LETTER: Obama aggressive in dealing with dissenters Nov 12, 2009
On the TARP issue, the major banks are the lifeblood of all of America's small businesses. Simply put, America's small businesses, which are responsible for most of the jobs in this country, can not survive without the influx of cash from the major lending institutions. (Mattoon Journal-Gazette, IL)
Ohio bank enters Chicago market through First Bank deal Nov 12, 2009
We had TARP for 103 days, Mr. Greig said. The bank, which has preserved loan quality in the face of a withering recession in its core Ohio markets, will rebrand the First Bank branches with the FirstMerit name. (Crain's Chicago Business)
Small Banks Reject TARP Nov 10, 2009
small banks decline tarp for business lending - ABC News ... Community Banks Just Say No to TARP ... "But I'm probably not going to look at TARP.". (ABC News -- Business)
Read the 'Cost of Freedom' recap Nov 10, 2009
We would have been fine without TARP; we would have been fine without the stimulus. But of course, we will never know as again, politicians pulled another fast one on the American taxpayer and castrated their wallets once again. (Fox News)
Geithner Saying Be Like Bullish Buffett Can't Make JPMorgan Boost Lending Nov 9, 2009
The original notion of the TARP was, we were going to help Main Street by bailing out Wall Street, Senator , a Virginia Democrat, said in an interview. Weve seen Wall Street recover, but we have not seen Main Street reap the direct benefits. (Bloomberg -- US)
Ministry: NATO Strike Kills Afghan Forces Nov 8, 2009
Part of the record deficit that Obama is being blamed for, is the second half of the TARP bailouts, ($350 BILLION), the automaker bailouts that Bush's regime engineered in December (somewhere between $75 billion and $125 billion), and the fact that the war spending is now being included in the regular federal budget instead of counting on "emergency funding" like Captain Disaster did over his 8 year reign of fiscal incompetence. All of a sudden, "Obama's record deficit" can't actually be blamed... (CBS News)
The stock market and the "Obama agenda" Nov 8, 2009
He politely asked the crowd to cooperate with reform -- If there are members of the financial industry in the audience today, I would ask that you join us in passing necessary reforms" -- but those were hardly fighting words. It's hard to fight people you're trying to squeeze money out of. Which is the essential problem. Ken Feinberg, the President's "pay czar" came down hard on executive pay yesterday, for those banks still collecting money under TARP, as well he should. But Feinberg isn't... (Salon)
Author recounts walk from KC to Montana Nov 5, 2009
Most nights he slept in parks under a lean-to made out of a tarp, but people invited him to their homes, too. Typically, he walked 20 to 30 miles a day. (Montana Standard, MT)
Eric Singer: Pay Czar Driving Talent Away Nov 4, 2009
"It is important where taxpayers have made a central contribution to make sure that taxpayer interests are being put first rather than those of shareholders and certainly rather than those of incumbent management and that's why Ken Feinberg is involved in reviewing compensation levels at the companies where the TARP has made the most major investments." ... Kenneth Feinberg sharply reduced the overall pay of senior executives at banks and other companies with outstanding TARP loans. (Newsmax)
Newsweek: If economy is stagnant, why are stocks up? Nov 4, 2009
Well, Einstein, that is the TARP money. Posted By: Apolitical @ 11/03/2009 11:54:34 PM. (MSNBC -- Business)
'Champagne goggles' make fans gag Yankees looked like swimmers with anti-bubbbly eye wear Nov 4, 2009
The way they have the plastic tarps all laid out in the locker room, and they have the goggles already set up there. . (San Diego Union-Tribune)
Man may face weapons charge Nov 3, 2009
Officers found Wilhelm hiding under a tarp in a construction site at Butte High School's football field, according to the police report. A jacket on the ground next to Wilhelm held the gun and the gun's clip containing 11 rounds. (Montana Standard, MT)
- El Centro haunted house scares for a good cause Nov 3, 2009
Please help me, rang through the air as people walked through a black tarp entrance and into the worlds of Jason Voorhees, the Exorcist, Dracula and more. The El Centro Parks and Recreation Department partnered with the El Centro sector of the U.S. Border Patrol to create a haunted house at the El Centro Community Center, which some at the event thought was the scariest yet. (El Centro Imperial Valley Press, CA)
Congressional panel tackles bank woes Nov 3, 2009
