Five Banks Have Now Opted Out Of Federal Bailout Plan

• March 18, 2009

Yet another bank has opted out of the federal government’s TARP bailout program, bringing the total number of banks declining funds after first taking them to five. Six, counting a San Francisco bank that is considering opting out as well.
The latest bank is called Bank of Marin, and is opting out because once it sold shares to the federal government the government started to pressure it into taking action the bank didn’t consider to be in its best interest. From the letter sent out to the bank’s depositors by President Russell A. Columbo.

“However, the rules of the TARP program have changed frequently and have had unforeseen negative implications as to how we can best run our business,” Columbo said in his letter. “We have operated successfully as an independent institution for nearly 20 years, and while we respect the goals of the TARP program, we believe we are closest to the needs of our local community. As a result, our Board of Directors and senior management team have determined it is in the best interest of our shareholders, customers and employees to end our participation in the Capital Purchase Program and continue to operate independently.”

I wonder if the federal government was trying to use TARP funds as leverage to force the bank into making more subprime loans. Given that the FDIC has been using regulatory pressure to push other banks into doing just that, I think that’s a likely scenario.
Which begs the question: Even if you buy into the idea that the TARP bailouts are helping the banking industry and our economy, why in the world are we giving taxpayer money to banks that don’t need it? Especially when there are plenty of businesses and individuals out there who are struggling and would no doubt love to keep some of those tax dollars in their pockets?
The answer, I think, is that the federal government is using the economic downturn as an excuse to expand government power. And the means they’re using to that end are these bailouts. Once the banks have the money, the federal government can use it as leverage to make them do the government’s bidding. Which, apparently, is flood our market with the same sort of easy-money loans that brought on this economic downturn to begin with.

Tags: Asshats, Domestic Issues, Politics

http://sayanythingblog.com/ likwidshoe

imagine – Moronic statement #589374 (and yes we are counting)

Saying that the government is using this economic downturn to expand its power and that the government does not give out money without strings attached is a “moronic statement”? And yet history shows that that is exactly right.

Remember “never waste a good crisis”, said by Hillary Clinton? What do you think that meant?

Keep counting, dipshit. Your number is worthless.
imagine

How about a list of ND banks that have accepted a “bailout”?
http://ndgoon.blogspot.com/ goon

Anthony what scares me is this is happening to us before our very eyes.
imagine

The answer, I think, is that the federal government is using the economic downturn as an excuse to expand government power. And the means they’re using to that end are these bailouts. Once the banks have the money, the federal government can use it as leverage to make them do the government’s bidding.

Moronic statement #589374 (and yes we are counting)
jimmypop

either the banks really didn’t need the money or they are more concerned about their salaries.

of the fed said, ‘you better take this money so the others do look bad.’ and they didnt have the balls enough to say, ‘no.’
docdave

There is NO free lunch. Anything you get from government has strings attached to you that can be jerked by them.

It is a well known business adage that when your long term debt becomes a significant percentage of your net worth, you’ve lost control of your company to your creditors.
Anthony

never waste a good crisis

I believe that was said by Rom Immanuel actually, but since he is Obama’s chief of staff the point still stands.

Yea, that capitalists are getting paid too much. Duh… we get the point. Give it back. NOW.

Why, you haven’t earned it, the government hasn’t earned, in fact the vast majority of people who have the wealth have earned it. People Like Bill gates, Warren Buffett, and so on have earned their wealth. They produce goods and services that people willing pay for.

How do Politicians earn theirs?
Anthony

never waste a good crisis

I believe that was said by Rom Immanuel actually, but since he is Obama’s chief of staff the point still stands.

Yea, that capitalists are getting paid too much. Duh… we get the point. Give it back. NOW.

Why, you haven’t earned it, the government hasn’t earned, in fact the vast majority of people who have the wealth have earned it. People Like Bill gates, Warren Buffett, and so on have earned their wealth. They produce goods and services that people willing pay for.

How do Politicians earn theirs?
Anthony

We shouldn’t be the least bit surprised that a liberal administration would try to pressure banks into unwise activity. I wouldn’t even trust a “conservative” administration to keep its hands out. That is why the constitution doesn’t give the government the right to control private business.
DBdowner

The ones you believe brought down the economy by being forced into issuing risky loans.

Woof,

Freddie and Fannie are responsible for almost 100 percent of the secondary mortgage market. What do you think happened to demand for high risk sub-prime and Doc A loans when Freddie and Fannie held 39 percent of subprime and 26 percent of Doc A loans? There was a reason high risk securities were being sold for values close to prime loans. And this high risk trading and lending was the main cause of this crisis. Investors became detached from the concept of risk and this was done as a group hysteria caused by government driven incentivizing and regulation.
Anthony

I would add on comment to everything goon said. The Liberals want to be rich. That is the end result of all socialism, the ruling class are the only ones that have money, and the only ones that have power.

