The Chicago Tribune reports:
more than 170 U.S. banks that have missed approximately $275 million in TARP dividend payments to the government through August.
There's more:
Under TARP, the Treasury invested $204.9 billion in 707 banks, with most keeping up with their dividends or repaying the government in full.
But the dividend deadbeats are symptomatic of broader national problems, said one former Treasury official.
"The missed TARP dividend payments reflect the difficulties still facing the economy and the financial sector, especially community banks" that focused on commercial real estate lending, said Phillip Swagel, who was assistant secretary for economic policy at Treasury until Jan. 20, 2009. While there, Swagel was part of a five-member TARP investment committee.
You will not see Van Jones,
Warren Buffett, or George Soros complain or finance demonstrations demanding re-payment of TARP funds. We suspect the resentment anti-bank demonstrators have is TARP-envy. No word yet on this story from Nancy Pelosi, or
Jan Schakowsky who both voted for TARP.
