Quote:
Originally Posted by Snake Doctor
FWIW, I'm no fan of credit card companies....but TARP funds weren't a gift, they were a loan/stock purchase and the company has to pay the govt a 5% dividend on that money until they can buy the stock back.
They're obviously going to have to loan the money out at a much higher rate than 5% to make a profit. TARP funds didn't turn them into non-profit organizations.
They also know they're about to get hammered with the wave of bankruptcies that's surely coming down the pipe.
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i understand that and i don't expect for one second for banks to operate as an NPO, i am a capitalist at heart.
but if cap one can't figure out how to make a profit at the predatory lending rates they've typically had AND they get baillout money and their CEO makes $17 million + a year AND they categorically raise rates on their best customers, it makes me upset.