Small Banks Say 'No Thanks' to U.S. Bailout Money

[Crabtownboy]

When Smithtown Bancorp (SMTB) applied for money last year from the U.S. Treasury's $700 billion rescue program, CEO Bradley E. Rock figured the Hauppauge (N.Y.) bank could use the cash to boost lending. Then politicians started pushing for conditions on the capital they were offering, and Rock decided the money wasn't worth it. In late January he refused a $37.8 million investment from the government. "I would never agree to let Congress tell us which loans we should and shouldn't make," says Rock.

http://www.businessweek.com/magazin...op+news_top+news+index+-+temp_news+++analysis

 

[NaasPreacher (C4K)]

I still love true free enterprise

 

[Dale-c]

I do too Roger.
The thing is, if you ask for a bailout, then the one bailing out has the right to put restrictions on how the money is used.

Personally, I think the US could use a little adversity. Perhaps it will promote more hard work and creativity of the kind that gave us what we had before.

 

[TC]

Great, but I think this is the wrong forum for this.

 

[Rippon]

Great, but I think this is the wrong forum for this.

I did a double-take when I saw the forum this subject was listed under!

 

[Jim1999]

The banks must use the wrong translation. Duh!

Cheers,

Jim

 

[EdSutton]

May we get this 'moved' to a better forum??

I'm not necessarily sure which forum that should be but Bible Versions sure ain't it!!

Ed

 

[Salty]

Too bad the govt doesn't put restrictions on the use of welfare money as well.

 

[TC]

I know what you mean. I do get tired of seeing people come in to buy pop, chips, and candy bars with food stamps. That junk is not food in my opinion. Food stamp recipients should have to go to a real grocery store and use them to by real food and not junk at a convenience store.