistance comes with conditions, not just to protect the tax payer but to make sure this is the kind of restructuring necessary for them to emerge stronger.

And where that requires a change of management of the board, we'll do that

.

 

[DiveCon]

How funny is that, it actually was Bush's fault.

This money was handed out by George Bush.

funny, i do believe it was both Bush and Obama with the help of Congress, handing out this money

and as i recall, Bush had consults with Obama through the whole process

Well of course that is true.

But I try to speak in terms the partisans can understand. You know, the first topics on this said "Obama won't take the money"....."Obama won't allow"........"Obama ate my children"......

Sure, Bush didn't personally hand out the checks just as Obama hasn't personally done any of the shit he gets dumped on him here.

Bush approved the first round of TARP. The money that the Banks want to give back now.

but Obama voted for it as well
doesnt that make it his also
just like everyone else that voted for em

 

[Peejay]

Time will tell. But I have no faith that the government will give up it's control.

I have equally little faith that these banks will give up the money. If they wan to, they can. There is no reason to believe otherwise and other banks have repaid, meaning that anyone with a clue can see that you can repay this money early.

Want to make a little wager ?

The big banks and the Treasury make a private deal to loosen the restrictions on CEO pay in the stimulus bill and the Banks keep the money.

After Geithner was on face the nation basically threatening to fire bank CEOs?

RealClearPolitics - Articles - Secretary Geithner on "Face the Nation"

what I'll say is this. When, in the future -- or I'll just say, if, in the future, banks need exceptional assistance in order to get through this, then we'll make sure that assistance comes with conditions, not just to protect the tax payer but to make sure this is the kind of restructuring necessary for them to emerge stronger.

And where that requires a change of management of the board, we'll do that

.

And this means ?

The same as everyhting you have said: SQUAT.

Don't talk to me about what you think might happen or what was said. What we are talking about is that some have claimed that early payment was denied. IT HASN'T HAPPENED. IT'S A LIE.

 

[Skull Pilot]

I have equally little faith that these banks will give up the money. If they wan to, they can. There is no reason to believe otherwise and other banks have repaid, meaning that anyone with a clue can see that you can repay this money early.

Want to make a little wager ?

The big banks and the Treasury make a private deal to loosen the restrictions on CEO pay in the stimulus bill and the Banks keep the money.

After Geithner was on face the nation basically threatening to fire bank CEOs?

RealClearPolitics - Articles - Secretary Geithner on "Face the Nation"

what I'll say is this. When, in the future -- or I'll just say, if, in the future, banks need exceptional assistance in order to get through this, then we'll make sure that assistance comes with conditions, not just to protect the tax payer but to make sure this is the kind of restructuring necessary for them to emerge stronger.

And where that requires a change of management of the board, we'll do that

.

And this means ?

The same as everyhting you have said: SQUAT.

Don't talk to me about what you think might happen or what was said. What we are talking about is that some have claimed that early payment was denied. IT HASN'T HAPPENED. IT'S A LIE.

Yes those little insignificant banks will set the precedent for the entire banking industry.

You are naive.

 

[Alpha1]

Yes, we will.

Unfortunately, as noted in your article, last fall's TARP regulations may get in the way. Luckily, they have the stimulus bill that at least gives them the opportunity that they didn't have before.

You understand that they couldn't repay early, at all, under the Bush plan?

and now they are given the illusion they will be allowed to repay depending on the outcome of a subjective set of ever changing government determined criteria.

The illusion that is supported by the banks that have already repaid ?

Again, do you understand that under the Bush terms, this would not even be a possibilty ? Do you understand that any money we get paid early is a result of the Obama plan ?

You fail to note an important difference....

Do you understand that Bush never tried to exert any control over a banks internal management....while
the Pay for Performance Act, just passed by the House.

This legislation allows the administration to dictate pay for anyone working in any company that takes a dime of TARP money. This is a whip with which to thrash the unpopular bankers, a tool to advance the Obama administration's goal of controlling the financial system.

