M&T repays $700M of TARP cash
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#1 May 21, 2011
The return of $29 million on a "loan"of $700 million over a period of what? two+ years? Not bad, about 2% for the bailout, giving the bank money it could use for investment and return to its shareholders. That's shareholders, not depositors. The $29 million is alleged to have been returned to the taxpayers. Anyone seen any return in your mail lately? It just reduces our obscene debt by a blip.
The $700 million returned to the taxpayers is a outright fraud. The bank bought treasury bonds with that "payback" and will cash them later on.
It's just shell game. The treasury got the money in the first place by selling paper to the Federal Reserve who then ordered the government printing office to print more money - figuratively speaking. And that comes about by our compliant Congress merely raising the debt limit.
What a con.
#2 May 21, 2011
the money is returned as it was supposed to be, and this guy can't admit that the bail out worked in this case. he was probably hoping for a default so he could gripe a bit louder
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