Posts
Some Banks BAIL OUT!
[Some of the banks that intially "drank the Fluffy KoolAid," are trying to back out of the deal. When the Porkulus Package was passed into law in February, the requirements written into the legislation proved too restrictive. It appears "Turbo-Tax Tim" might have tightened up everything before the recipients had a chance to review the requirements.]
Novato-based Bank of Marin Bancorp is seeking to return a $28 million capital infusion that it was awarded by the federal government in December as part of the government's effort to ease the credit freeze at the root of the economic crisis.
"The rules have changed and we felt it was in the best interest of our shareholders, our customers and our employees to return the money at this time," said Russell Colombo, Bank of Marin's chief executive officer. The U.S. Department of the Treasury still must approve the request.
The American Recovery and Reinvestment Act, the $787 billion stimulus package signed into law in February, imposed the new rules, Colombo said. These include limits on employee pay and bonuses, golden parachutes and the size of stockholder dividends, as well as new requirements for government representation on banks' boards of directors.
Colombo said Bank of Marin didn't apply for the money because it was undercapitalized.
"We were selected to participate in this program because we are a healthy institution," he said.
The American Recovery and Reinvestment Act, the $787 billion porkulus package imposed the new rules, including limits on employee pay and bonuses, golden parachutes and the size of stockholder dividends, as well as new requirements for "Turbo-Tax Tim" Geithner to control of two seats on Bank of Marin's board of directors and prohibit the bank from boosting dividends, Cook said. But most onerous are the limits on employee compensation, Colombo said. "It puts you at a competitive disadvantage if you're trying to retain or attract talented bankers," Colombo said.
Nancy Sheppard, chief executive of Western Independent Bankers, a San Francisco association of 350 small banks, said "The bonus provisions are so restrictive that it makes it very difficult to keep really quality people, especially in a place like the Bay Area. Will a bank like Bank of Marin be prohibited from being sponsors of a local community activity?"
"I think all banks around the country are reconsidering whether they want to continue in the program," said Robert Thorson, chief financial officer of San Rafael's Westamerica Bancorporation.
What's With Fluffy?
If this guy's got any common sense, he's sure hiding it well!! He has to be stupid, irresponsible or just plain naive!!
Fluffy obama is wandering around Europe like he's campaigning for a second term[GOD Forbid!!]. Reminiscent of his "Campaign of Fluff," it's almost like buying votes-the abandon he exhibits while pissing away the US' share of $1Trillion to all the third-world ratholes on the planet. Meanwhile, his bosses-the American voters-are foundering in debt, have investment losses in the 50% range and have seen their retirement savings dwindle to almost nothing!!
While on his current Eurpoean campaign swing, he speaks of his desire of a world without nuclear weapons-at the same time, North Korea launches a missile into space. Can he not see that he's held in ridicule by the world's communist leaders?
A Better Stimulus
If the objective was not greater control over a greater portion of the American economy, the guys and gals who fund all these escapades should be the recipients of a meaningful stimulus. While the Fluffmeister trots around Europe like a banty rooster, the American public-at least that portion that "works for a livin' -" is suffering the stress of not knowing how far into ruin the country will be driven!! Rather than save poorly managed car companies, banks, etc, why not restore IRAs, 401Ks and other retirement vehicles to pre-2007 levels? We are expected to shoulder both federal spending and borrowing that CAN NEVER be repaid, all-the-while, trying to single-handedly restore our retirement funds! This entire administration, from the handlers to the lowliest clerk, seems hell-bent on a steep nosedive into socialism.
This seems an opportune time for a revolt..... it's an almost exact duplicate of the situation the colonists faced in the 1770s!!
A Huge "Thank You!"
I have never read any of Mark Levin's books. That being said, I owe him a huge "thank you!!" Last weekend, I picked up several books, one being Liberty and Tyranny by Mister Levin. I have a couple of "thank-you's" for him; first, for his authorship of the book and secondly, for teaching me more in ten pages than I've learned in the past ten years!!
More Change We've Gotten
In his first two months in office, Fluffy obama has succeeded in widening the political gulf among Americans more than any other president in modern history, according to a new poll. The "partisan gap" between Republicans and Democrats is 10 points larger than it was under George W. Bush.
The gulf – between Democrats and Republicans who say Fluffy is succeeding – is also showing signs of further widening, according to a new Pew Research poll.
The poll indicates that 88 percent of Democrats approve of the president's job performance, while just 27 percent of Republicans say the same thing – a 61-point difference.
By comparison, the gap for President George W. Bush at a similar point in his administration was 51 points. It was 45 for Bill Clinton, 38 for George H. W. Bush, and 46 for Ronald Reagan. [Nuff Said!!]
Til Nex'Time....
No comments:
Post a Comment