It seems that Treasury Sec. Paulsen and the FDIC used a rather heavy hand in dispersing TARP $$. In Sept of 2008 a $250 billion bank with no sub-prime loans, no participation in the mortgage derivatives debacle and a normal level of non-performing loans attempted to refuse TARP money. No deal says the Treasury. You will sell us 2% interest in the bank or we will conduct a full-scale audit, making sure that it is a very public affair. Move forward to the present. Turbo Tim Geithner now has the power to control compensation in any institution receiving funds. And the President can dismiss the CEO.
Extortion? Thoughts?
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