TCF bank pays off TARP, pays extra to dump Treasury control

posted at 2:13 pm on April 24, 2009 by Ed Morrissey

Local banker Bill Cooper, who runs TCF Bank in the Twin Cities, has established himself as a tough-as-nails businessman and has won the admiration of many in this area.  Today’s announcement exemplifies why.  Cooper has repaid the TARP funds in order to get Treasury off his back, even though he had to pay a premium to do so:

TCF Financial Corporation announced Wednesday that it had completed the repurchase of its TARP preferred stock from the U.S. Treasury. It paid a redemption price of $361.2 million plus accrued dividends of $3.4 million.

TCF Chairman and CEO William A. Cooper said the bank had maintained a strong capital position over the last year through its own operations, and it didn’t need to rely on the public capital infusion to continue its traditional lending pace. Cooper said TCF is the largest bank to pay back TARP funds to the U.S. Treasury.

But that didn’t come without Treasury getting one last shot at dictating business terms to Cooper:

As part of the agreement for withdrawing from the program, TCF also agreed to reduce its first-quarter dividend from 25 cents to 5 cents.

In other words, Treasury just cut 80% of the revenue for the stockholders as a penalty for early repayment of the TARP funds.  Does that make sense to anyone else?  Shouldn’t Treasury reward fiscal responsibility in its banks by allowing owners (stockholders) to realize their profit?  King Banaian calls it a “ransom”:

Contemplate that last sentence: The government required TCF to drop its dividend in order to repay its loan. Would a bank be allowed to make you drop your kid’s allowance from $5 a week to $1 before you could pay off the auto loan early? Banks in trouble often end up in agreements with the Fed that include seeking permission to pay any dividends, but banks were brought into TARP as a matter of solidarity, even patriotism. Solidarity isn’t free, I guess.

How many pints of blood will be taken from the others?

It shows pretty clearly that at least a good part of the motivation behind TARP liquidity injections was to gain control of bank operations, and not just to rescue the banking sector.  Forcing Cooper and TCF stockholders to pay a ransom in order to get their bank back is counterintuitive under any other scenario.

Still, I’m betting that Cooper is happy to pay it off in order to get the Treasury out of his affairs. I wonder how many others Cooper will inspire to force Treasury to accept repayment of TARP funds?

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Way off topic, but can this be tonight’s Quote of the Day?

I am banning myself.

The stink of evil on this blog is too much for me.

The devil is at work here.

I will pray for you.

getalife on April 24, 2009 at 1:32 PM

BadgerHawk on April 24, 2009 at 2:14 PM

As part of the agreement for withdrawing from the program, TCF also agreed to reduce its first-quarter dividend from 25 cents to 5 cents.

It’s like those scam loans where you get charged for paying it off early.

BadgerHawk on April 24, 2009 at 2:16 PM

As part of the agreement for withdrawing from the program, TCF also agreed to reduce its first-quarter dividend from 25 cents to 5 cents.

When the government pays me my refund every year, can I demand that they reduce welfare payments by 80%? How about congressional salaries?

Snowed In on April 24, 2009 at 2:17 PM

So blackmail is legal for demoncrats/communists now?

calguyintexas on April 24, 2009 at 2:18 PM

Hopefully the 2nd quarter dividend will be a big one. This is just absurd.

Aggie85 on April 24, 2009 at 2:18 PM

Way off topic, but can this be tonight’s Quote of the Day?

I am banning myself.

The stink of evil on this blog is too much for me.

The devil is at work here.

I will pray for you.

getalife on April 24, 2009 at 1:32 PM
BadgerHawk on April 24, 2009 at 2:14 PM

there is a God…thank you Lord. getalife was the Satan of hotair.

unseen on April 24, 2009 at 2:18 PM

If I lived in the Twin Cities, I would transfer all my accounts to TCF. It sucks to deal with our government! Good for Cooper for his stand.
L

letget on April 24, 2009 at 2:19 PM

BadgerHawk – I’m sure he/she/it will be back – it is almost impossible to kill a roach – even when they self-immolate

On topic – this is the hook of welfare states – they never want to let you go.

kybowexar on April 24, 2009 at 2:19 PM

While Obama dresses down credit card companies for hiking interest….

Wade on April 24, 2009 at 2:19 PM

I agree letget- that was my first thought – will they accept out of state accounts.

kybowexar on April 24, 2009 at 2:19 PM

No more gotaGED?

