Minn. gets short end of TARP stick

  • Article by: CHRIS SERRES , Star Tribune
  • Updated: August 7, 2009 - 10:39 PM

Minnesota banks have gotten just 0.06 percent of the $220 billion in federal funds earmarked to get financial institutions lending again.

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rarmstrongAug. 7, 09 8:30 PM

If you loan taxpayer funds to banks, they'll only use the money to acquire other banks and make themselves bigger. Thanks for proving the point, Stearns Bank.

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taxacesAug. 7, 09 9:13 PM

taxaces - more money down the tubes - taxaces dot com

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stryper1961Aug. 7, 09 9:31 PM

Sure would be nice to see unsolicited info from our gov't as to just WHO are these banks getting OUR taxpayer money!...and what the conditions of use are and what conditions of payback are......all the while as they continue to steal OUR money via BS fees that are thievingly high, setting restrictive conditions for borrowing, and paying ridiculous interest rates on depositers money. Just exactly WHO are they?....and WHO do they answer to?.

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SMBowner3 Aug. 7, 09 9:32 PM

Minnesota stands tall and proud without government money - we're honest, hard working people. That's proof that the bailouts weren't necessary. End them now and forever.

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swmnguyAug. 7, 09 9:42 PM

Minnesota banks don't rank high because they already paid the money back. They don't need it anymore because they don't have the kinds of clients who are going to get back on extended credit merry-go-round anytime soon. They just needed a quick liquidity launder job, and they got it. The biggest banks are using it to pump the equities bubble back up, to make their balance sheets look better, to sell more bonds, to make their capital situation look less dire. If Wells Fargo or TCF look shaky, that's their problem. If Goldman Sachs or Chase look shaky, that's the entire financial world's problem.

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pashookAug. 7, 0910:22 PM

They are happy to recieve bailout funds but do not offer any help if you happen to get in trouble if you are layed off. See the latest Stats as they are ranked amongt the worst for offering any relief to home owners. I am working two jobs and have never missed a payment in 15 years. (Been late but never more then a week late) I have asked for some relief regarding my current interest rate but never once, have i had a call back, They just send me a form to fill out, It's funny, if you are a day late, they call you.

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lizziepAug. 7, 0911:42 PM

Did you read the part that says TCF and US Bancorp has repaid their loans to the tune of 9 million already and several other banks around the country have paid back also? I call that a good bailout when the govt gets the money back. Please give this program a chance. Comment in a year or so after we give this program a chance to work.

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lvonleheAug. 8, 09 6:19 AM

Banks that should have failed would have failed and the system would have cleaned out the bad trash. Instead, the Liberals saw a chance to buy votes by claiming they saved banks that didn't need saving and saved those that should have gone under. So, how many votes did they purchase from this reading grroup? Lezziep is a loser and with SMphony3. That's the measure of Liberal success.

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gonetofishAug. 8, 09 8:05 AM

CARP. That is what these banks that took federal funds really are: just plain a$$ bottom feeders.

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pfbramAug. 8, 09 8:21 AM

Under the subsidize-the-greedy-banker program championed chiefly by the Democrats, but made possible by lack of regulation under both parties' watches, the bottom-line with any Moral Hazard is the lack of incentive to be responsible. In fact, TARP created a disincentive. The money, of course, originates from taxpayers. So basically we're subsidizing wrongdoing.

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