Brannen, Scott and Westmoreland called for a new round of TARP that would put capital into community banks hands to help right the flagging lenders and help them begin lending again. TARP for the bigger banks, panelists and subcommittee members said, has worsened the problem for small banks because the government bailout has incentivized big banks to foreclose on homes and write off loan losses, accelerating the decline in real estate values and damaging communities ... He also said loan... (Atlanta Business Chronicle, GA)
US Bancorp, SunTrust, BB&T Upgraded by Sandler O'Neill Nov 3, 2009
The analyst expects BB&T to continue trading at a premium because it has impressively remained profitable, has addressed its capital needs and exited TARP status, and is well-positioned to make acquisitions in the Southeast as the banking landscape continues to be rationalized by banking regulators. " Shares of BB&T closed at $25.06 on Monday, after rising $1.15 per share or 4.81%. null FOX Business Tools Personal Finance - Investing - Financial News - Business News - Stock Market... (Fox News)
Georgia builders appeal for federal help Nov 3, 2009
Mortgage companies have little reason to modify loan terms to prevent foreclosures because they have plenty of TARP money balancing the books, according to Emory University Professor Frank Alexander. The government should withhold TARP funds as a penalty for failing to adjust mortgages, he said. (The Augusta Chronicle)
U.S. Bancorp Acquires Nine Banks Seized by Regulators, Accelerating Growth Oct 31, 2009
U.S. Bancorp has clearly distinguished itself as one of the winners to emerge from the cycle -- managing to stay profitable in each quarter, repay TARP and add to its normalized earnings per-share power through small fill-in bank and non-bank acquisitions, , an analyst at Sanford C. Bernstein & Co., said in a note to investors this month. In yesterdays transactions, U.S. Bancorp picked up 153 branches with combined assets of $19. (Bloomberg -- US)
Bank bailouts Oct 31, 2009
called the language "TARP on steroids," noting the provisions would deliberately let the executive branch enact even bigger, more unregulated bailouts than ever -- and by unilateral fiat. Whereas the original TARP included some oversight language and power to limit Wall Street bonuses, TARP on steroids includes no specific oversight or executive pay constraints ... Whereas TARP permitted the government to underwrite both small and large banks, TARP on steroids allows taxpayer cash to go only to... (Salon)
Tower Financial Corporation Reports Third Quarter Results Oct 30, 2009
"Our core business continues to improve, and we were able to show a significant increase in capital. Tower has always believed our capital position is strong enough to support our operations, and that has definitely not changed. This is why we choose not to take any TARP capital from the government like so many of our competitors did earlier this year. We are still poised to service our customers' needs and look forward to adding new relationships.". Third quarter highlights include. (Primezone Releases)
Report: US Getting Better At Conserving Water Oct 30, 2009
Under that blue tarp in a suburban driveway. That thing that's the size of a Smart car. (KIRO TV, WA)
Financial overhaul bill gets wary reception Oct 30, 2009
called the bill "TARP on steroids," referring to the government's $700 billion Wall Street rescue fund. "You've got permanent, unlimited bailout authority," he told Geithner. (Fresno Bee -- Business)
Paly students face suspensions for egg fight Oct 30, 2009
" Administrators said they were still investigating the incident, partly through receipts of egg purchases found amid the egg goo at Gunn. Threatening to cancel remaining activities of Spirit Week, Paly authorities called for participating students to come forward before they are contacted and disciplined. Students and some parents complained the discipline was heavy-handed for an activity no more than a prank. Paly principal Jacqui McEvoy could not be reached for comment. Comments Posted by... (Palo Alto Online, CA)
TARP lending idea gets mixed reviews Oct 30, 2009
That s a significant savings over the 5 percent rate now available to banks that tap TARP. ... TARP funds come with strings attached, however ... The most troubled banks, those that need the capital the most, can t raise it privately, and because of tight balance sheet criteria probably wouldn t qualify for TARP.. (Tampa Bay Business Journal, FL)
Ahmadinejad defends possible nuke deal Oct 30, 2009
And, middle class folks do want to pay for the Bush wars and the tax cuts for the wealthy and the F-22s and the prescription drug program and the ag bill and the interest on all that borrowed money and TARP, don t they. Taxpayer. (Atlanta Journal-Constitution -- Opinion)
Southwest Montana Snapshot Oct 29, 2009
