Many are doing everything possible to insure their business weathers this economic tsumani we have been experiencing. If not for our own business, certainly our customers rely on credit to make deals happen. Some of you may recall then Secretary Paulson's leadership in executing the TARP program switched from dealing with toxic mortgages to shoring up banks so their capitalization would "look good."
Even though that was not the spirit originally agreed which became THE LAW so we could tap into our Treasury - TARP was born. Of course that move has been debated and debated, and beat to death......rightfully so, on Active Rain and most sites that feature economic and real estate news.
It seemed like a simple premise. Shore up the banks and financial institutions and affordable financing would trickle down to businesses and consumers, and recovery would be reclaimed. What happened?
The news is starting to pick up like a bon fire. TARP has become like the friend your parents warned you to stay away from. Lately, more (banks) than you can imagine are trying desperately to pay back or return in full what was "given" to them. It has become "The Bad Seed." Remember the movie?????? Some are crying foul - "Hey they forced me to take it - We didn't need it!!!!!!!"
Anyway, courtesy of my local paper (the Los Angeles Times) the link below gives specifics of who got TARP and how much - see how much your favorite bank received.
Vice President, Chief Bloggeroligist