Power Breakfast: TARP, F-22, WellStar, SunTrust, Hartsfield

Georgia has been hit very hard by bank failures, partly because some financial institutions relied so much on the real estate market to fuel their bottom lines.

Now comes an interesting story by AJC reporter Paul Donsky saying that many banks receiving federal TARP money may hold on to the funds for years. It will help them ride out the recession.

Also in the AJC:

In other media:

7 comments Add your comment

Lundy

June 19th, 2009
8:16 am

The headline/link for this story on the home page reads “Biz Beat: Banks horde TARP funds”

horde  /hɔrd, hoʊrd/ Pronunciation [hawrd, hohrd]
noun, verb, hord⋅ed, hord⋅ing.
–noun 1. a large group, multitude, number, etc.; a mass or crowd: a horde of tourists.
2. a tribe or troop of Asian nomads.
3. any nomadic group.
4. a moving pack or swarm of animals: A horde of mosquitoes invaded the camp.

–verb (used without object) 5. to gather in a horde: The prisoners horded together in the compound.

I think you wanted to use hoard.

hoard  /hɔrd, hoʊrd/ Pronunciation [hawrd, hohrd]
–noun 1. a supply or accumulation that is hidden or carefully guarded for preservation, future use, etc.: a vast hoard of silver.

–verb (used with object) 2. to accumulate for preservation, future use, etc., in a hidden or carefully guarded place: to hoard food during a shortage.

–verb (used without object) 3. to accumulate money, food, or the like, in a hidden or carefully guarded place for preservation, future use, etc.

tso

June 19th, 2009
8:33 am

well, i guess your right w/the spelling stuff BUT they (the banks) can be compared to a swarm of animals come to think of it. mosquitoes at that! they should have been exterminated and those that fell should have fallen instead of being given money. boy am i sick of this administration… im sick of seeing my friends loose their jobs they’ve had or 20+ years. and folks losing their houses… there needs to be another ‘change’ all right. the folks running the country now are running it into the ground and are destroying America. Obama is a freaking liar. im glad all that voted for him are having to experience it also… thanks for nothing you guys, whiy dont you stay home nxt time sicne your votes were apparently not thought thru.. i mean wtf? where is all that money at any way? transparency my back side. it sure is not creating jobs and keeping business still operating. wake up people

TRUTH

June 19th, 2009
8:47 am

TSO, uhhh, although you’re use of the word “horde” matginally applies to the banks, your assessment of President Obama is way off base. As I recall, and I’m sure those of you who would like to remain in denial recall, it was the response of the sitting President, G. Bush (43), and that incredibly genius, Sec. Treasuty Paulson who pushed the TARP through WITH NO OVERSIGHT. I looked at the application because I was astounded that it was only 2 pages in length. What IS transparent, is that the previous administrations efforts were designed to benefit the banks, not bring them back in line and cause the flow of credit again. The current President has mobilized his administration to focus on many “messes” created by W., and within a realtively short period of time, has started the process of a turnaround. He clearly stated that it would get considerably worse before its gets better and that is proving to be the case. You will continue to have your opinions and aarguments over how this is progressing, but that is our right afforded by our constitution. Jumping on President Obama for an inherited problem and his not having been in office 6 months yet is ridiculous. W. was there for 8 years and this kind of rhetoric was never stated by the right. The power has shifted back to the people and although we’re all taking it on the chin right now, we’re certain that our country will be revived and return to its prominence for all of us. You can wake up from your delusions, and join the rest of the country…

Admiral Yamamoto

June 19th, 2009
8:57 am

Heh heh. Your e-mail address is hunger@ajc.com. You should work in the food section. Ha! I slay me!

tso

June 19th, 2009
9:17 am

of course its bush’s fault. boo hoo for obama cause he has inherited this big problem… whine, whine whine.. all that crap is ‘obamaology’.. meaning you just keep drinking that kool-aid while walking to the edge of a cliff… it wll all be over in 4 years.

the white house, o-bamA and the media use Bush a scapegoat… its all crap…quit blaming bush for o-bam-a’s failures… he’s in over his head and a pathetic leader….. oh and bush isn’t in office anymore, get over it.. cant wait to see how he deals w/ the gargoyle from north Korea… and the saddest from iran… he’s just going to close his eyes, go to some stupid dinner party that cost YOU thousands of dollars in tax money and pretend it will go away.

what we should do is go Hiroshima on all of them and shut’em up… jezzz, he needs to grow a pair…. i mean im a girl and mine are bigger than his… oh and kool aid is ready

TBizzle

June 19th, 2009
9:24 am

@ TRUTH – The power has shifted back to the people? By people do you mean the government trying to control every aspect of our lives? Think about everything Obama has done or is trying to do:
- Named tax cheat after tax cheat to important political positions
- His idea of “change” was to keep the Clinton Administration
- Fired the GM CEO
- Set pay limits on banks receiving TARP funds
- Trying to set pay limits on executives
- Trying to have socialized healthcare
- Forced Chrysler into bankruptcy
- Being an apologist when he visits foreign nations
- Trying to give terrorists equal rights
- Limiting the line of questioning from the media
- Not providing enough transparency on his “stimulus” plan
- Not providing transparency on the White House visitor log
- Spending too much time on being a celebrity and not enough time on being a President

As far as the problem the country faces now, these were not solely from the last eight years. The issues at hand have piled up for decades and are now showing their face.

If I recall President Bush tried to push for greater oversight of Fannie/Freddie but faced severe opposition from Barney Frank, the same Barney Frank who is now the Chairman of the House Financial Services Committee!

EVERYONE is to blame for the current mess we are in. There are very few innocent parties, despite the fact that the President has completely forgotten to bring up personal responsibility during his daily blame storming sessions.

derick

June 19th, 2009
9:32 am

George Bush was in office for 8 yrs. He did nothing his last 4 years in office. Gave away the first TARP money with no strings attached. How stupid was he for that. He let his administration manipulate him like puppet. Everyone from national security to finance told him a bunch of crap and he went with it. How do you give away the first Tarp with no restrictions. That money is still UNaccounted for. Maintaining status quo is not getting the job done. Where we you commenting on all the job losses before JANUARY. Did you think it was going to stop all of sudden after BUSH left office. When BUSH was in office, how many millions of JOBS were lost doing his last year in office. But you expect jobs to all of a sudden start hiring again in 4 months of the Obama administration. These business plan were in effect long time ago to cut jobs. They didn’t get this idea two or three months ago. L