BofA, Wells Fargo, Citigroup Left TARP Early To Avoid Restrictions On Executive Pay

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BofA, Wells Fargo, Citigroup Left TARP Early To Avoid Restrictions On Executive Pay

BofA, Wells Fargo, Citigroup Left TARP Early To Avoid Restrictions On Executive Pay

Same characters, continuing with rewarded favors.

HuffPo-

In the wake of the financial crisis, a number of the nation’s largest banks were excused from the government’s rescue program before they had returned to a position of complete financial security — in part because they wanted to avoid restrictions on how much their executives would get paid, according to a new report from the program’s government overseer.

Citigroup, Wells Fargo, PNC and Bank of America successfully lobbied to leave the federal bailout program early in 2009, even though the Federal Reserve Board and the Federal Deposit Insurance Corporation had recommended they take additional steps to shore up their assets, according to a new report from the Special Inspector General for the Troubled Relief Asset Program, a government watchdog office.

[HUFFINGTON POST]

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One Response to “BofA, Wells Fargo, Citigroup Left TARP Early To Avoid Restrictions On Executive Pay”

  1. Now bank of America was allowed to leave early TARP does anyone think once again they pulled a fast one. Lawyers working for Banks are as greedy as Bankers, no wonder they need each other so. I’m waiting on Bank of America starting week TWO for deed of trust papers on my home. judemcdonald.8697@twitpic.com

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