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  1. #51
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    Quote Originally Posted by Lasting_Pain View Post
    Also I am done, I have realized I have violated my own rule (You should not argue over the internet). I hope you all a great night, but I am afraid after this post I am ending my responses.
    And for that, you have my respect .

    NOW

    This article in the Wall Street journal stemmed from information obtained first hand by Judge Andrew Napolitano, the judicial analyst of Fox News, in a meeting he had with the CEO of one of the top 10 bank holding companies that was mentioned in the OP. Napolitano, in particular, is one person I trust to be truthful. Not just because he's with the Fox News organization, but because he's always solid in what he talks about (at least in all the times I've seen him speak). This story dove tails with a lot of other broadly reported stories of TARP funds being returned by some banks for various reasons, among the most significant of which being the unwanted strings that the money comes with. They want to get rid of their debt to the government as fast as possible.

    Our Government Engaged In EXTORTION With Our Banks!

    Our Government Engaged In EXTORTION With Our Banks!

    By Judge Andrew Napolitano
    FOX News Senior Judicial Analyst

    The Federal government committed extortion and they’re not being held accountable. What’s next? Listen to this: I recently met with the Chair and CEO of one of the country’s top 10 bank holding companies. His bank is worth in excess of $250 billion, has no bad debt, no credit default swaps, no liquidity problems, and no subprime loans. He told me that he and others were forced by Treasury and FDIC threats to take TARP funds, even though he did not want or need them.

    There is simply no authority in the U.S. Constitution for Congress to exercise the level of control it now seeks over private industry.

    The FDIC — with Treasury backing — threatened to conduct public audits of his bank unless his board created and issued a class of stock for the Feds to buy. The audit, which he is confident his bank would survive, would cost it millions in employee time, bad press, and consequent lost business.

    He pleaded with the Feds to leave his successful bank alone. He begged his board to let him tell the Feds to take a hike. But they gave in. The Feds are now just a tiny shareholder, but want to begin asserting more and more control. This is a classic extortion: Controlling someone’s free will by threatening to perform a lawful act. (Blackmail is the threat is to perform an unlawful act in order to control someone else’s free will.) There are no exceptions in the statutes prohibiting extortion for government persons

    This happened in September 2008, but the demands for more control are more recent. It sounds to me like Paulson, Geithner, Bernanke, and Sheila Blair have all read a biography of Benito Mussolini. I guess they skipped the last chapter.

    There is simply no authority in the U.S. Constitution for Congress to exercise the level of control it now seeks over private industry. In fact, this level of control will wind up costing the businesses that took TARP (voluntarily or involuntarily) money since they will lose key employees who will go to work elsewhere and because the reporting requirements will take time and time is money. The Constitution basically says that if the government wants to take time or freedom or money from someone or something, it must sue for it. It cannot just give itself the authority to do so via legislation.

    Our liberties are slipping away right before our eyes.


    4 Banks Become First to Repay TARP Money - DealBook Blog - NYTimes.com


    4 Banks Become First to Repay TARP Money
    March 31, 2009, 4:43 pm

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    Four smaller regional banks on Tuesday became the first financial institutions to return the federal money they had received under the government’s banking bailout, leaving a program that placed restrictions on their executive compensation and other spending.

    The banks — Signature Bank of New York; Old National Bancorp of Evansville, Ind.; Iberiabank of Lafayette, La., and Bank of Marin Bancorp of Novato, Calif. — said they had bought back a total of $338 million in their preferred shares, which had been sold to the government in the fall under the $700 billion Troubled Asset Relief Program, or TARP, in exchange for capital.

    A number of banks have been chafing under the restrictions imposed by TARP. Northern Trust of Chicago said in February that it would repay more than $1.5 billion “as quickly as prudently possible” after a hail of criticism from Capitol Hill over its lavish entertainment spending at a golf tournament in suburban Los Angeles.

    Goldman Sachs, Wells Fargo, JPMorgan Chase and Bank of America are among the biggest banks that have said they are aiming to return the government’s bailout money.

    The big banks were told in the fall by then-Treasury Henry M. Paulson Jr. that they were required to accept TARP money in order to strengthen the banking system, which had been severely shaken by the global financial crisis. But President Obama’s economic stimulus plan, enacted in February, changed the rules to allow banks to pay back the money ahead of schedule. It also tightened the restrictions on bonuses and other spending.

    Signature Bank returned $120 million to the Treasury. It said the tightened restrictions on TARP money “adversely affected our business model.”

    “It became apparent that we should return these funds to the Treasury,” Joseph J. DePaolo, Signature’s chief executive, said in a statement. “The return of these funds allows us to continue to execute our business model, which includes the successful recruitment and retention of highly talented banking professionals throughout the metropolitan New York area.”

    Old National returned $100 million after performing what it said was “a rigorous stress test on the company’s balance sheet and earnings.” It asserted in a statement that it was “well positioned to withstand current and future economic challenges.”

    Iberiabank, the first bank to apply to leave TARP, returned $90 million. “We are pleased to be among the first financial institutions to pay back the Treasury’s TARP investment,” Daryl G. Byrd, the bank’s chief executive, said in a statement.

