Punching Stupid and Evil in the Face Since 1986!

"We are on strike, we the men of the mind. We are on strike against self-immolation. We are on strike against the creed of unearned rewards and unrewarded duties."-John Galt

Wednesday, May 6, 2009

Oh What a Surprise

Yesterday the Administration announced yet another condition for financial institutions wanting to repay TARP funds-even instituions which were made to take those funds against their will.
"Banks hoping to repay the money they received from the Troubled Asset Relief program will have to show that they can issue debt without a backstop from the Federal Deposit Insurance Corp. The backstop has allowed financial institutions to issue debt with almost no real risk to investors, since a U.S. government backstop is basically as sure a guarantee as exists in the market.

“Banks that want to repay their TARP money must demonstrate that they can issue debt without the FDIC's guarantees, as part of seeking permission from their regulator to pay back the government's capital injection,” a senior Administration official told FOX Business.

This requirement creates an extra hurdle for institutions hoping to rid themselves of the TARP money -- as well as the strictures on executive pay and other things that come with the money."

It never ceases to amaze me how this administration continually changes the rules so obviously and blantantly in the governments favor to prevent financial institutions from paying the money back. These institutions should have never gotten in bed with such a dirty whore as the federal governement. Next, they will require the bank executives have the ability to fly before they can repay the money. When does it become illegal to ignore rules and laws while continually reaching back to the future to get your radical agenda in place?

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