" edwalter wrote on Oct 27, 2009 4:59 PM:" JB is right on the sequence of the TARP bailout ... Gypsy: Bush initiated the bailout of the banking/mortgage industry system via the Troubled Assest Relief Program (TARP), not Obama ... On November 12, 2008, Secretary of the Treasury Henry Paulson indicated that reviving the securitization market for consumer credit would be a new priority in the second allotment (of TARP funds). (Montana Standard, MT)
Drug smugglers are endlessly creative along border Oct 29, 2009
During the smuggling journey involving the retractable ramp, lookouts on mountains instructed drivers to pull over and drape their trucks and SUVs with camouflage tarps whenever sensors were tripped or agents were nearby, authorities said. Sometimes the smugglers waited days before resuming their trek. (Anchorage Daily News)
First Busey Announces Third Quarter 2009 Loss, Goodwill Impairment, Pre-Provision Profit and Dividend Payment Oct 28, 2009
Upon the closing of the private placement of our mandatorily convertible preferred stock, we will request the US Treasury to reduce the number of shares of our common stock underlying the warrant issued in conjunction with the TARP program by one-half ... 37% Non-per- forming loans Non- accrual loans 157,978 122,595 59,347 Loans 90+ days past due 14,526 4,540 11,847 Geograph- ically Downstate Illinois/ Indiana 59,158 36,714 16,041 Florida 113,346 90,421 55,153 Loans 30-89 days past due 34,008... (Primezone Releases)
Congressmen to hold hearing in Atlanta on banking, real estate Oct 28, 2009
While federal grants through the Troubled Asset Relief Program (TARP) helped prop up some of the nation's biggest banks and financial institutions, "the little banks are getting the shaft," Westmoreland said in an interview ... Westmoreland would like to see some of the remaining or returned TARP money used to help support community banks -- even though he and other Republicans initially voted against the TARP program ... "I wish we hadn't had any of the TARP," he said. (Atlanta Journal-Constitution -- Business)
Read the 'JER' transcript Oct 27, 2009
MARY ANASTASIA O'GRADY, COLUMNIST: In the case of the seven biggest companies that got the TARP money from the government. GIGOT: And still have the TARP money ... O'GRADY: And still have the TARP money, it might be. (Fox News)
Panhandlers move from street to Internet Oct 26, 2009
The son of a Woburn welder, who has lost touch with relatives and struggles with alcoholism, is just hoping for a tent, sleeping bag, a few tarps, and maybe some nonperishable food. Local homeless advocates from the city s Emergency Shelter Commission to Rosie s Place said they have never heard of anyone posting a similar kind of ad. (Boston Globe)
* Sports Briefs Oct 26, 2009
A steady drizzle, with occasional spurts of heavy downpour, kept the tarp on the field all afternoon. The game was called by Major League Baseball nearly two hours before the scheduled start. (Taipei Times, Taiwan -- World Business)
Assessing Obamas first year Oct 26, 2009
He decided to work with President Bush on the TARP bank bailout, and he committed the nation to hundreds of billions in stimulus spending in a recovery bill to be signed not long after he was sworn in. The big question for Obama was how large his recovery package would be. (MSNBC -- Politics)
Report Defends Stimulus Spending, Questions Linger Oct 25, 2009
Which companies received money from the Troubled Asset Relief Program, or TARP. And which companies have begun to repay the government. (Click2Houston, TX)
How to certify your seed (2) Oct 25, 2009
Make sure there is no grain in the tarp or tarp equipment ... HARVESTING: Thoroughly clean all harvest equipment, combines, trucks, tarps, augers, legs, air conveyors and seed storage bins before harvesting and handling field inspected seed. (Minnesota Farm Guide, MN)
Rain cancels walkthroughs of Patriots, Bucs Oct 25, 2009
The Wembley Stadium field, which has provided fodder for criticism in the past for its lack of durability during the previous NFL games, was covered with a tarp yesterday. The NFL said the decision to cancel the walkthroughs had nothing to do with protecting the Wembley pitch, but was based on standard NFL policy, which states that fields should always be covered on the day and night before a game if there is any possibility of precipitation, regardless of the type of surface on the field,... (Boston Globe)
Loan woes, TARP payments keep Huntington in red Oct 23, 2009
for free extra services. Subscribe to Business First. (Columbus Business First, OH)
Synovus posts big 3Q loss Oct 23, 2009
We are focused on emerging stronger from this economic cycle and it is our commitment to repay the U.S. Treasury s TARP investment and restore dividends on our common stock as soon as possible. Synovus has received $973 million as part of the Treasury s Troubled Asset Relief Program. (Atlanta Business Chronicle, GA)
Gloating with WallStreet's goodfellas Oct 22, 2009
