Some Banks, Citing Strings, Want to Return Federal Aid

Source: CNBC

The list of demands keeps getting longer.

Financial institutions that are getting government bailout funds have been told to put off evictions and modify mortgages for distressed homeowners. They must let shareholders vote on executive pay packages. They must slash dividends, cancel employee training and morale-building exercises, and withdraw job offers to foreign citizens.

As public outrage swells over the rapidly growing cost of bailing out financial institutions, the Obama administration and lawmakers are attaching more and more strings to rescue funds.

The conditions are necessary to prevent Wall Street executives from paying lavish bonuses and buying corporate jets, some experts say, but others say the conditions go beyond protecting taxpayers and border on social engineering.

Some bankers say the conditions have become so onerous that they want to return the bailout money. The list includes small banks like the TCF Financial Corporation of Wayzata, Minn., and Iberia Bank of Lafayette, La., as well as giants like Goldman Sachs and Wells Fargo .

Read more: http://www.cnbc.com/id/29634572

Return the money, with interest. Thanks for shopping.

Cut off AIG's 'pass through' financing while we're at it.

Maybe they should do a little downsizing.
Sonsofbitches.

bail out money even if they refuse these funds...all smoke and mirrors. (IMO)

:evilgrin:
rocktivity

whether they give the money back or not - there will be regulations and oversight and investigations

We are NOT failing.....if we have restrictions on it....take your money back...WE DON'T NEED IT.

I thought they were all gonna go under if we didn't do something RIGHT NOW! (back in the Bush last days)But now that responsibility has crept in (in the Obama first days) they're giving it back??????

so get that shit right out of your head.

It's time for the government to call the bluff.

they don't need the money? I thought they were in their death throes.

The steer manure odor is making my eyes water.

Obama has an ambitious agenda and the money can be well used some where else, but let's get something straight. What they are being asked to do, cutting lavish bonuses, buying corporate jets, cutting dividends and employee training are things most other businesses have already done. Tough times call for cutbacks. Anyone working right now is feeling it. Do bankers have a special brand of denial? They are not protected from what is going on out there. They more than anyone should know this. It's sad that they even need to be told these things. There is some serious corruption that must be rooted out.

supposed to be used for. They can't steal it that way.

They obviously do not need our money then!!

As bankers, they'll understand....

I am glad Obama and company is weeding out the sneaky institutions that tried to improperly grab our tax dollars.

Why not?

I just don't have problems with these "strings". These executives have shown pretty decisively that they cannot be trusted to make ethical judgements about how to use the money for the purposes it was given. They have lived in a special, set-apart world where the salaries and benefits they receive are nothing special, and privilege is an expectation.

Now, that's not the case. Welcome to government work, folks - you now report to a higher authority. (With apologies to Hebrew National).

Follow the rules or cough up the money. ENOUGH of this operating in the dark.

If they can give it back then they never needed it. Liars.

Congress should pass legislation to extend these regulations to all the banks and financial institutions, not just the ones taking bailout money. It looks like the banks that are even marginally solvent want to keep riding the gravy train as long as they can. It is time to put an end of a few rich bankers living high on the hog with the people's money.

I have a good friend who is an higher up in a large regional bank and they have yet to lose a penny.

The Treasury and FDIC said take this money or your lose your FDIC insurance. It doesn't matter your well capitalized, doesn't matter you don't want it, etc.

They have applied to pay it back as soon as possible, but have been told it will be at least 3 years.

Something doesn't seem right about this.