Thursday, March 17, 2011

Can the Feds help?

One of the underlying factors for many banks in this country is an obligation to the Federal Government to repay the TARP funds that they borrowed.  Many banks have returned the funds but many others have missed payments.  One of those banks is Anchor Bank.  With a balance of almost $10 million dollars in missed dividend and interest payments on $110 million in TARP funds, they have a member of the U.S. Treasury sitting in on board meetings according to the Business Journal in Milwaukee.
"At least one Treasury representative attended the two most recent board meetings of Madison-based Anchor BanCorp. Anchor missed seven payments totaling $9.9 million and received $110 million in TARP funds."
One could presume that this has not gone unnoticed by some at the Treasury Department.  So chalk up another group that has been given the transparency to the 13 banks that Anchor Bank represents, and may also know who the "Little Four" are.

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