Let's say that living on your block is a friendly, easygoing, always ready to lend a hand to a guy in trouble fellow we'll call Mr Tarp ... Mr Tarp is such a soft touch that nobody was surprised when he opened his wallet ... Mr Tarp, however, was more than surprised to find out that Mr Bank had not used said largesse to pull himself. (Asia Times Online)
Eagle Bancorp, Inc. Announces $2.1 Million 3rd Quarter Net Income Available to Common Shareholders and a 20% Decline in Nonperforming Assets in the 3rd Quarter Oct 22, 2009
2 million of preferred stock Series A, issued in December 2008 to the U.S. Treasury under the Capital Purchase Plan (commonly referred to as TARP). On September 21, 2009, the Company sold 6,731,640 shares of its common stock at $8. (Primezone Releases)
READ: Morgan Stanley's press release Oct 22, 2009
-- Following the Company's previous repurchase of capital issued under the government's Capital Purchase Program (TARP), the Company repurchased, in the current quarter, the warrant received under that program for $950 million, providing U.S. taxpayers a 20 percent annualized return on their investment in Morgan Stanley ... During the quarter, common equity was reduced by $950 million reflecting the Company's repurchase of the warrant previously issued under TARP. ... 70 related to the... (USA Today -- Money)
Obama to announce help for small businesses Oct 21, 2009
TARP likely to be extended into next year to help community banks ... The TARP is set to expire at the end of December, but the administration could extend it until October 2010 ... Bair testified that she had been discussing TARP help for community banks with Treasury officials, a step welcomed by Democrats but criticized by Republicans. (MSNBC -- Politics)
Watchdog says TARP worked but at great cost Oct 21, 2009
Despite the aspects of TARP that could reasonably be viewed as a substantial success, he wrote, Treasury s actions in this regard have contributed to damage the credibility of the program and of the government itself, and the anger, cynicism and distrust created must be chalked up as one of the substantial, albeit unnecessary, costs of TARP. ... The report describes a patchwork of initiatives carried out under the TARP umbrella - some designed to assist the biggest of Wall Street institutions,... (Boston Globe)
Flushing Financial Corporation Reports 2009 Third Quarter Earnings Increase of 65% to $0.33 Per Diluted Common Share; Core Earnings Increase of 3.7% to $0.28 Per Diluted Common Share Oct 21, 2009
We intend to use part of this additional capital to repurchase the $70 million of preferred stock and the Warrant issued to the U.S. Treasury under the TARP Capital Purchase Program. The additional capital also places us in a strong position to take advantage of growth opportunities in our market. (Primezone Releases)
Republicans and premature celebration Oct 21, 2009
The Fix - Morning Fix: A premature celebration for the GOP. The Fix THE FRIDAY LINES. (Harper's Magazine)
Homeless man in hospital after beating, his tent burned Oct 20, 2009
Violence erupted this week in one of Anchorage's biggest homeless camps, clusters of tents and tarps in Mountain View known as Veterans' Ridge. Story tools. (Anchorage Daily News)
Fifth Thirds August loans total $5B Oct 18, 2009
Like other banks that participated in the federal government s Troubled Asset Relief Program (TARP), Fifth Third is required to report its lending activity to the Treasury Department. Cincinnati-based Fifth Third (NASDAQ: FITB) is the Tri-State s largest bank. (Cincinnati Business Courier, OH)
Early arctic cold blast prompts ‘organized panic' among growers Oct 18, 2009
They did, tossing them into large bins, which were then covered with tarps and straw bales as insulation. "We were fully focused on harvesting everything for a couple of days," Mendala said. (Montana Standard, MT)
Stock Picks: Google, BofA, Shaw Group, NutriSystem Oct 17, 2009
"Capital levels are strong and we continue to view the next major catalyst for these shares as the possible partial payback of TARP by year end," said the analyst in an Oct. 16 note. Shaw Group (). (BusinessWeek)
Another crisis for the government's liars Oct 17, 2009
"Accuracy and transparency," he writes, "will enhance the credibility of government programs like TARP and restore taxpayer confidence in the policy makers who manage them; inaccurate statements, on the other hand ... could damage the trust that the American people have in their government." ... We still have banks "too big to fail." Some even grew as a byproduct of the TARP. Their lobbyists tell Congress to back off on reforms. (Albany Times Union)
Another challenger enters 8th District race Oct 16, 2009
vote=h2008-101 Harriet Lane posted on Monday, October 12th, 2009 at 11:40 amCongresswoman Emerson's vote on H.R. 1424, the TARP Bill, dated 10/3/08, can be found at the Library of Congress web site, www ... This vote created the TARP plan, and sealed the deal on the first $350 Billion, which is more than a thousand dollars for every single person in the United States. (Park Hills Daily Journal, MO)
