TCF and US Bank aren’t alone in their dislike of the federal government’s TARP program.
But many other banks “don’t have the balance sheet or capital strength to be as outspoken” as our hometown banks have been, writes Mark Anderson of Finance and Commerce.
The newspaper reviews the banks’ recent criticism of the Troubled Assets Relief Program — U.S. Bancorp CEO Richard Davis called it a “lousy program — and describes their attempts to dissociate from the program, which has caused the public to view the banks negatively, they said.
Naturally TCF is against TARP — look who runs it. One of the most conservative idealogues in the state, and major power in the Republican party. These folks do not want ANY government intervention, and frankly that is not only unrealistic in this crisis, it is not going to happen.
True, TCF, and most regional banks do not need help and are generally healthy; but smaller regional banks are far different from the multi-national, multi-faceted international banking giants — and there is a need and place for both in the world economy. In the end, properly administered (unlike the way Bush did it), this TARP plan will prove useful and needed.
I likely don’t agree with the politics (in general) at the top of TCF and USB, but I do agree with their desire to get away from TARP money. I do believe banks were more-or-less strong-armed into taking funds and I appreciate their willingness and desire to have their banks stand on their own merits.
I’m absolutely in favor of TARP money having a ridiculous number of string attached (which probably makes it seem like a “lousy program” to someone like Mr. Davis). Likewise, I’m in favor of banks who have the means standing up and saying ‘we don’t want/need it’.