Just look at the ways of any socilized state, the only ones with luxury are the rulers and their “friends.” Everbody else has to make do with third world circumstances.
http://ndgoon.blogspot.com/ goon

We shouldn’t be the least bit surprised that a liberal administration would try to pressure banks into unwise activity. I wouldn’t even trust a “conservative” administration to keep its hands out. That is why the constitution doesn’t give the government the right to control private business.

That is because Liberal/socialist want everyone to be shoulder to shoulder in the rice fields togther, they don’t want people to be rich they want to confiscate the rich’s assets. The Liberals/socialist want to redistribute wealth and nationalize everything. Look what is going on right now. It should come as a surprise to no one that the left is trying to ramb this socialist agenda down our throat quickly. The only thing is the American public is much smarter than the polticians give us credit for.
Anthony

never waste a good crisis

I believe that was said by Rom Immanuel actually, but since he is Obama’s chief of staff the point still stands.

Yea, that capitalists are getting paid too much. Duh… we get the point. Give it back. NOW.

Why, you haven’t earned it, the government hasn’t earned, in fact the vast majority of people who have the wealth have earned it. People Like Bill gates, Warren Buffett, and so on have earned their wealth. They produce goods and services that people willing pay for.

How do Politicians earn theirs?
Anthony

never waste a good crisis

I believe that was said by Rom Immanuel actually, but since he is Obama’s chief of staff the point still stands.

Yea, that capitalists are getting paid too much. Duh… we get the point. Give it back. NOW.

Why, you haven’t earned it, the government hasn’t earned, in fact the vast majority of people who have the wealth have earned it. People Like Bill gates, Warren Buffett, and so on have earned their wealth. They produce goods and services that people willing pay for.

How do Politicians earn theirs?
Anthony

never waste a good crisis

I believe that was said by Rom Immanuel actually, but since he is Obama’s chief of staff the point still stands.

Yea, that capitalists are getting paid too much. Duh… we get the point. Give it back. NOW.

Why, you haven’t earned it, the government hasn’t earned, in fact the vast majority of people who have the wealth have earned it. People Like Bill gates, Warren Buffett, and so on have earned their wealth. They produce goods and services that people willing pay for.

How do Politicians earn theirs?
Buzz

To add to that thought telling capitalist what they should be paid is socialistic and should be warning signs to everyone.

Yea, that capitalists are getting paid too much. Duh… we get the point. Give it back. NOW.
Anthony

never waste a good crisis

I believe that was said by Rom Immanuel actually, but since he is Obama’s chief of staff the point still stands.

Yea, that capitalists are getting paid too much. Duh… we get the point. Give it back. NOW.

Why, you haven’t earned it, the government hasn’t earned, in fact the vast majority of people who have the wealth have earned it. People Like Bill gates, Warren Buffett, and so on have earned their wealth. They produce goods and services that people willing pay for.

How do Politicians earn theirs?
Anthony

never waste a good crisis

I believe that was said by Rom Immanuel actually, but since he is Obama’s chief of staff the point still stands.

Yea, that capitalists are getting paid too much. Duh… we get the point. Give it back. NOW.

Why, you haven’t earned it, the government hasn’t earned, in fact the vast majority of people who have the wealth have earned it. People Like Bill gates, Warren Buffett, and so on have earned their wealth. They produce goods and services that people willing pay for.

How do Politicians earn theirs?
DBdowner

Woof,

Put cake in front of children. Then divide it up and put it in front of them on nice little plates. Then beat the shit out of them when they eat it.

Your mind is a waste, man. Freddie and fannie driving up demand created the value cake and, yes, the private sector ate it up. The answer isn’t more government. The answer is not creating, enforcing, buying, etc price distortions. Honesty isn’t how animals work. Don’t put food in front of a dog and then beat him for eating, unless you just want to be a complete asshole.
Anthony

never waste a good crisis

I believe that was said by Rom Immanuel actually, but since he is Obama’s chief of staff the point still stands.

Yea, that capitalists are getting paid too much. Duh… we get the point. Give it back. NOW.

Why, you haven’t earned it, the government hasn’t earned, in fact the vast majority of people who have the wealth have earned it. People Like Bill gates, Warren Buffett, and so on have earned their wealth. They produce goods and services that people willing pay for.

How do Politicians earn theirs?
Anthony

never waste a good crisis

I believe that was said by Rom Immanuel actually, but since he is Obama’s chief of staff the point still stands.

Yea, that capitalists are getting paid too much. Duh… we get the point. Give it back. NOW.

Why, you haven’t earned it, the government hasn’t earned, in fact the vast majority of people who have the wealth have earned it. People Like Bill gates, Warren Buffett, and so on have earned their wealth. They produce goods and services that people willing pay for.

