51 online
 
Most Popular Choices
Share on Facebook 4 Printer Friendly Page More Sharing
General News   

Banks Successfully Lobbied For Weaker Bailout Repayment Rules So They Could Pay Bonuses

Quicklink Submitted By   1 comment
Message Amanda Lang
Become a Fan
  (9 fans)
When the nation's biggest banks were bailed out in 2008 via the $700 billion Troubled Asset Relief Program, the money came with a few (very loose) strings, including restrictions on executive compensation and some requirements for the amount of capital the banks would have to raise in order to escape from TARP.

But as a new report from the Special Inspector General for TARP shows, even these restrictions were too much for some of the nation's biggest banks -- including Bank of America, Wells Fargo, and PNC -- who lobbied for easier payback requirements so that they could be freed from restrictions on paying bonuses. And Treasury obliged their requests:
Read the rest of the story HERE:

At thinkprogress.org
Rate It | View Ratings

Amanda Lang Social Media Pages: Facebook page url on login Profile not filled in       Twitter page url on login Profile not filled in       Linkedin page url on login Profile not filled in       Instagram page url on login Profile not filled in

OpedNews volunteer from 2005 to 2013.

Amanda Lang was a wonderful member of the Opednews team, and the first volunteer editor, for a good number of years being a senior editor. She passed away summer 2014.

Go To Commenting
The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.
Writers Guidelines

 
Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
Support OpEdNews

OpEdNews depends upon can't survive without your help.

If you value this article and the work of OpEdNews, please either Donate or Purchase a premium membership.

STAY IN THE KNOW
If you've enjoyed this, sign up for our daily or weekly newsletter to get lots of great progressive content.
Daily Weekly     OpEd News Newsletter
Name
Email
   (Opens new browser window)
 

To View Comments or Join the Conversation:

Tell A Friend