A month ago I posted that Wells Fargo was chaffing at the bit against TARP restrictions on salaries and bonuses. The OP was headed
'We didn't want the money"http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=5323914&mesg_id=5323914I took that from the article.
Reuters: Goldman Sachs' speed to repay TARP may spur others
... Some banks regret participating in TARP, including Wells Fargo & Co, which took $25 billion it did not want because former Treasury Secretary Henry Paulson told it to.
Some of the vitriol results from a rule that lets the government unilaterally impose new restrictions.
It did that last month by capping executive bonuses, and could do so again once the Senate considers the fate of AIG bonuses. Last week's House of Representatives bill setting a 90 percent tax would also hit bonuses for thousands of workers at other banks nationwide, a form of guilt by association that banks say would cause good employees to flee.
"Is this America, when you can do what your government asks you to do and then retroactively you also have additional conditions put on?" Wells Fargo Chairman Richard Kovacevich said on March 13 in comments at Stanford University.
http://www.reuters.com/article/reutersEdge/idUSN2437529... Now it's clear that they needed the money alright and still need another $13.6 billion to pass a stress test.
http://www.washingtonpost.com/wp-dyn/content/article/2009/05/07/AR2009050703208.html?hpid=topnewsYep, Paulson may have made them take the money, but they needed it. It's losing their bonuses they didn't like. Instead they talked about repaying the TARP money ASAP. Whose squawking now?