Bummer, now all the laughter is gone!

calguyintexas on April 24, 2009 at 2:20 PM

With the cost to the banks of their borrowing money now being so very low they would have to be muy stupido not to be able to make mucho money “on there own”.

MB4 on April 24, 2009 at 2:20 PM

BadgerHawk on April 24, 2009 at 2:14 PM

+1

ThePrez on April 24, 2009 at 2:21 PM

I beleive when you borrow from the mob, they get the vig, whether you pay it back in installments or all at once.

I smell a shareholders lawsuit against the government. And why the hell would a successful businessman need a failure like Geitner to run his business? And if the so called argument is against “bad rich businessman” – wouldn’t you want more sharholders to get more money through a dividend, rather than a bank keeping the profits for themselves? Also – will the bank be illegally paying out a less dividend, based on their sharholders agreement? And how about the tax implications to both the bank and shareholders?

Obama is the dumbest bi-ped roaming the earth.

Odie1941 on April 24, 2009 at 2:21 PM

As part of the agreement for withdrawing from the program, TCF also agreed to reduce its first-quarter dividend from 25 cents to 5 cents.

I can’t let this one go. To me, this sounds like the Fed is deliberately trying to sabotage the business that it forced to take TARP funds. it kinda puts this whole bailout scam into an entirely new perspective.

Vic on April 24, 2009 at 2:22 PM

BadgerHawk on April 24, 2009 at 2:14 PM

LOL…

Rae on April 24, 2009 at 2:22 PM

I’m sure I don’t quite get this. Isn’t the only control the government has over the banks that took funds the threat to pull the funds back? How then can it exert control to punish them for giving it back?
I feel like I am missing something truly bizarre hidden in all of this.

Count to 10 on April 24, 2009 at 2:22 PM

Treasury just cut 80% of the revenue for the stockholders as a penalty for early repayment of the TARP funds.

Yeah, that’ll show those evil credit card companies who has the moral high ground . . .

califcon on April 24, 2009 at 2:22 PM

TCF isn’t just in MN. I believe they’re also in CO, and SD. Maybe a couple other states.

Anything stopping them from offering dividends of $0.45 next quarter?

strictnein on April 24, 2009 at 2:23 PM

While Obama dresses down credit card companies for hiking interest….

Wade on April 24, 2009 at 2:19 PM

Dressed them down for hiking interest without notice.

Which is exactly what Timmuh! is doing to the banks that don’t want the TARP money any more. I guess it all depends on who’s ox is being gored.

iurockhead on April 24, 2009 at 2:23 PM

In other words, Treasury just cut 80% of the revenue for the stockholders as a penalty for early repayment of the TARP funds.

On this one, Obama may find it difficult to say “it’s just like a tax cut.”

Loxodonta on April 24, 2009 at 2:24 PM

As part of the agreement for withdrawing from the program, TCF also agreed to reduce its first-quarter dividend from 25 cents to 5 cents.

TARP=Juice

Knucklehead on April 24, 2009 at 2:24 PM

This is a great story Ed. Kudos to William Cooper; as long as there are self-reliant Americans like him, our country has real hope.

carbon_footprint on April 24, 2009 at 2:25 PM

THAT’S MY BANK!

I’ve had accounts there for a while … once I heard they were looking to return the TARP money, I put every liquid nickel I have in there.

Love’em. Take the hit and get the government outta their back yard.

AZ_Redneck on April 24, 2009 at 2:25 PM

As part of the agreement for withdrawing from the program, TCF also agreed to reduce its first-quarter dividend from 25 cents to 5 cents.

Be honest Ed.
TCF will fail a stress test if its undercapitalized.
I hate how dishonest you are sometimes.

strangelet on April 24, 2009 at 2:25 PM

In other words, Treasury just cut 80% of the revenue for the stockholders as a penalty for early repayment of the TARP funds.

How can this even be legal?

tru2tx on April 24, 2009 at 2:26 PM

This is what makes my blood boil. These open, and obvious attempts to socialize this country, in the guise of helping. Just makes me sick!!!

Yo getalife. The devil is in the white house, not this site.

capejasmine on April 24, 2009 at 2:26 PM

Bill Cooper is a hero.

promachus on April 24, 2009 at 2:26 PM

TCF has 448 banking offices in Minnesota, Illinois, Michigan, Colorado, Wisconsin, Indiana and Arizona.