Rain won't deter parade Oct 16, 2009
All of the organizations participating in tonight's parade are prepared for the possibility of rain or snow during the parade, and they are still pomping their floats -- just with tarps on top, Sofio (senior-public relations) said. The parade will follow its usual course, beginning on Bigler Road at 6 p.m., continuing to Pollock Road and on to Shortlidge Road, then moving on to College Avenue and ending on Burrowes Road. (Daily Collegian, PA)
Task force gets a dose of homelessness reality Oct 15, 2009
The first stop, a cluster of tents and tarps within sight of C Street, looked abandoned. One tent had an inch of water inside. (Anchorage Daily News)
Public Rage at Government, Business... Oct 14, 2009
The $700 billion Troubled Asset Relief Program, or TARP, has been especially unpopular. People on both sides of the political divide seem to share a frustration with larger forces. (The Drudge Report)
In the Tunnels: Gaza's Underground Economy Oct 14, 2009
On the outside, on the 3-mile (5 km) fringe of Rafah town, are sandy hills dotted with tents, tarps and bulldozers. Underneath lies what passes for commerce, the surreptitious journey of goods that help keep the territory running. (Time.com)
Cost of Freedom Recap Oct 14, 2009
It happened with TARP. It happened with cash for clunkers. People always say business is corrupt. (Fox News)
Arizona sweat lodge where 2 died lacked permit Oct 13, 2009
However, Amayra Hamilton said Saturday the sweat lodge built with a wood frame and covered with layers of tarps and blankets had been taken down. Judd said no inspection of the structure was conducted before it was dismantled. (AZCentral -- News)
Gloves Are Off Oct 13, 2009
HANNITY: He supported TARP. You didn't like TARP in the movie. MOORE: If he let me just say this. (Fox News)
Browns-Bengals: Gameballs and Goats Oct 11, 2009
Take some of that TARP money that bailed out the finance comapnies you own stock in and pay him. I am going with Massaquoi over DA for my last gameball because he played the perfect game. (BerniesInsiders.com)
Letters for Friday, October 9, 2009 Oct 10, 2009
lawaibob wrote on Oct 9, 2009 1:28 PM:" In the United States, the informal political term "czar" is employed in media and popular usage to refer to certain executive branch officials. There have never been any U.S. government offices with the title "czar", but various governmental officials have sometimes been referred to by the nickname "czar" rather than their actual title. The "czars" have various official titles such as adviser, director, administrator, or diplomatic envoy, but such titles... (Lihue Garden Island, HA)
Chef's class teaches how to be a gridiron gourmet Oct 9, 2009
Under a blue tarp draped with small white lights, four grills are cooking enough meat for a boatload of hungry Norsemen. Buffalo chicken chili, almost iridescent with hot sauce, bubbles like lava on a portable stove. (Marlborough Enterprise, MA)
Click to read:How Health Care Bill Would Net $81B Oct 9, 2009
Actually, I think there is some evidence that the TARP programs may actually result in a net profit for America. Who would have ever thought that was possible. (CBS News)
Medford Girl Scout Bailey Lee spends summer in Costa Rica Oct 9, 2009
Hiking through the wilderness with a 45-pound tarp strapped to your back isn t a typical way for a 14-year-old girl to spend her summer vacation ... Near the beginning of the hiking we did a duffle shuffle where everyone got something to carry, and lucky me, I got stuck with the 45-pound tarp, she said. (Medford Transcript, MA)
Aid reaches villagers deep in Indonesia quake zone Oct 8, 2009
House after house in the village of Lubuk Laweh lay toppled, their owners scrounging through them for tarps and other belongings. Children ran into the street crying "please, help me" as a truck convoy of food and water supplies rattled in. (WSVN-TV Miami, FL)
Welch Wants to Extend Home Buyer Program Oct 7, 2009
"There was the stimulus plan, and not all that money has been allocated. So why not allocate it to a program that's clearly working? That's number one. Second, we're getting repaid on some of the TARP funds. That's the money to the banks, with interest. So there's earnings coming back into the Treasury. Why not use some of that to help our home buyers and stimulate the economy?". Welch says the credit has also stabilized the housing market and created jobs for the construction industry. (WCAX.com, VT)
Extension Of Redd Road In Upper Valley Approved Oct 7, 2009
Which companies received money from the Troubled Asset Relief Program, or TARP. Find out which companies received $1 billion or more in funding. (KFOXTV.com, TX)
