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U.S. Bank CEO rips Troubled Assets Relief Program

By Dan Haugen | 02/17/09

U.S. Bancorp CEO Richard Davis shared some blunt criticism of the U.S. Treasury's TARP program at a forum for business leaders today, the Business Journal reports.

TARP is short for the Troubled Assets Relief Program, but Davis said the acronym is a misnomer: "There’s no A, R or P in TARP,” only 'T' for trouble, Davis said.

Davis said U.S. Bank was told, not asked, to participate in the program.

The changing goals and rules of the program has caused collateral damage to healthy banks, he said, and he would be "darned" if U.S. Bank is hurt by what he called the government's "sloppy attempt at nationalizing the [banking] industry."

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Comments (2)

Submitted by Thom Gmeinder on February 18, 2009 - 1:54pm.

RE: USBANK CEO Richard Davis comments

These bankers still don't get it. They want all of there big perks while we pay for their ineptitude.

The debate in the legal community has always been is it a bigger crime to rob a bank or operate one. Well that has finally, completely, and totally been answered and you Richard Davis and your friends look like greedy crooks.

There are consequences for taking our money and if you don't like it give the money back.

Submitted by Tom Poe on February 21, 2009 - 4:24pm.

Davis makes $1.7 million last year, plus bonus, and doesn't thank taxpayers for 6.6 billion from TARP funds? Makes me wonder if Davis needs to have every one of his depositors close their accounts and move to credit unions. I'll bet there isn't one customer that can honestly offer testimony to USBank providing them anything of value in return for depositing the money in that bank.