"many banks who were profitable were forced to take this bailout money, even though they did not want or need it."
Every bank was given money to be fair and to free up credit, but they're still not freeing up credit. Could you imagine if the feds handpicked banks they gave money too? There would be an uproar.
Ian,
aren't we "handpicking "citizens to receive money to reduce/renegotiate their mortgages?
The responsible person who made the decision to rent until he had saved enough for a downpayment and emergency funds will get no rewards from the individual bailouts and quite frankly is being screwed by not being allowed to take advantage of true market rates on distressed housing due to all the artificial propping up efforts going on.
I'd have less trouble with handpicking banks-at least the taxpayers are getting a (potential) return on the loans.
If the boneheads (bipartisan) in Washington attached no strings, why do they get so irate over how the money is spent?
Are companies that make decisions to cope with a shrinking economy (lay offs) also not allowed to advertise to reduce that shrinkage? (that's what sponsoring a tournament is--advertising)
There are strings attached. There is a penalty for a bank returning the money because the governmnet wants them to use it to free up credit. Northern Trust is getting hammered for taking the money. Not returning it and paying the penalty. Not using it to free up credit. And then turning around and spending money on employee vacations in L.A.
So you invite hundreds of clients and potential clients TO GROW YOUR BUSINESS, but no employees to escort/entertain them.
That makes no sense.
It's marketing-that's like compalining that the Club Car employees are not working at the PGA show-they are.
I just read the article- Iused to think Barney frank was the biggest boob in Congress-now I know it.
AS soon as the government returns the funds used IN THE MOST EXPENSIVE INAGURATION ever to the taxpayers ,Northern Trust should follow suit.
I wish Obama well.
he's what this country need-dynamic,energetic,willing to push the envelope with his ideas. And he's dead right about the financial lead weight of Iraq around our necks. (despite the recent successes there that get no mention)
Sadly though he is surrounded and inevitably occasionally influenced by boobs. (not the kind that distracted Clinton
)
I still think he's doing an admirable job and I can put politics aside to support him out of respect for this country and the office.
I cannot support boobs like Barney Frank (who never misses a chance to grandstand with a stupid question/comment) and Pelosi.
Fortunately,I think Obama can look past them and make enough of the right choices-and charasmatic enough to pull it off.
Sadly, I don't think Bush was able to ignore some of the horrendous advice he received, and was a bit dogmatic in some of his convictions which were at best misguided.