In 2003, Willy Gissen founded Cut-It-Out Communications, a Westchester public relations agency based in Hartsdale, New York. His organization specializes in the incorporation of online activities into traditional public relations programs, primarily for business-to-business clients.
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A Bonanza from the Banks?
June 10th, 2009
Today’s lead article in The New York Times is titled, “10 Large Banks Allowed to Exit U.S. Aid Program.” It announces a decision by the Obama administration to let certain banks repay the money they received under the TARP program. A total of $68.3 billion will be repaid to the Treasury, and the taypayer will gain about $1.8 billion in interest.
The banks and their holding companies include American Express, Goldman Sachs, JPMorgan Chase and Morgan Stanley. The amount returned represents almost a quarter of the total bailout given to the nation’s banks since last October.
While some may say that the return of the money represents a triumph of the Administration’s economic plan, in my opinion, the reality may represent a much starker picture. The reason banks have shown such alacrity in returning the government’s money is because organizations under the TARP umbrella were forced to limit the executive compensation for their top 25 employees. So, the banks rushed to return the money because it was in the interest of the top 25 employees to do so. And who has the most influence on this decision to return the money … why, of course, it’s the executives at the top.
Also, by exiting the program, these banks no longer have the cash necessary to increase their lending to businesses and consumers, one of the main reasons for the support in the first place. And the government loses its ability to influence and reform these institutions.
Still, on one level, it does represent a step forward because the banks were capable of returning the money. That’s something we can no longer say about Chrysler and General Motors.
10 Responses to “A Bonanza from the Banks?”
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