Reason No. 50 for #OWS: Banks Can’t Pay Back TARP to Government Unless They Borrow It from the Government

March 16, 2012

How many times does this have to be pointed out? Banks borrowed billions (back-door money) from the government in order to pay back TARP

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.


lemming



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