    Bank of Marin returned $28 million. “Given the operating restrictions we experienced as a participant, we believe this decision is in the best interest of our customers, shareholders and employees,” Russell A. Colombo, the bank’s chief executive, said in a statement. “We feel we are well positioned to continue lending in our community without additional capital support.”

  2. #52
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    Quote Originally Posted by Lasting_Pain View Post


    :yim_rolling_on_the_
    I see you sometimes get along with SOME S's...

  3. #53
    Senior Member ptgatsby's Avatar
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    That is not journalism, that's an opinion piece. Doesn't matter where it comes from, that's what it is.

    Since I couldn't find any verifiable information, factual recounts or counter views on this matter, I have no comment on the opinion, or the (very dramatic) claims.

  4. #54
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    Quote Originally Posted by ptgatsby View Post
    That is not journalism, that's an opinion piece. Doesn't matter where it comes from, that's what it is.

    Since I couldn't find any verifiable information, factual recounts or counter views on this matter, I have no comment on the opinion, or the (very dramatic) claims.
    Likely because it's true . I can always dig down and disprove something that comes to my attention as being complete BS. In the case here, we have a first/second hand account of what may be going on with how the administration is handling some banks who took TARP money. "Journalism" gets a fail nowadays, as I have seen a great many instances where journalists operate no better than the worst bloggers. The only thing they have going for them is the need to maintain their credibility among their target audience, which still doesn't amount to them being "fair and unbias".

    This is an opinion piece, but from credible people who work in the FOX NEWS. I'm sure they will get some of their journalists to investigate and do a story on the issue within time, so we shall see then. For the record, I only ever post legitimate items that, over the time they have stood on this forum, proved themselves to be legitimate. See it or don't see it, your choice.

  5. #55
    Senior Member ptgatsby's Avatar
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    Quote Originally Posted by Risen View Post
    Likely because it's true
    Even though I have no opinion on if it is true, I couldn't find verification. Likely is a very weak word relative to the strength of the opinion pieces. This should be public information, but outside of the link-link-link-link-link-opinion piece (picked up by the right wing blog), I couldn't find support.

    Although I never kept track - I should start - I would guesstimate that the actual event will only be true a slight majority of the time, with only a fraction of that being even remotely close to the opinion piece's description of why (meaning, 95% chance that details were omitted and/or misrepresented to generate the opinion piece, as it was hundreds of words without any further details on the actual event.) That seems to be what I find in these situations.

    This is an opinion piece, but from a credible people who work in the FOX NEWS.
    I do not bash Fox News outlets, as I understand how the different segments operate. Even if Fox has very poor editorical oversight and walls between its operational areas, it's a marginal decrease in integrity. However, opinion + credible people + Fox <> facts, truth or representation.... not because it is Fox. It screams bias, bias that becomes more credible for the entire story when I am unable to verify the one core fact and the events around it and their opinions read like a laundry list of grievances and political ideology influences.

    So it isn't journalism. Even if the event is true, and even if it is even remotely because of the reasons listed, it would still be out of context - many banks have returned the money.

    edit: failure to copy and paste correctly
    Last edited by ptgatsby; 04-10-2009 at 03:17 AM.

  6. #56

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    You may be unaware of this Risen, but I will enlighten you. You have been charged with the responsibility of entertaining me with your wit and spontaneity for some time now. Pssst, (YOU ARE FAILING.) Stop posting political fodder.

    Now try again, but this time with more feeeeeeeeeeeling!







    This post is brought to you jointly by the Soliloquy Prevention Association and Comic Relief Council. Happy posting!
    "The purpose of life is to be defeated by greater and greater things." - Rainer Maria Rilke

  7. #57
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    Quote Originally Posted by iwakar View Post
    You may be unaware of this Risen, but I will enlighten you. You have been charged with the responsibility of entertaining me with your wit and spontaneity for some time now. Pssst, (YOU ARE FAILING.) Stop posting political fodder.

    Now try again, but this time with more feeeeeeeeeeeling!







    This post is brought to you jointly by the Soliloquy Prevention Association and Comic Relief Council. Happy posting!
    Funny. You should remind why I care about how entertained your brain is or about your general well being, as I can't remember for the life of me. But it's good to hear that something gets those rusty gears moving inside your legume sized head .

  8. #58

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    Quote Originally Posted by Risen View Post
    Funny. You should remind why I care about how entertained your brain is or about your general well being, as I can't remember for the life of me. But it's good to hear that something gets those rusty gears moving inside your legume sized head .
    Success!
    "The purpose of life is to be defeated by greater and greater things." - Rainer Maria Rilke

  9. #59
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    Quote Originally Posted by iwakar View Post
    Success!
    Anything else? I can only play with you for a few minutes, then I must tend to other matters.


  10. #60

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    Quote Originally Posted by Risen View Post
    Anything else? I can only play with you for a few minutes, then I must tend to other matters.

    And to think honey... I'd actually prefer it was another woman.
    But tell me, does the internet cook and clean for you!?

    :hurls pot roast across the kitchen:
    "The purpose of life is to be defeated by greater and greater things." - Rainer Maria Rilke

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