"35 banks share $3.8b in bailout funds" by Associated Press | December 10, 2008
WASHINGTON - The government yesterday said it has supplied $3.84 billion to 35 banks in a third round of payments from the $700 billion financial system rescue program.
The Treasury Department said it authorized the payments on Friday, bringing the total supplied to banks to $165.3 billion. That leaves less than $85 billion to be spent out of the $250 billion that has been earmarked to make direct purchases of stock in banks as a way of bolstering their balance sheets and encouraging them to resume more normal lending.
The news of the new payments came as the Bush administration's handling of the $700 billion rescue fund is facing new scrutiny from lawmakers....
House Financial Services Committee chairman Barney Frank said... Treasury had no way of knowing whether the taxpayer money being paid to the banks is being used to increase lending - the goal of the effort.
What if you CAN'T AFFORD to BORROW or are TURNED DOWN?
Also see: The Help Homeowners Got
Frank said the administration was refusing to enforce requirements that the rescue funds be used by banks to increase lending, which he called a "blatant refusal" to follow the intent of Congress....
WTF do you mean they aren't following the "intent" of Congress?
So WTF was IN that legislation, Barn?
You guys tolds us it HAD OVERSIGHT, it HAD PROTECTIONS, etc, etc, etc?
So WTF, did you just LIE, you scum-shit fuck?!!!!!!!!!!!!!!!!
You guys just SIGNED a BLANK CHECK and handed it over, didn't you, you detestable piece of lying excrement?!!
Oh, btw, Amurkn: Barney Frank Says Bush Will Get Rest of Bailout Funds
All just a bunch of HOT FART MIST, 'eh, Barn?
"Rockland Trust's parent to get $78m" by Ross Kerber, Globe Staff | December 10, 2008
Rockland Trust's parent, Independent Bank Corp., said it has won preliminary approval to receive $78 million in taxpayer funds under the government's capital purchase program for banks. President Chris Oddleifson said the bank was already well capitalized but sought the $78 million because of the low cost - a 5 percent dividend payment to the Treasury.
The bank plans to expand a program to assist first-time home buyers and to expand commercial lending. It will also put a 60-day moratorium on foreclosure proceedings, which involve fewer than 10 of about 2,500 consumer mortgages it issued.
"We don't consider this a rescue," Oddleifson said. "They're investing in us, and we can be their agent in helping get this money out to the community." The government has already injected $2 billion in State Street Corp. and $153 million in Boston Private Financial Holdings, among other Massachusetts institutions.
Yup, the TAXPAYER FUNDS are going into HEALTHY BANKS so they can LOAN YOU YOUR MONEY (at interest)!!!!!!
Why don't they just PAY OFF EVERYONE'S MORTGAGES instead, huh?
