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This week Doug Andrew discussed the following:
Upcoming Complimentary Webinar
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Bailout Losses for Taxpayers
CNN Money recently ran a story by Colin Barr entitled “CIT Loss Won’t Be Last for Taxpayers.” The story tells of CIT, a New York-based small business lender that was given $2.3 billion in TARP (Troubled Asset Relief Program) funds by the Treasury Department last December.
The company is canceling all its common and preferred shares of stock, which effectively wipes out that $2.3 billion obligation. Translation: Taxpayers paid for its failure — all in just 11 months.
The story continues:
“CIT, with $71 billion in assets, missed its quarterly dividend payment due in August. According to a report issued last month by SNL Financial, there were 32 other TARP recipients that did so as well. CIT was by far the largest, being the only firm on the list with more than $1 billion in Treasury loans.”
Other big banks that have missed TARP dividend payments include:
- First Bancorp (FBP), San Juan, Puerto Rico
- First Banks, Clayton, MO
- Pacific Capital Bancorp (PCBC), Santa Barbara, CA
- Dickinson Financial, Kansas City, MO
- Central Pacific Financial (CPF), Honolulu, HI
- Anchor Bancorp (ABCW), Madison, WI
The story concludes with:
“…with the next round of TARP dividends due later this month, it’s worth considering that the 32 banks other than CIT that failed to pay their August TARP dividends have together taken $2.3 billion in TARP money. They won’t all fail, of course — but as taxpayers are all too aware, every dollar counts.”
The Writing on the Wall
We can’t sit around waiting for the government to bail us out. The more they try to “help,” the less our dollars are worth and the more we pay in taxes.
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