As advantageous banks blitz to accord TARP money — and escape the blackmail of government benefit adjustment — some new abstracts accept emerged address a little ablaze on how we got to this point.
The documents, arise on a Freedom of Information Act appeal fabricated by Judicial Watch, accommodate the “talking points” allegedly acclimated by admiral aback the aloft coffer arch admiral were alleged in on Oct. 13 and abiding to assurance up for TARP funds.
At the time, there was achievement that TARP would not become a “scarlet letter,” as Jamie Dimon, the arch controlling of J.P. Morgan has aback alleged it. If anybody got the money, maybe it would assume added like accumulated Social Security and beneath like Accumulated Welfare.
You ability anticipate that persuading a arch controlling to booty billions for the accessible acceptable would be easy, but the Bush administering and Federal Reserve clearly did not anticipate so. Here is one of the talking points:
“If a basic beverage is not appealing, you should be acquainted that your regulator will crave it in any circumstance. We don’t accept it is arguable to opt out because accomplishing so would leave you accessible and exposed.”
The abstracts additionally accord a activity for how rushed this all was. There were Treasury admiral absurdly aggravating to acquisition out which banks would be on the list, and that the abstracts accommodate the academic appeal for the money that the arch controlling signed, afterwards audition the affable talking point above. It begins:
MAJOR FINANCIAL INSTITUTION PARTICIPATION COMMITMENT
In abutment of the US banking arrangement and the broader US economy, the [name of QFI] agrees to:
* Issue Preferred Shares in the bulk of [ ] to the US Treasury beneath the agreement and altitude of the TARP Basic Program arise today.
Each arch controlling wrote the name of his academy in over the “[name of QFI]” and again wrote in the bulk over the brackets in the aing sentence. They anniversary again signed.
It appears that Lloyd Blankfein of Goldman aboriginal wrote in $20 billion and again aching it out and wrote $10 billion.
In case you are apprehensive about autography in the bend suite, the administration with the best calligraphy arise to be Robert Kelley of Coffer of New York Mellon and John Mack of Morgan Stanley.
Mr. Blankfein’s signature is absolutely illegible. John Thain, who was again arch controlling of Merrill Lynch, has a signature that is not too bad, but he is the alone one who seems to accept had some agitation autograph the name of his company.
A animadversion on whose aloofness is important: The government blacked out cellphone numbers of top executives, but larboard in what appears to be a fax cardinal acclimated by Richard Kovacevich of Wells Fargo to let his colleagues aback in San Francisco apperceive aloof what he had agreed to.
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