Banks: We Don’t Want Your Stinking Bailout
According to an article in the New York Times, many banks have decided they don’t want a bailout any more.
As public outrage swells over the rapidly growing cost of bailing out financial institutions, the Obama administration and lawmakers are attaching more and more strings to rescue funds.
The conditions are necessary to prevent Wall Street executives from paying lavish bonuses and buying corporate jets, some experts say, but others say the conditions go beyondprotecting taxpayers and border on social engineering.
Some bankers say the conditions have become so onerous that they want to return the bailout money.
Surprised? Not me. I think alot of banks accepted the bailout “just because everybody else was doing it” and they felt they needed a bailout as well to remain competitive. Then they found out about all the crap they would have to put up with as a condition of accepting the bailout. Suddenly it didn’t seem like such a good idea any more…
The banks are still private businesses. They have to answer to shareholders. If the right business decision to make is to send bailout money back, that’s what they need to do. Now if only we could make the bailout uncomfortable enough to get bailed out homeowners to send money back…
