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U.S. Bank CEO rips Troubled Assets Relief Program

U.S. Bancorp CEO Richard Davis shared some blunt criticism of the U.S.

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.”