How do Politicians earn theirs?
Anthony

never waste a good crisis

I believe that was said by Rom Immanuel actually, but since he is Obama’s chief of staff the point still stands.

Yea, that capitalists are getting paid too much. Duh… we get the point. Give it back. NOW.

Why, you haven’t earned it, the government hasn’t earned, in fact the vast majority of people who have the wealth have earned it. People Like Bill gates, Warren Buffett, and so on have earned their wealth. They produce goods and services that people willing pay for.

How do Politicians earn theirs?
crshedd

it all comes down to this,

either the banks really didn’t need the money or they are more concerned about their salaries. in other words, they lied or they are greedy.

and, no, the government didn’t force them to take money. some were asked to take it but there was no gun pointed at their heads. show me where they would have been thrown in jail if they didn’t take the money.
Anthony

never waste a good crisis

I believe that was said by Rom Immanuel actually, but since he is Obama’s chief of staff the point still stands.

Yea, that capitalists are getting paid too much. Duh… we get the point. Give it back. NOW.

Why, you haven’t earned it, the government hasn’t earned, in fact the vast majority of people who have the wealth have earned it. People Like Bill gates, Warren Buffett, and so on have earned their wealth. They produce goods and services that people willing pay for.

How do Politicians earn theirs?
Buzz

Why do you always say “give” and “bailout” when you know full well that the money is a loan. A loan that will be paid back with interest. They aren’t giving them anything. It makes your argument sound better, but is deceptive at best. Most these retards have no idea what is going on and think you are telling the truth. How gullible of them.
robert108

Once the banks have the money, the federal government can use it as leverage to make them do the government’s bidding.

According to Barney Frank, that’s true.
Anthony

never waste a good crisis

I believe that was said by Rom Immanuel actually, but since he is Obama’s chief of staff the point still stands.

Yea, that capitalists are getting paid too much. Duh… we get the point. Give it back. NOW.

Why, you haven’t earned it, the government hasn’t earned, in fact the vast majority of people who have the wealth have earned it. People Like Bill gates, Warren Buffett, and so on have earned their wealth. They produce goods and services that people willing pay for.

How do Politicians earn theirs?
Buzz

Thats right, ignore the truth. As always
robert108

Anthony: Why the multiple repetitive posts?
http://ndgoon.blogspot.com/ goon

To add to that thought telling capitalist what they should be paid is socialistic and should be warning signs to everyone. Next is coming socialized medicine and they will start limiting what care a person can get. nexts will come fines for keeping your house above 68 degrees, next people will be taxed on the amount of fuel they use. See where this is going. The left will start trying to confiscate fire arms and taxing you on the amount of amminition you buy. Oh yeah!!!
Anthony

Sorry I have no idea what happened with the posts. I only hit the button once.
Anthony

never waste a good crisis

I believe that was said by Rom Immanuel actually, but since he is Obama’s chief of staff the point still stands.

Yea, that capitalists are getting paid too much. Duh… we get the point. Give it back. NOW.

Why, you haven’t earned it, the government hasn’t earned, in fact the vast majority of people who have the wealth have earned it. People Like Bill gates, Warren Buffett, and so on have earned their wealth. They produce goods and services that people willing pay for.

How do Politicians earn theirs?
Anthony

never waste a good crisis

I believe that was said by Rom Immanuel actually, but since he is Obama’s chief of staff the point still stands.

Yea, that capitalists are getting paid too much. Duh… we get the point. Give it back. NOW.

Why, you haven’t earned it, the government hasn’t earned, in fact the vast majority of people who have the wealth have earned it. People Like Bill gates, Warren Buffett, and so on have earned their wealth. They produce goods and services that people willing pay for.

How do Politicians earn theirs?
Anthony

never waste a good crisis

I believe that was said by Rom Immanuel actually, but since he is Obama’s chief of staff the point still stands.

Yea, that capitalists are getting paid too much. Duh… we get the point. Give it back. NOW.

Why, you haven’t earned it, the government hasn’t earned, in fact the vast majority of people who have the wealth have earned it. People Like Bill gates, Warren Buffett, and so on have earned their wealth. They produce goods and services that people willing pay for.

How do Politicians earn theirs?
WOOFX

Bank of Marin is one of those CRA bamks.
The ones you believe brought down the economy by being forced into issuing risky loans.

The institution exhibited an excellent level of community development loans during this
evaluation period. Since the previous evaluation, BOM originated 38 loans totaling
$40,490,623, within its assessment area or the San Jose-San Francisco-Oakland CA Combined
Statistical Area. The majority of the qualified loans were for affordable housing, many of which
are in Enterprise Zones, and community services. At the last evaluation, the bank held 24
community development loans totaling $17,928,000.

FDIC CRA
WOOFX

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