NEW YORK (CNNMoney.com) - Taxpayers hate the bank bailout. Lawmakers too. And now it looks like some of the bailed out banks themselves are starting to get fed up with it as well.
Just weeks after Congress removed a key hurdle that prevented banks from paying back funds from the Troubled Asset Relief Program, or TARP, some banks are already queuing up with checks in hand.
So far, three banks have formally declared their intentions to pay back the government. Last month, Louisiana-based IberiaBank Corp. (IBKC) said it would return $90.6 million while TCF Financial (TCB), a bank headquartered just outside of Minneapolis announced last week it was returning $361.2 million.
On Tuesday, New York City-based Signature Bank (SBNY) became the latest, announcing at a conference it had filed notice with the Treasury Department to pay back $120 million in TARP funds.
This list doesn't include the dozens of institutions that were approved for government aid, but subsequently decided to turn down the money. New Jersey-based lender Sussex Bancorp (SBBX) added itself to that group after it withdrew from the program last week.
But even more banks are poised to return TARP money, including some of the nation's largest.
Limbaugh is a traitor,flood the phone lines and let him know it.
ahhhh, don't the banks look just so great and wonderful.
Give that money to the people, not the banks.
Too bad that the largest, most corrupt institutions are hanging onto the TARP funds – and, indeed, demanding more!!!
This is proof that the Government can not be allowed to pick the winners and losers in a free market.
Just think of how strong these banks would be if their competitors were allowed to fail. Out of failure comes now opportunity and new growth. The bailouts are preventing this growth just when the American citizen needs it the most.
no corporate politics March 11th, 2009 12:19 pm ET
I think that it is telling that none of the banks promising payback are on the list of top Obama corporate financial donors.
I guess if they donated big – no payback is expected.
Nice imagination there – I'm sure you have proof, right Billo – or is this rush? Making stuff up
@AndyL–U R SO LOST!!!
Did you READ the article? These banks took the money under the BUSH-ed administration because there were no strings attached. Now that President Obama is holding them accountable, they are scared....such GREEDY folks....
Andy, I invite you to read the article AGAIN, this time paying attention!!
@ Andy L
You are forgetting that the funds they are giving back are the funds they received from Bush. Not Obama.
WoW! Looks like the banks can't handle the heat. What they don't want to be accountable for their frevilous spending? People wake up! These banks are so used to using the American people and taking their dollars, now they don't know how to handle someone putting them under the spotlight to see what they are doing.
Americans are so wishy washy it's pathethic. That's why the banking system has been getting over for centuries because we to stupid for one to read their agreements and two to question them. We can't blame it on them we should learn to read those contracts instead of just sticking our names on them. Good for us, we got we deserve! I don't blame the president, he shouldn't have to be watching over our household decisions, we shoud be adult enough to do that ourselves. We as Americans love to blame someone else for our reckeless decisions. Why don't we start wearing our big boy pants, and take responsiblilty for our on actions.
GOOD return the money, it can be used to help MORE families in need you greedy banks!!! Don't think this gesture earns you any brownie points either.
My bank, Iberia, here's to you.
no problem give it back
And now we find these banks are INVESTING their TARP money in OTHER COUNTRIES.
WE WANT OUR MONEY BACK......NOW!!!!
They are mad that they are just not getting this money for free. Good for you democrats for putting the banks feet to the fire and make them accountable.
If republicans where not such horrible failures managing capitalism then this whole phony socialism debate would not even exist.
WE SHOULD ALL QUIT PAYING TAXES.............NOW
THEY CAN'T PUT US ALL IN JAIL!!!
I guess this proves that if you are healthy, you don't need medicine to get well.
It shows that not all banks were in bad shape because they are run right and made their money the old fashioned way...Honestly and not writing bad loans. Treating their customers right keeps them healthy, and not being greedy is the real test.
At least they still have a choice. HBO and the libs are trying to take away any choice from any of us.
Citizens, do your due diligence. These banks received federal money because they met the strict qualified standards. Upon receipt, they would be subject to increased reporting and excessive salary reforms. Those two items only make sense. To not want to comply – send a red herring, don't you think?
Too much accountability to the government and taxpayers. Without TARP money they will continue their spend thrift way of doing business while they rip people off.
So these banks accepted the TARP bailout under Bush (with no oversight) but hey' don't need the funds now they know they may come under scrutiny by the Obama administration. Interesting.
Don't forget to pay back the interest too.
If these banks didn't need the money, they shouldn't have taken it.
If they can afford to give it back because they don't like the conditions attached, they never needed it.
And if the conditions they find unacceptable are that they must be responsive to the needs of clients, shareholders and taxpayers, and not give their executives exorbitant bonuses and perks, we know they took the money out or irresponsibility and greed.
So, here's what should happen. They should give the money back. They should pay a penalty for having taken money they didn't need. And the banks returning the money should make a public statement explaining why they took the money when there were essentially no conditions attached, why they don't want it now when there are conditions attached, and why they essentially tried to defraud taxpayers by claiming they needed money for their survival when in fact they just wanted free money and credit as long as it didn't inhibit their ability to continue to give away massive bonuses to their executives.
How's this for irony and prophecy:
"Owners of capital will stimulate working class to buy more and more of expensive goods, houses and technology, pushing them to take more and more expensive credits, until their debt becomes unbearable. The unpaid debt will lead to bankruptcy of banks, which will have to be nationalized, and the State will have to take the road which will eventually lead to communism."
Karl Marx, 1867