Bank of America to Repay TARP

[Beet]

Bank of America said late Wednesday that it would repay its entire $45 billion in government bailout money before the end of the year. The move should help the bank recruit a new chief executive by freeing it from government restrictions on executive pay at bailed-out companies.

“We appreciate the critical role that the U.S. government played last fall in helping to stabilize financial markets, and we are pleased to be able to fully repay the investment, with interest,” Kenneth D. Lewis, the bank’s current chief executive, said in a statement.

http://dealbook.blogs.nytimes.com/2009/12/02/bank-of-america-to-repay-45-billion-from-tarp/

I believe this leaves Citigroup and Wells Fargo as the only major banks that have not announced repayment?

[Swing low, sweet chariot. Comin' for to carry me home.]

good, the limits on pay for TARP banks is draining them of talent

[Lief 🗽]

good, the limits on pay for TARP banks is draining them of talent

hahahahahahahahahahahah

[Stranger in a strange land]

good, the limits on pay for TARP banks is draining them of talent

hahahahahahahahahahahah

[Grumpier Than Uncle Joe]

“We appreciate the critical role that the U.S. government played last fall in helping to stabilize financial markets, and we are pleased to be able to fully repay the investment, with interest, because we figured out how to fuck the consumer hard enough to make the $45 billion back” Kenneth D. Lewis, the bank’s current chief executive, said in a statement.

Just wanted to translate it correctly

[Frodo]

good, the limits on pay for TARP banks is draining them of talent

Is that the same 'talent' that managed to drive BoA (among other corporations) to the government teat in the first place?  

[Marokai Backbeat]

good, the limits on pay for TARP banks is draining them of talent

hahahahahahahahahahahah

[Vepres]

Yay!

[Obnoxiously Slutty Girly Girl]

It's a little late for this. The government's tentacles are already firmly entrenched in the financial sector. Fedgov has refused to allow banks to break free and repay the TARP funds in the past.

[Swing low, sweet chariot. Comin' for to carry me home.]

good, the limits on pay for TARP banks is draining them of talent

Is that the same 'talent' that managed to drive BoA (among other corporations) to the government teat in the first place?  

the vast majority of the talent did not determine the risk posture of BoA - in other words, contrary to your assumption, decisions are made at the top and decimated down the chain of command...not to mention the fact that most of BoA operations were managed profitably and had no involvement in imploding the company.

The industry I work in (Energy Trading and Risk Management) uses many financial instruments that function EXACTLY like the instruments these banks were using (with the exception of the underlying assest) and my industry is continue to raid the talent of these banks, especially Citi.  In fact, MANY of the people I work around used to work at Citi.

So, since the U.S. taxpayers are heavily invested in these banks through TARP, you're cutting off your nose to spite your face by denying to pay the employees market rates for their skillsets, for there is EXTREME demand for anyone will good knowledge of financial instruments.

...just a friendly warning.

[opebo]

So, since the U.S. taxpayers are heavily invested in these banks through TARP, you're cutting off your nose to spite your face by denying to pay the employees market rates for their skillsets,

You and I agree here, jmfcsts.  We should stipulate the salaries in ALL firms, not just ones which 'accepted money' (its an absurd idea that a firm which accepted such funds is any more a creature of the State than those which did not).