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Treasury: TARP has generated at least $16B in profit so far December 24, 2009

Posted by Judy in BankNotes, Emergency Economic Stabilization Act, TARP.
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With Citigroup and Wells Fargo repaying a total of $45 billion in funds they received through the Troubled Asset Relief Program, the total amount repaid to the program now stands at $164 billion, according to the Treasury Department. By the end of 2010, total repayments should exceed $175 billion, the Treasury estimated. “Taxpayers have already received over $16 billion in profits from all TARP programs and that profit could be considerably higher as the Treasury sells additional warrants in the weeks ahead,” the department said in a statement. MarketWatch (12/23) , Reuters (12/24) , The Wall Street Journal (12/24)

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Banks Complain About 5% Interest Rate April 17, 2009

Posted by Judy in BankNotes, Economy, Emergency Economic Stabilization Act, FinancialStability.gov.
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According to Scrath Pad bank CEO’s are protesting the requirement that they pay a 5 percent interest rate on their TARP funds.  They must have though they could borrow th emoney for free becasue it was lent through the Treasury. The Bankers Association should know better. If they want banks to have zero percent loan maybe they should also advocate for students who currently pay 6 percent or 8.5 percent on a PLUS loan on their debt for the current academic year to also pay zero percent on their academic loans. They are claiming that the 5 percent amounts to an exit fee because it was predicated on the thought that banks would need money for years.

They suddenly want to get out of a legal binding contract, and none of us could get out of our loan contracts just because we did nto like it. They are complaining about changes in the rules being retroactive. Well, so how it feels when something changes retroactively and applies to everything.