Close your accoutns at banks that took TARP

[davelj]

[quote=flu]davelj,

My naive understanding was some banks, though didnt initially ask for tarp were coaxed into taking it by the gov and from a competitive perspective after every other bank started to take it for cheap capital…

US Bank Corp comes to my mind, from what I read. Don’t know if this is just another way of a bank CEO to backpeddle.
[/quote]

Your understanding is correct. I forgot the number – it was 10 or 12 or something – but the largest banks were basically forced to take the TARP capital. The “reasoning” was that in forcing these largest of banks to ALL take the capital, customers wouldn’t be tempted to jump ship to the banks that had received the capital (viewing them as safer), thus alleviating a large-scale run on certain banks. Now, in hindsight, after the TARP funds were put into these banks, the FDIC expanded the guarantee on deposits, thus alleviating this concern. But, that’s the kind of thing that happens when you’re operating from the seat of your pants. Yeah, I know a couple of banks, including US Bancorp, want to return the capital. A few of them “appear” – on the surface at least – to be healthy enough to operate without it. But, there are two problems with this: (1) NOW, it will appear that the banks that RETURN the capital are the healthiest, which places a stigma on those that don’t return it, and (2) the bank REGULATORS want ALL of the banks to keep as much capital as possible – regardless of its origins – so they don’t want it returned. So, as usual, the law of unintended consequences runs amok. Again.

[davelj]

[quote=flu]
Not to add insult to injury..But let’s play connect the dots….

1) Emigrant Direct is the online division of
Emigrant Bank

2) Emigrant Bank is owned by….
New York Private Bank and Trust Corporation

Guess what?… New York Private Bank and Trust Corp RECEIVED tarp: $267,274,000 and change.

[/quote]

Almost forgot. This reminds me of one of my favorite quotes from my Dad: “The problem with high ideals is that they are seldom easy to live by.”

[davelj]

[quote=flu]
Not to add insult to injury..But let’s play connect the dots….

1) Emigrant Direct is the online division of
Emigrant Bank

2) Emigrant Bank is owned by….
New York Private Bank and Trust Corporation

Guess what?… New York Private Bank and Trust Corp RECEIVED tarp: $267,274,000 and change.

[/quote]

Almost forgot. This reminds me of one of my favorite quotes from my Dad: “The problem with high ideals is that they are seldom easy to live by.”

[davelj]

[quote=flu]
Not to add insult to injury..But let’s play connect the dots….

1) Emigrant Direct is the online division of
Emigrant Bank

2) Emigrant Bank is owned by….
New York Private Bank and Trust Corporation

Guess what?… New York Private Bank and Trust Corp RECEIVED tarp: $267,274,000 and change.

[/quote]

Almost forgot. This reminds me of one of my favorite quotes from my Dad: “The problem with high ideals is that they are seldom easy to live by.”

[davelj]

[quote=flu]
Not to add insult to injury..But let’s play connect the dots….

1) Emigrant Direct is the online division of
Emigrant Bank

2) Emigrant Bank is owned by….
New York Private Bank and Trust Corporation

Guess what?… New York Private Bank and Trust Corp RECEIVED tarp: $267,274,000 and change.

[/quote]

Almost forgot. This reminds me of one of my favorite quotes from my Dad: “The problem with high ideals is that they are seldom easy to live by.”

[davelj]

[quote=flu]
Not to add insult to injury..But let’s play connect the dots….

1) Emigrant Direct is the online division of
Emigrant Bank

2) Emigrant Bank is owned by….
New York Private Bank and Trust Corporation

Guess what?… New York Private Bank and Trust Corp RECEIVED tarp: $267,274,000 and change.

[/quote]

Almost forgot. This reminds me of one of my favorite quotes from my Dad: “The problem with high ideals is that they are seldom easy to live by.”

[sd_matt]

I moved two thirds of my savings from Wells to Cabrillo Credit Union a couple months ago. Unfortunately Cabrillos customer service kinda sucks so I’m just letting the $$ sit there and continuing to use Wells for day to day. No easy answer.

[sd_matt]

I moved two thirds of my savings from Wells to Cabrillo Credit Union a couple months ago. Unfortunately Cabrillos customer service kinda sucks so I’m just letting the $$ sit there and continuing to use Wells for day to day. No easy answer.

[sd_matt]

I moved two thirds of my savings from Wells to Cabrillo Credit Union a couple months ago. Unfortunately Cabrillos customer service kinda sucks so I’m just letting the $$ sit there and continuing to use Wells for day to day. No easy answer.