Barack Obama Maintains Control Over Banks By Refusing to Accept Repayment of TARP Money - WSJ.com

Obama wants to control workers pay scales and has already gone so far as to request management leaders quit their jobs in order to get bailout money....
Scapegoating AIG workers was a good example of Obama type fascism in action
AIG workers that broke no laws were threatened....

 

[Peejay]

and now they are given the illusion they will be allowed to repay depending on the outcome of a subjective set of ever changing government determined criteria.

The illusion that is supported by the banks that have already repaid ?

Again, do you understand that under the Bush terms, this would not even be a possibilty ? Do you understand that any money we get paid early is a result of the Obama plan ?

You fail to note an important difference....

Do you understand that Bush never tried to exert any control over a banks internal management....while
the Pay for Performance Act, just passed by the House.

This legislation allows the administration to dictate pay for anyone working in any company that takes a dime of TARP money. This is a whip with which to thrash the unpopular bankers, a tool to advance the Obama administration's goal of controlling the financial system.

Barack Obama Maintains Control Over Banks By Refusing to Accept Repayment of TARP Money - WSJ.com

Obama wants to control workers pay scales and has already gone so far as to request management leaders quit their jobs in order to get bailout money....
Scapegoating AIG workers was a good example of Obama type fascism in action
AIG workers that broke no laws were threatened....

Nope, that has been noted, if read this discussion. I am fully aware that the opportunity to repay was a result of new restrictions. IOW, You don't like the restrictions, here is the door.

As for your article claiming that anyone has been denied early repayment, it's bullshit. We have firmly covered the fact that only 6 banks have actually applied to return the money and 5 were approved in a matter of days. Goldman and BOA and the others are just crying for sympathy points. None of them have actually asked anyone to take the money back....well except the media. It appears they have asked the wrong people. Someone should direct them to the Treasury where they are taking this money back promptly, when asked.

 

[Peejay]

Let's recap at this point.

After the first round of TARP funds, there was a huge public outcry that the money was given too loosely and there was no accounting for what was being done with the money. Reports of huge bonuses being handed out within companies that recieved TARP funds brought sharp criticism from tax payers who demanded stricter policy.

Under the new stimulus plan, restrictions were placed on banks that recieve TARP funds, regarding bonuses, CEO pay, etc. To make sure that there was some fairness in this, there were provosions added that if the banks don't like the terms, they may return the money.

Since then, 5 out of 6 banks that have actually applied to return the money, have been allowed to do so.

Many other banks are whining to the media, wide spread reports of banks being denied to repay have surfaced also. Fact is, these banks haven't offered to give the money back. They want the money and no restrictions on it's use.

Like I said earlier, the big disappointment would be if the restrictions are loosened in new agreements, the banks keep the money and multi million dollar bonuses for the CEOs.

let's hope we continue to get our money back.

 

[Alpha1]

The illusion that is supported by the banks that have already repaid ?

Again, do you understand that under the Bush terms, this would not even be a possibilty ? Do you understand that any money we get paid early is a result of the Obama plan ?

You fail to note an important difference....

Do you understand that Bush never tried to exert any control over a banks internal management....while
the Pay for Performance Act, just passed by the House.

This legislation allows the administration to dictate pay for anyone working in any company that takes a dime of TARP money. This is a whip with which to thrash the unpopular bankers, a tool to advance the Obama administration's goal of controlling the financial system.

Barack Obama Maintains Control Over Banks By Refusing to Accept Repayment of TARP Money - WSJ.com

Obama wants to control workers pay scales and has already gone so far as to request management leaders quit their jobs in order to get bailout money....
Scapegoating AIG workers was a good example of Obama type fascism in action
AIG workers that broke no laws were threatened....

Nope, that has been noted, if read this discussion. I am fully aware that the opportunity to repay was a result of new restrictions. IOW, You don't like the restrictions, here is the door.

