"Mutual banks to get Treasury funds" by Beth Healy | April 8, 2009
The US Treasury is expanding its program to inject capital into banks by allowing mutual banks - those run for their depositors and communities instead of for shareholders - to borrow funds from the government's $700 billion bailout fund.
What NOW? After there is nothing but backwash in the bottle?
Under the terms of the program, made public yesterday, these institutions can sell preferred shares or private shares to the government through a subsidiary, or they can issue debt.
Why is that the g**-damned answer to every damn thing with these guys?!!!
Institutions must apply to banking regulators by May 7 to participate. Hundreds of publicly traded banks have already received funding from the government's so-called Capital Purchase Program. The Treasury issued the new rules at the prodding of US Representative Barney Frank, chairman of the House Financial Services Committee.
Now I'm not trusting the intent!
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Barney Frank is Bush's Best Friend
Barney Frank Benefited From Bailout Bill
Frank Fiddled With Bailout Funds (And Other Frauds)
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Frank, in an interview, said institutions that take the funds are expected to expand lending: "Anyone who takes the money and doesn't make loans, the CEO should be fired," Frank said. He said he wanted mutuals to get access to the Treasury before the last $100 billion or so of bailout funds runs out.
First, ITS ALREADY GONE and second, he can't fire CEOs!!!
Just more hot you-know-what from f***-misting Frank!
So far, 542 institutions in 48 states have received capital infusions from the Treasury.
To a tune of how much and why leave that $$$$ # out?
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