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Wall Street Men Find World According to TARP Worth Fleeing
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| Contributor | Servo |
| Last Edited | Servo Feb 12, 2009 09:26am |
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| Category | News |
| News Date | Thursday, February 12, 2009 03:00:00 PM UTC0:0 |
| Description | Bank of America Corp., JPMorgan Chase & Co. and Morgan Stanley may decide after enduring yesterday’s congressional hearing that the old Troubled Asset Relief Program is more trouble than it’s worth.
Eight chief executive officers of the biggest U.S. banks heard lawmakers in Washington criticize their bonuses, underwriting fees and perks. Representative Emanuel Cleaver, a Missouri Democrat, read questions from angry constituents asking what banks did with money they’d taken from the $700 billion TARP fund, and Representative Michael Capuano, a Massachusetts Democrat, said he “cannot believe no one has prosecuted you.”
With more scrutiny ahead, bankers including JPMorgan’s Jamie Dimon, Morgan Stanley’s John Mack and Goldman Sachs Group Inc.’s Lloyd Blankfein have said they’d like to repay government loans as soon as possible. BB&T Corp. CEO Kelly King told an investor conference yesterday that his Winston-Salem, North Carolina-based bank wants to be first to get out of TARP and escape U.S. restrictions, which can be added retroactively. |
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