Oklahoma Bank Misses Fifth Consecutive TARP Payment

[HMFIC]

Under the terms of the Capital Purchase Program loans, participating banks are allowed to defer payments. Once a bank misses five payments, however, the Treasury may request permission to send a representative to the bank's board meetings. If the number of deferred payments reaches six, Treasury is entitled to nominate up to two people to sit on the bank's board.

Given that quote, I can't imagine them missing a 6th payment. Why on earth would you want to allow the government to sit people on your board if you don't have to. It sounds like they're just working the system, not that it's cool, but the government allows it so they are taking advantage of it. We're the fools (more nationally than in OK) for not making a stand and forbidding all of that TARP crap anyway. Hopefully come election time, everyone will fire all of the idiots we have in Washington who have been throwing the American public under the bus.

 

[NikatKimber]

Under the terms of the Capital Purchase Program loans, participating banks are allowed to defer payments. Once a bank misses five payments, however, the Treasury may request permission to send a representative to the bank's board meetings. If the number of deferred payments reaches six, Treasury is entitled to nominate up to two people to sit on the bank's board.

Given that quote, I can't imagine them missing a 6th payment. Why on earth would you want to allow the government to sit people on your board if you don't have to. It sounds like they're just working the system, not that it's cool, but the government allows it so they are taking advantage of it. We're the fools (more nationally than in OK) for not making a stand and forbidding all of that TARP crap anyway. Hopefully come election time, everyone will fire all of the idiots we have in Washington who have been throwing the American public under the bus.

IIRC, there was LOT of outrage at the bailouts. But what can we do? not like we can hold their feet to the fire, or anything.

 

[Super Dave]

Shut them down. Period. Think they wouldn't have taken your house if you missed five payments? Nope. Screw 'em. Shut them down.

 

[338Shooter]

I want to know what kind of tarp we're talking about and why a bank would need to make payments on it. They have them at Atwoods for like $10.

 

[Lone Wolf '49]

I want to know what kind of tarp we're talking about and why a bank would need to make payments on it. They have them at Atwoods for like $10.

Thank you. Now, I have a friend at this bank and I don't ask him about these things, but well over a year ago Spirit bank laid off 30 employees at various or all branches and my youngest daughter was one of them.

 

[Billybob]

Google "Wells Fargo drug money laundering"

"When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes... Money has no motherland;financiers are without patriotism and without decency; their sole object is gain."

- Napoleon Bonaparte, 1815

 

[Super Dave]

I want to know what kind of tarp we're talking about and why a bank would need to make payments on it. They have them at Atwoods for like $10.

Not a cheapo tarp. This is one of those high dollar tarps that meet government standards. Seems like Halliburton sells them. I think they are about $200,000, but oooo! the quality!!!

 

[HMFIC]

IIRC, there was LOT of outrage at the bailouts. But what can we do? not like we can hold their feet to the fire, or anything.

Call. Write. Organize and protest.

When all that fails (as it did), campaign against them and vote against them in the primaries.

Where it gets muddy is when politicians represent most of your ideals and you overlook the bad votes. It will always be that way, nobody can please all of the people all of the time, but there has to be a line in the sand on some issues. I believe the billions of dollars the government blew on our behalf is one of those lines.

I get what you're saying though... it's a tough call and that's why politicians are able to survive. They make a living splitting hairs and working the constituency so they'll get enough votes to live again.

 

[ripnbst]

Thank you. Now, I have a friend at this bank and I don't ask him about these things, but well over a year ago Spirit bank laid off 30 employees at various or all branches and my youngest daughter was one of them.

I mean this seriously, and not being a jerk, but why didn't you ask your friend to hire your daughter at his branch?

 

[bmwguy25]

In some cases, yes. Does anyone really need proof that our federal government is stupid like that?

NO joke, the federal reserve holds the highest amount of american debt. AS we past 15 trillion in fed debt...