[sd_matt]

I moved two thirds of my savings from Wells to Cabrillo Credit Union a couple months ago. Unfortunately Cabrillos customer service kinda sucks so I’m just letting the $$ sit there and continuing to use Wells for day to day. No easy answer.

[sd_matt]

I moved two thirds of my savings from Wells to Cabrillo Credit Union a couple months ago. Unfortunately Cabrillos customer service kinda sucks so I’m just letting the $$ sit there and continuing to use Wells for day to day. No easy answer.

[TheBreeze]

[quote=flu]

Not to add insult to injury..But let’s play connect the dots….

1) Emigrant Direct is the online division of
Emigrant Bank

2) Emigrant Bank is owned by….
New York Private Bank and Trust Corporation

Guess what?… New York Private Bank and Trust Corp RECEIVED tarp: $267,274,000 and change.

Enjoy the data….

http://en.wikipedia.org/wiki/New_York_Private_Bank_&_Trust_Corp.

http://banktracker.investigativereportingworkshop.org/tarp/new-york/new-york/new-york-private-bank-and-trust-corporation/

You can also read about Emigrant Bank’s troubled assets here:

http://banktracker.investigativereportingworkshop.org/banks/new-york/new-york/emigrant-bank/, hence probably why there is a 1 star rating on the bank.

[/quote]

Nice work Flu. You’ve earned your welfare check today. Now if we could just wean the rest of your deadbeat relatives in investment banking off the TARP teat, we’d be making some progress.

[TheBreeze]

[quote=flu]

Not to add insult to injury..But let’s play connect the dots….

1) Emigrant Direct is the online division of
Emigrant Bank

2) Emigrant Bank is owned by….
New York Private Bank and Trust Corporation

Guess what?… New York Private Bank and Trust Corp RECEIVED tarp: $267,274,000 and change.

Enjoy the data….

http://en.wikipedia.org/wiki/New_York_Private_Bank_&_Trust_Corp.

http://banktracker.investigativereportingworkshop.org/tarp/new-york/new-york/new-york-private-bank-and-trust-corporation/

You can also read about Emigrant Bank’s troubled assets here:

http://banktracker.investigativereportingworkshop.org/banks/new-york/new-york/emigrant-bank/, hence probably why there is a 1 star rating on the bank.

[/quote]

Nice work Flu. You’ve earned your welfare check today. Now if we could just wean the rest of your deadbeat relatives in investment banking off the TARP teat, we’d be making some progress.

[TheBreeze]

[quote=flu]

Not to add insult to injury..But let’s play connect the dots….

1) Emigrant Direct is the online division of
Emigrant Bank

2) Emigrant Bank is owned by….
New York Private Bank and Trust Corporation

Guess what?… New York Private Bank and Trust Corp RECEIVED tarp: $267,274,000 and change.

Enjoy the data….

http://en.wikipedia.org/wiki/New_York_Private_Bank_&_Trust_Corp.

http://banktracker.investigativereportingworkshop.org/tarp/new-york/new-york/new-york-private-bank-and-trust-corporation/

You can also read about Emigrant Bank’s troubled assets here:

http://banktracker.investigativereportingworkshop.org/banks/new-york/new-york/emigrant-bank/, hence probably why there is a 1 star rating on the bank.

[/quote]

Nice work Flu. You’ve earned your welfare check today. Now if we could just wean the rest of your deadbeat relatives in investment banking off the TARP teat, we’d be making some progress.

[TheBreeze]

[quote=flu]

Not to add insult to injury..But let’s play connect the dots….

1) Emigrant Direct is the online division of
Emigrant Bank

2) Emigrant Bank is owned by….
New York Private Bank and Trust Corporation

Guess what?… New York Private Bank and Trust Corp RECEIVED tarp: $267,274,000 and change.

Enjoy the data….

http://en.wikipedia.org/wiki/New_York_Private_Bank_&_Trust_Corp.

http://banktracker.investigativereportingworkshop.org/tarp/new-york/new-york/new-york-private-bank-and-trust-corporation/

You can also read about Emigrant Bank’s troubled assets here:

http://banktracker.investigativereportingworkshop.org/banks/new-york/new-york/emigrant-bank/, hence probably why there is a 1 star rating on the bank.

[/quote]

Nice work Flu. You’ve earned your welfare check today. Now if we could just wean the rest of your deadbeat relatives in investment banking off the TARP teat, we’d be making some progress.

[Author]

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