JPMorgan and Other Banks Want OUT!!
IT IS PAYBACK TIME - the Banks wish to GET OUT from UNDER the Requirements of TARP AND PPIP!!
From Reuters article entitled: From Reuters article entitled: "JPMorgan, others line up to throw off TARP yoke "
The main issue again, as I have said, is FREEING UP LOANS to those qualified. I am not sure that loans from banks have been forthcoming with all of the financial wrangling.
HOWEVER, one thing that HAS happened is TIME HAS PASSED, providing many of the "Troubled" institutions with breathing room to figure out how to live without Lehman Brothers and without the huge Commercial Paper market that Lehman helped to provide.
From Reuters article entitled: From Reuters article entitled: "JPMorgan, others line up to throw off TARP yoke "
We have seen many sales of stock or issuance of debt by these banks, which is a requirement for repayment. The banks MUST be able to raise "capital" (funds) on their own BEFORE the government will allow the bank to pay back TARP funds.JPMorgan Chase& Co and several other banks eager to escape the restrictions and stigma linked to government bailout funds may get the chance to do so in the next few weeks.
Regulators are talking to big banks that want to repay funds received under the government's $700 billion Troubled Asset Relief Program, or TARP, a Federal Reserve official said on Tuesday.
No announcements on returning funds will come until around June 8, the official added. The Fed official spoke on condition of anonymity because the application process is continuing.Earlier on Tuesday, JPMorgan Chief Executive James Dimon told shareholders he expects regulators will let a few strong banks repay TARP funds within weeks.
Dimon made it clear that he was eager to escape strict regulations on compensation and other areas for TARP participants. In particular, he called restrictions under the program on banks hiring foreign-born workers "a complete and utter disgrace."
The main issue again, as I have said, is FREEING UP LOANS to those qualified. I am not sure that loans from banks have been forthcoming with all of the financial wrangling.
HOWEVER, one thing that HAS happened is TIME HAS PASSED, providing many of the "Troubled" institutions with breathing room to figure out how to live without Lehman Brothers and without the huge Commercial Paper market that Lehman helped to provide.
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