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Tuesday, September 14, 2010

TARP Deadbeat list grows to more than 120 banks

by Calculated Risk on 9/14/2010 12:01:00 AM

From Brady Dennis at the WaPo: More banks missing TARP dividend payments

The latest report ... shows that more than 120 institutions ... have missed their scheduled quarterly dividend payments ... a record six banks each missed six dividend payments. Saigon National Bank in Southern California has missed seven.
In addition, five banks that received capital injections from the controversial $700 billion Troubled Assets Relief Program have failed altogether, making it highly unlikely that taxpayers will recover the nearly $3 billion poured into those institutions.