As for your article claiming that anyone has been denied early repayment, it's bullshit. We have firmly covered the fact that only 6 banks have actually applied to return the money and 5 were approved in a matter of days. Goldman and BOA and the others are just crying for sympathy points. None of them have actually asked anyone to take the money back....well except the media. It appears they have asked the wrong people. Someone should direct them to the Treasury where they are taking this money back promptly, when asked.

The article plainly states $340 million in TARP cash flowed back this week from four small banks in Louisiana, New York, Indiana and California.

And as of this article's writing the chairman (probably of Sun)offers to write a check, now, with interest. He's been sitting on the cash for months and has felt the dead hand of government threatening to run his business and dictate pay scales.

But the Obama team says no, since unlike the smaller banks that gave their TARP money back, this bank is far more prominent.

I don't know WHEN the Obama said no or WHEN they have now allowed it to return the money....I didn't write the opinion....

Anyway, the point I'm making is Bush did not try to exert any control over the banks while that seems to be Obama's objective...

 

[Toro]

The president described the financial system as still “fragile” and asked for cooperation from the CEOs. But he also told them he wouldn’t shy away from regulatory reform. Obama wrapped up his remarks and threw the conversation open to the table, saying, “So, who’d like to talk?”

JPMorgan’s Dimon spoke first. He began by complimenting the president on the economic team he’d assembled. And he said his industry needs to explain more directly to the American people that the economic recovery plans are already working. Dimon also insisted that he’d like to give the government’s TARP money back as soon as practical, and asked the president to “streamline” that process.

But Obama didn’t like that idea — arguing that the system still needs government capital.

The president offered an analogy: “This is like a patient who’s on antibiotics,” he said. “Maybe the patient starts feeling better after a couple of days, but you don’t stop taking the medicine until you’ve finished the bottle.” Returning the money too early, the president argued could send a bad signal.

Several CEOs disagreed, arguing instead that returning TARP money was their patriotic duty, that they didn’t need it anymore, and that publicity surrounding the return would send a positive signal of confidence to the markets.

Inside Obama's bank CEOs meeting - Eamon Javers - POLITICO.com

I agree that returning the TARP money would be good for confidence.

 

[DiveCon]

The president described the financial system as still “fragile” and asked for cooperation from the CEOs. But he also told them he wouldn’t shy away from regulatory reform. Obama wrapped up his remarks and threw the conversation open to the table, saying, “So, who’d like to talk?”

JPMorgan’s Dimon spoke first. He began by complimenting the president on the economic team he’d assembled. And he said his industry needs to explain more directly to the American people that the economic recovery plans are already working. Dimon also insisted that he’d like to give the government’s TARP money back as soon as practical, and asked the president to “streamline” that process.

But Obama didn’t like that idea — arguing that the system still needs government capital.

The president offered an analogy: “This is like a patient who’s on antibiotics,” he said. “Maybe the patient starts feeling better after a couple of days, but you don’t stop taking the medicine until you’ve finished the bottle.” Returning the money too early, the president argued could send a bad signal.

Several CEOs disagreed, arguing instead that returning TARP money was their patriotic duty, that they didn’t need it anymore, and that publicity surrounding the return would send a positive signal of confidence to the markets.

Inside Obama's bank CEOs meeting - Eamon Javers - POLITICO.com

I agree that returning the TARP money would be good for confidence.

the funny thing is, they are returning it because it looks bad for business
seems to me, they didnt actually NEED it like most conservatives said in the first place and what we had was yet another kneejerk reaction to a temporary situation

can we all at least agree on THAT????

 

[Alpha1]

Let's recap at this point.

After the first round of TARP funds, there was a huge public outcry that the money was given too loosely and there was no accounting for what was being done with the money. Reports of huge bonuses being handed out within companies that recieved TARP funds brought sharp criticism from tax payers who demanded stricter policy.

