Now with diamond-crusted Add On.
It's kind of all the same, innit? No matter who's in power.
While 17 financial institutions have repaid TARP funds, only two have come to terms with the U.S. on the value of the rights to buy stock that taxpayers received for the risk of recapitalizing the industry. The first was Old National Bancorp in Evansville, Indiana, which gave the Treasury Department $1.2 million last week for warrants that may have been worth $5.81 million, according to the data.
If Geithner makes the same deal for all companies in the rescue program, lenders may walk away with 80 percent of profits taxpayers might have claimed.
“For once we’d like to get a fair value when we come into contact with the banking system,” said Representative Brad Miller, a North Carolina Democrat and chairman of the Investigations and Oversight Subcommittee of House Science and Technology Committee.
All these folks -- whether they're in the Bush or Obama Administrations -- have the same goal: Make nice to the banksters. Protect those who drove the bus over the cliff at all costs.
I don't want Republicans talking to me about "the magic of the marketplace." And I have no interest listening to Democrats nadder on about "protecting the working man."
It's all about making sure nothing real bad happens to the big financial institutions. We stopped practicing "capitalism" last September.
Add On: But here's one good thing. All those Too Big Too Fail Banks? They're gonna have to pay more to the FDIC for the privilege of Corporate Sccialism. This is a good thing, especially since they're the ones getting the bulk of the bailout moolah.