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Thread: BofA repays all of government bailout funds

  1. #1
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    Default BofA repays all of government bailout funds

    CNBC: Citi to announce plans to repay TARP money as early as Thursday


    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.
    http://www.msnbc.msn.com/id/34350133...s-us_business/

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    Senior Member dnf777's Avatar
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    That scale of economics is way over my head, but from a simple point of view, it bothers me that we the taxpayers loaned them a wad of cash when they needed it. Now that they've used that money in investment schemes successfully and have plenty, they won't lend it back to small businesses to help grow the economy. Much of their cash assets are being invested in foreign currency at huge profits, at our expense, in a way.
    God Bless PFC Jamie Harkness. The US Army's newest PFC, but still our neighbor's little girl!

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    Senior Member Franco's Avatar
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    There is a story in the WSJ today about BOA. Seems like the took the TARP money and instead of freeing up loans as intended, they invested the TARP money in Foreign Stock markets. They made their money and are repaying thier loan.

    I hope the interest rate we charged them was in the 20% - 40% range. As a tax payer, if I am loaning $ to a bank to invest in Foreign Stocks, I want more than a 3% return!
    The Libertarian Party believes that all persons are entitled to keep the fruits of their labor. A call for the repeal of the income tax, abolishment of the Internal Revenue Service and all federal programs and services not required under the U.S. Constitution. We support the passage of a "Balanced Budget Amendment" to the U.S. Constitution, provided that the budget is balanced exclusively by cutting expenditures, and not by raising taxes. LP.org

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    Senior Member Raymond Little's Avatar
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    Quote Originally Posted by Franco View Post
    There is a story in the WSJ today about BOA. Seems like the took the TARP money and instead of freeing up loans as intended, they invested the TARP money in Foreign Stock markets. They made their money and are repaying thier loan.

    I hope the interest rate we charged them was in the 20% - 40% range. As a tax payer, if I am loaning $ to a bank to invest in Foreign Stocks, I want more than a 3% return!
    ALL ABOUT REPAYING THE DONOR'S...........OBAMOS THAT IS
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    Quote Originally Posted by R Little View Post
    ALL ABOUT REPAYING THE DONOR'S...........OBAMOS THAT IS
    Yeah, you're drinking. Aren't cha?

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    One cannot reason someone out of something they were not reasoned into. - Jonathan Swift

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    Quote Originally Posted by dnf777 View Post
    That scale of economics is way over my head, but from a simple point of view, it bothers me that we the taxpayers loaned them a wad of cash when they needed it. Now that they've used that money in investment schemes successfully and have plenty, they won't lend it back to small businesses to help grow the economy. Much of their cash assets are being invested in foreign currency at huge profits, at our expense, in a way.
    What's good for the banks is good for all of us. The money will trickle down to us the record is clear. The banks would not act in such a way that is bad for America. The same can be said for corporations, especially the large ones. Cut their taxes, exempt them from regulation, remove any barriers to their profits and all will be great. Geez, what more does anyone need to know about economics? You really are over thinking this.
    Last edited by Henry V; 12-09-2009 at 10:27 PM.

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    Quote Originally Posted by Franco View Post
    There is a story in the WSJ today about BOA. Seems like the took the TARP money and instead of freeing up loans as intended, they invested the TARP money in Foreign Stock markets. They made their money and are repaying thier loan.

    I hope the interest rate we charged them was in the 20% - 40% range. As a tax payer, if I am loaning $ to a bank to invest in Foreign Stocks, I want more than a 3% return!

    Are you suggesting we control the way a bank or any other corporation makes profit!? Why, why, THAT'S SOCIALISM or worse COMMUNISM! Damn, did I just hear an iceicle fall in Hell?
    power without lumber, raciness without weediness

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    Quote Originally Posted by dnf777 View Post
    they won't lend it back to small businesses to help grow the economy.
    In order to borrow money, you need to show the ability to pay it back. Last I checked, this is not the greatest time to start a business. People out of work=no money to spend. No money to spend=businesses hurting for business. Businesses hurting for business=difficulty paying creditors. Why would a bank choose to lend money if they feel as though they won't be able to get it back?

    I know it is a catch 22. People are unemployed, so they can't support businesses as they once did. Businesses can't hire people unless they have enough profit coming in to justify it, but the profits won't come unless people have money to spend, but they won't have money to spend unless they have a job, but they won't have a job unless they get hired, but they won't get hired unless the company makes money, but the company won't make money unless they have customers, but they won't have customers unless people spend money, but they can't spend money unless they have a job....whew. I am out of breath...

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    Senior Member cotts135's Avatar
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    The underlying problem still remains. These investment banks continue to invest in unregulated and secretive markets. In effect it's like going to a casino and gambling but the only problem is that when you or I go we assume all the risk. What we have here are company's taking all the profit and none of the risk. Our government is continuing to perpetuate this when we listen to guys on Obama's economic team such as Tim Geithner and Larry Summers, both of whom are closely tied to Wall St. Time to regulate these investements by taking down the curtain that conceals these risky investments and to make sure that these company's do not get to big to fail.
    Last edited by cotts135; 12-10-2009 at 07:01 AM.

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    Senior Member road kill's Avatar
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    Quote Originally Posted by JDogger View Post
    Yeah, you're drinking. Aren't cha?

    JD

    Maybe, but at least he will be sober in the morning, you'll still be a liberal.

    Your excuse??
    Last edited by road kill; 12-10-2009 at 10:16 AM.
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