Under the new stimulus plan, restrictions were placed on banks that recieve TARP funds, regarding bonuses, CEO pay, etc. To make sure that there was some fairness in this, there were provosions added that if the banks don't like the terms, they may return the money.

Since then, 5 out of 6 banks that have actually applied to return the money, have been allowed to do so.

Many other banks are whining to the media, wide spread reports of banks being denied to repay have surfaced also. Fact is, these banks haven't offered to give the money back. They want the money and no restrictions on it's use.

Like I said earlier, the big disappointment would be if the restrictions are loosened in new agreements, the banks keep the money and multi million dollar bonuses for the CEOs.

let's hope we continue to get our money back.

I agree to a point....about bonus money especially...but by the same token, these agreements between bank and employer were negotiated many months or even years ago and break no laws....but the Obama admin has every right to say TARP money is not to be used in this manner....
I draw the line at mandating control over workers pay scales, telling CEO's to resign or else, or the need for a Pay for Performance Act....
Granted< I don't know the particulars of this act, but I just don't like to sound it...private wages are normally not the business of gevernment

 

[Peejay]

I agree that it isn't the business of government. Problem is, THE TAXPAYERS screamed bloody murder and demanded this.

The banks seem more stable and public confidence is a bit better. If they want to give it back, they have been given that opportunity. However, the banks still owe the public for a total sum of money which they do not now, nor ever, will they have. When panic is in the throats of the public and banks runs are on the horizon, the government is right to do what they can to stem that tide. It would be a disaster.

It actually looks like TARP has had a positive effect, with these same banks now wanting to stand on their own. Fine, I say. Let them give the money back. They have that opportunity. I hate to see us financing private banks. Not supposed to be that way and my gut tells me to let private industry fail when it will. But this isn't just any industry and the fact is, it would be a disaster to let them fall, especially all at once.

So, give us our money back, no harm, no foul and try to watch your ass in the future.

 

[Peejay]

You fail to note an important difference....

Do you understand that Bush never tried to exert any control over a banks internal management....while
the Pay for Performance Act, just passed by the House.

This legislation allows the administration to dictate pay for anyone working in any company that takes a dime of TARP money. This is a whip with which to thrash the unpopular bankers, a tool to advance the Obama administration's goal of controlling the financial system.

Barack Obama Maintains Control Over Banks By Refusing to Accept Repayment of TARP Money - WSJ.com

Obama wants to control workers pay scales and has already gone so far as to request management leaders quit their jobs in order to get bailout money....
Scapegoating AIG workers was a good example of Obama type fascism in action
AIG workers that broke no laws were threatened....

Nope, that has been noted, if read this discussion. I am fully aware that the opportunity to repay was a result of new restrictions. IOW, You don't like the restrictions, here is the door.

As for your article claiming that anyone has been denied early repayment, it's bullshit. We have firmly covered the fact that only 6 banks have actually applied to return the money and 5 were approved in a matter of days. Goldman and BOA and the others are just crying for sympathy points. None of them have actually asked anyone to take the money back....well except the media. It appears they have asked the wrong people. Someone should direct them to the Treasury where they are taking this money back promptly, when asked.

The article plainly states $340 million in TARP cash flowed back this week from four small banks in Louisiana, New York, Indiana and California.

And as of this article's writing the chairman (probably of Sun)offers to write a check, now, with interest. He's been sitting on the cash for months and has felt the dead hand of government threatening to run his business and dictate pay scales.

But the Obama team says no, since unlike the smaller banks that gave their TARP money back, this bank is far more prominent.

I don't know WHEN the Obama said no or WHEN they have now allowed it to return the money....I didn't write the opinion....

Anyway, the point I'm making is Bush did not try to exert any control over the banks while that seems to be Obama's objective...

Oabma isn't trying to exert any control. The TAXPAYERS asked for that. It's our money. We screamed about it, they responded, doing exactly what we asked for: limit multi million dollar bonuses and salaries with OUR MONEY.