Bank Of America Is At It Again
Just like the big banks to take TARP money and then not even use that money for what Congress had intended it for; extend credit to the markets and small businesses. Instead the big banks, like Bank Of America, have taken that money to buy other banks in trouble and they have played Congress just like they have played with their credit card holders’ livelihoods.
Too bad Congress is not going to even get a clue and not do these stupid deals in the future. But Congress will always be members of the “club of the inept.”
I am of course talking about Republic Windows and Doors in Chicago having to close its doors because Bank Of America “, our country’s second largest bank, did indeed take $25 billion dollars of ‘bailout cash’, then gave the shaft to that company and its workers by refusing to renew and extend it any operating credit to stay in business through the economic downturn.”
Well I’ll be damned! Isn’t that what the TARP money they received was for? To help the economy?
I bet Congress is feeling just like a credit card holder whose interest was raised simply because Bank Of America decided to squeeze the livelihood out of their victim… I mean customer.
Do yourself a favor, forget the big banks, find a small bank and work a relationship with that bank and get the respect you deserve. That’s exactly what I have done and I haven’t looked back.
Update (Dec 18th, 2008): OK, I was incorrect. It seems that TARP was created to purchase illiquid, difficult to value assets from banks and other financial institutions. TARP also allow the Treasury to purchase whole loans and make direct equity investments in banks themselves. The targeted assets are securities backed by mortgages, sometimes described by the government, media, and others as “troubled” or “toxic” assets. It was never intended for the banks to loan this money. Except that Paulson has been changing his stragety and changing what the function of this money is to help with.
