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TheGladiator

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#45 : April 07, 2009, 11:07:54 AM

Northern Trust didn't want money, was forced to take it, held a party for high-end clients/prospects (which is largely how they attract/retain clients), and the Govt. had a hissy-fit (Frank and Dodd mainly) and "demanded" the money back...

Biggs3535

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#46 : April 07, 2009, 11:29:58 AM

Why aren't they allowed to buy back?

For the same reason they weren't allowed to reject the money, as some did try to do.

It's all about control.

You say that like it's a bad thing...

Obviously they are incapable of self governing as evidenced by their massive failure.

Who and what are you talking about?

There were some business entities who did not want or need the Gov't's help, but were made/threatened to take the money.

For example?

This was discussed on here last week:

http://www.bizjournals.com/stlouis/stories/2009/02/16/daily17.html

Quote
The U.S. Treasury told, not asked, U.S. Bank to participate in the program

Richard Davis resigned, on his own, last week.


TheGladiator

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#47 : April 07, 2009, 11:38:09 AM

Banks can't just give money back.  They have to "apply":



IberiaBank Corp. of Lafayette is the first bank in the country to try to pay back money tied to the federal bailout of the financial system.

The bank has filed with the Treasury Department to redeem 90,000 shares of preferred stock it sold last year in exchange for $90 million in bailout loans. The money came from two Treasury programs: the Troubled Asset Relief Program and its subsidiary, the Capital Purchase Program.

The news comes little more than a week after President Barack Obama signed off on the $787 billion stimulus bill, which included a measure banning cash incentives for executives of banks that took loans from the Treasury programs. The amendment, inserted by Sen. Christopher Dodd, D-Conn., also allowed banks to opt out of the programs by returning the money to the Treasury.

"They've changed the rules, " said IberiaBank President and CEO Daryl Byrd, explaining why the company wants out. "We're concerned that some of this will put our company at a disadvantage, and we think this is in the best interest of our shareholders."

Isaac Baker, a spokesman for the Treasury, confirmed that IberiaBank was the first company to apply to leave the programs. Baker said he did not know whether other banks would follow suit.



http://www.nola.com/news/index.ssf/2009/02/louisiana_bank_first_to_try_to.html


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