March 16, 2012
Our illustrious elected officials in Washington are so in love with Wall Street banks that they provided a safety net for banks that could not pay back TARP on their own. That ‘safety-net’ was the Small Business Loan Fund (SBLF), a program set up in September 2010 that bank could borrow from to make their TARP payment. I suppose this was so both the government and banks, along with the bank’s PR networks, could “brag” about paying back TARP.
40 percent of the banks who have paid back TARP got the pay-back money from SBLF (taxpayer). .
Just so you’ll know; those “profits” from TARP we keep hearing about from Wall Street and the PR networks doesn’t take into account that banks still owe a large part of the SBLF money; which may never be paid back.
Never underestimate the difficulty of changing false beliefs [with] facts.
Economist Henry Rosovsky