Tuesday, February 17, 2009

TARP Unintended Consequences

Oh, man.

"The money is going to sit on the sidelines until [regulators] announce they’re going to do something with these [big banks]. Nobody is going to put fresh capital into the banking business when your major competitor is going to be continuously bailed out by the United States government with more and more money.”

--Rusty Cloutier, the president and CEO of MidSouth Bank

The same guy also

...called for the feds to break up the “miserable eight” largest banks that, he said, control 60 to 64 percent of the country’s assets, restoring competition to the banking industry and restoring investor confidence in the system

"Le Miz Banques"--I smell a musical here.

HT: Calculated Risk

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