View Poll Results: Should banks be allowed to repay TARP funds NOW?

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Thread: Should banks be allowed to repay TARP if they want to?

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    Filmmaker Lawyer Patriot
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    Should banks be allowed to repay TARP if they want to?

    The context, of course, is that TARP came with a lot of unexpected and after-the-fact strings -- i.e., government control of executive pay and other company governance.

    Some banks were asked to take TARP funds when they didn't want them.

    So now, a number of banks are saying they're ready to give back the TARP funds, understandably not wanting government to have the control that comes with it . . .

    And the government claims it wants to get out of controlling the banks as quickly as possible . . .

    Yet the Treasury isn't allowing the TARP funds to be repaid, at least in many cases.

    So, should they be allowed to pay it back, or not?
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    Re: Should banks be allowed to repay TARP if they want to?

    The reasoning behind the denial of refunding is that the government is fully aware of the implications of its policies, and knows that in the near future the crisis is going to get much worse. TARP was enacted for its twofold purpose of assisting the banks while also gaining control in preparation for the crisis that is coming. Allowing banks to get out of that control would be counterproductive for the government.

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    Re: Should banks be allowed to repay TARP if they want to?

    Quote Originally Posted by Harshaw View Post
    The context, of course, is that TARP came with a lot of unexpected and after-the-fact strings -- i.e., government control of executive pay and other company governance.

    Some banks were asked to take TARP funds when they didn't want them.

    So now, a number of banks are saying they're ready to give back the TARP funds, understandably not wanting government to have the control that comes with it . . .

    And the government claims it wants to get out of controlling the banks as quickly as possible . . .

    Yet the Treasury isn't allowing the TARP funds to be repaid, at least in many cases.

    So, should they be allowed to pay it back, or not?
    Does the TARP legislation have a no-early repayment clause, or one that penalized early payment?
    No?
    Then yes, they should be able to do so. No question.

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    Re: Should banks be allowed to repay TARP if they want to?

    Quote Originally Posted by Khayembii Communique View Post
    The reasoning behind the denial of refunding is that the government is fully aware of the implications of its policies, and knows that in the near future the crisis is going to get much worse. TARP was enacted for its twofold purpose of assisting the banks while also gaining control in preparation for the crisis that is coming. Allowing banks to get out of that control would be counterproductive for the government.
    At least you're honest about it. I agree. The government does not want to give up control.

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    Re: Should banks be allowed to repay TARP if they want to?

    Hmmm....I don't see anywhere in the Constitution authorizing the government to control banks.

    Since there's also nothing in the Constitution authorizing TARP, the sooner those "loans" are paid back and off the books, the better it will be.

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    Re: Should banks be allowed to repay TARP if they want to?

    Quote Originally Posted by Scarecrow Akhbar View Post
    Hmmm....I don't see anywhere in the Constitution authorizing the government to control banks.
    Which is exactly why the government doesn't want them to give the money back - the banks are then out from under government control.

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    Re: Should banks be allowed to repay TARP if they want to?

    And guess what? If they can keep moving the goalposts, they'll NEVER have to be out of the government's control!

    Some people, of course, will applaud that very loudly.
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    Re: Should banks be allowed to repay TARP if they want to?

    Quote Originally Posted by Harshaw View Post
    The context, of course, is that TARP came with a lot of unexpected and after-the-fact strings --
    Wow that is one heck of a strawman. The government does have a vested interest in seeing that the money it prints is actually worth something and also considering the FDIC backs up deposits no the banks should not be able to pay back at a whim. They need to prove solvency before hand.

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    Re: Should banks be allowed to repay TARP if they want to?

    Quote Originally Posted by winston53660 View Post
    Wow that is one heck of a strawman. The government does have a vested interest in seeing that the money it prints is actually worth something and also considering the FDIC backs up deposits no the banks should not be able to pay back at a whim. They need to prove solvency before hand.

    Geithner Weighs Bank Repayments - WSJ.com

    WASHINGTON -- Treasury Secretary Timothy Geithner indicated that the health of individual banks won't be the sole criterion for whether financial firms will be allowed to repay bailout funds, a position that might complicate their efforts to give back the cash.
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    Re: Should banks be allowed to repay TARP if they want to?

    Quote Originally Posted by winston53660 View Post
    The government does have a vested interest in seeing that the money it prints is actually worth something....
    Then it needs to stop printing it.

    and also considering the FDIC backs up deposits no the banks should not be able to pay back at a whim.
    What makes you think the banks that re looking to pay the $ back are insolvent?
    If they are solvent, what is your argument for not letting them pay it back?

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