Give them more loot to steal and hoard.
"Businesses in N.E. say lenders too strict; Terms toughen, despite flow of federal funds" by Ross Kerber, Globe Staff | February 21, 2009
Even as the federal government pumps hundreds of billions of dollars into the nation's banks, many New England businesses say they are being squeezed by lenders who insist on tougher conditions or higher rates for their loans.
In Warren, R.I., shoe store owner Francis Jamiel said he recently tried to renegotiate terms on about $400,000 in loans and lines of credit with Citizens Bank, which had been lending to him for years. The bank, to his surprise, turned him down, and Jamiel got a similar response from other banks, including Sovereign Bancorp. "None of the banks would help us," he said. "I feel like I'm at the bottom of the food chain."
And you KNOW WHAT HE'S FEASTING ON, don't you, readers?
At Metropolitan Moving & Storage in Cambridge, co-owner Neal Mizner said his lender, a large bank he declined to identify, recently told him it would charge $1,000 to renew a line of credit he's had for four years. "The banks are obviously desperate for revenues and scraping them up however they can," Mizner said.
Yup, YOU must PAY for THEIR MISTAKES!
In Boston, commercial mortgage broker Peter Goedecke said major banks like Bank of America and Wells Fargo are pulling back sharply on credit for real estate projects, and "either not lending at all or only on terms so onerous as to not be palatable."
So ALL that POLITICAL TALK about unfreezing credit markets is a BIG SHIT FOOLEY, folks!!!
The terms of bank loans are a hot issue in Washington, as federal officials question whether investing $700 billion in taxpayer dollars into the country's largest financial institutions is helping the economy.
Answer: NO WAY!
Bank executives say they're doing their best to keep money flowing, while making conservative loans and caretaking their balance sheets.
What SCUM-S*** LIARS!
Few banks will talk about loan terms in detail.... A litany of gripes from constituents, including major developers and business executives, saying that lending terms are much tighter now. That suggests the government's purchases of bank stocks weren't the best way to improve lending....
Oh, NOW THEY TELL US -- as the government prepares to TAKE OVER and NATIONALIZE ShittyBank and Bank of AmeriKa!
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Grafton "Cap" Willey, managing director of CBIZ Tofias in Boston, an accounting firm serving small and midsize companies, noted that although banks are under political pressure to lend more, they also face regulatory pressure to lend less. Agencies like the Federal Deposit Insurance Corp. are calling on banks to make more conservative loans....
And guess who is getting literally f***ed in the end, Amurkns?
The result, he said, is that businesses are finding loans harder to come by. Several small business owners told Willey that recently, and for the first time, banks reviewed not only their businesses, but their personal credit scores while considering requests for commercial loans. Another client had a line of credit reduced to $300,000 from $500,000 by his bank. "There's definitely a credit crunch out there," Willey said....
Yeah, as I have noted before -- and this article affirms -- it is being done ON PURPOSE!!!
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And remember how the American car industry had to be saved (after outsourcing and off-shoring manufacturing)? Turns out, the powers-that-be DO NOT GIVE A SHIT!!!
"Local auto dealers fighting with a 'two-headed monster'; Firms hurt by lenders' demands, tight credit" by Robert Weisman, Globe Staff | February 21, 2009
Local auto dealers are grappling with a "two-headed monster" as consumer credit dries up for potential customers while lenders demand accelerated repayment from dealers who borrowed money to buy the inventory on their lots.
The financing squeeze is the latest obstacle facing beleaguered dealerships, which are bracing for possible bankruptcy filings by domestic automakers General Motors Corp. and Chrysler LLC. GM and Chrysler have received a combined $17.4 billion in federal loans and submitted requests on Tuesday for an additional $21.6 billion....
Why are the words PIGS and SLOP coming to mind?
Scott Silverman, a partner in the Boston office of law firm McCarter & English, which has a large automotive practice, told dealers in a conference call yesterday. "Manufacturers are going to use any excuse they can to terminate a dealer right now."
Ain't that a KICK in the SHORT HAIRS, 'eh?
Yeah, they are WORKING WITH YA to SAVE THE AMERICAN AUTO INDUSTRY!
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In the conference call, Silverman and McCarter & English partner Josefina Martinez said the deepening recession has cast a pall over the automotive business as consumers facing tight credit or fearful of losing their jobs delay purchases of new vehicles....
At the same time, dealers' financiers are growing increasingly nervous about the declining value of their collateral: the vehicles sitting unsold on dealership lots. Some dealers have been asked to pay back so-called floor plan lines of credit immediately, while others have received curtailment demands seeking faster repayment schedules....
There is NO MERCY or PITY when it comes to BANKS and $$$, is there?
That's why we need to string some of the sumbitches up!!!!
Some lenders have notified dealers they will no longer provide floor plan lines of credit. Sovereign Bank, which has a large presence in the Boston area, issued a statement in December indicating it was exiting the dealer finance business. The statement cited "ongoing economic uncertainties, particularly in the automotive industry."
Yeah, thanks for HELPING OUT!
Andrew Gully, managing director of corporate affairs at Sovereign in Boston, said the bank decided to stop offering dealer financing even before it was acquired by Banco Santander Group of Madrid last month. "The decision was made to refocus resources around our core retail and commercial banking businesses," Gully said.
As many as 2,000 dealerships could shut down across the country by the end of the year even if GM and Chrysler don't file for bankruptcy, the National Automobile Dealers Association has estimated. But the McCarter & English partners urged Massachusetts dealers not to "turn in your keys" and give up. "The fact is that the [automakers] still need the dealers," Silverman said.
Not with Vehix.com
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