In Case You Thought They Were, Banks Aren't Actually Paying You Back
The biggest story generally going unreported in the mainstream media is that many financial institutions are simply failing to pay back your hard-earned tax dollars.
According to USA Today, “The U.S. taxpayers’ investments in smaller banks are increasingly at risk… 34 financial institutions did not pay their quarterly dividends in August to the Treasury on funds obtained under the Troubled Asset Relief Fund (TARP). The number almost doubled from 19 in May when payments were last made,” a clear sign the trend is worsening.
Among the non-payers are obvious weak giants like AIG and CIT, but the list goes on and includes many other players. It’s an especially disappointing trend given that we’re in a period of “recovery.” When this false rally collapses the number of institutions that are unable to meet TARP obligations are bound to skyrocket. Taxpayers beware.
More on this disturbing trend is available from Naked Capitalism in its post on missed TARP dividends.