Woohoo!

Oh, wait… I’m in California. Dammit!

monotonousboy on April 24, 2009 at 2:26 PM

It shows pretty clearly that at least a good part of the motivation behind TARP liquidity injections was to gain control of bank operations, and not just to rescue the banking sector. Forcing Cooper and TCF stockholders to pay a ransom in order to get their bank back is counterintuitive under any other scenario.

The government already had the ability to dictate capital ratios for banks. It is logical for them to lower the dividend to adjust for capital coming off the balance sheet.

For the share holders who now don’t have to pay the government its interest and don’t have to pay dividends to themselves, they will see the market value of the equity increase (earnings will be higher).

This is positive, also, from a tax standpoint. The IRS doesn’t net dividends against capital losses; however, stock gains are. In a year where investors likely have plenty of capital losses to realize, the TCF Bank gains would be essentially tax free.

Good for TCF Bank. The government should knock it off with management decisions like compensation and credit card rates.

dedalus on April 24, 2009 at 2:26 PM

Government blackmail. Good Lord.

These fools need to be voted out.

Lesson learned, TCF. Well done.

Daddy-O on April 24, 2009 at 2:27 PM

As part of the agreement for withdrawing from the program, TCF also agreed to reduce its first-quarter dividend from 25 cents to 5 cents.
Be honest Ed.
TCF will fail a stress test if its undercapitalized.
I hate how dishonest you are sometimes.

strangelet on April 24, 2009 at 2:25 PM

Geithner: Nice little bank youse got there. Wouldn’t want anything to happens to it, would youse?

Strong arm tactics are exactly what the threat of “stress tests” are, pure thuggery.

iurockhead on April 24, 2009 at 2:27 PM

On this one, Obama may find it difficult to say “it’s just like a tax cut.”

Loxodonta on April 24, 2009 at 2:24 PM

Hey, he’s doing those shareholders a favor . . . they won’t have to pay taxes on the income they are being denied.

/sarc

califcon on April 24, 2009 at 2:27 PM

Is there some regulation out there that if banks have too much retained earnings that the fed can force the bank to loosen their lending standards?

WashJeff on April 24, 2009 at 2:28 PM

Congrats Bill Cooper & TCF Bank!

As part of the agreement for withdrawing from the program, TCF also agreed to reduce its first-quarter dividend from 25 cents to 5 cents.

Buying time for bad banks to recover or hide?

I wonder how many others Cooper will inspire to force Treasury to accept repayment of TARP funds?

We can only hope that they all are inspired.

canditaylor68 on April 24, 2009 at 2:28 PM

I am banning myself.

The stink aroma of evil sweet, sweet capitalism on this blog is too much for me.

The devil God is at work here.

I will pray to Satan for you capitalist pigs to die.

getalife on April 24, 2009 at 1:32 PM

Fixed.

Good riddance, troll. Move to Russia or Venezuela, socialist prick.

leetpriest on April 24, 2009 at 2:31 PM

Rahm recalled him, he had lost his effectiveness.

MarkTheGreat on April 24, 2009 at 2:31 PM

Be honest Ed.
TCF will fail a stress test if its undercapitalized.
I hate how dishonest you are sometimes.

strangelet on April 24, 2009 at 2:25 PM

What the hell are you smoking. Where can I get some.

gh on April 24, 2009 at 2:32 PM

This doesn’t surprise me. We’re refinancing our mortgage, and one of the opportunities was an FHA loan. It had a good rate, BUT I would be required to carry mortgage insurance (tax deductible, tho). Also, a penalty is charged for an early payout.

I said no thanks. The gov’t screws with my affairs enough already.

ladyingray on April 24, 2009 at 2:32 PM

strangelet on April 24, 2009 at 2:25 PM

If they don’t need a dime of the TARP monies wouldn’t that indicate they’re a pretty healthy bank?

BadgerHawk on April 24, 2009 at 2:33 PM

Rahm recalled him, he had lost his effectiveness.

MarkTheGreat on April 24, 2009 at 2:31 PM

Rahm will send him back after reprogramming…possibly with a new handle.

ladyingray on April 24, 2009 at 2:34 PM

Bill Cooper = Midas Mulligan

Scarbarian on April 24, 2009 at 2:34 PM

In other words, Treasury just cut 80% of the revenue for the stockholders as a penalty for early repayment of the TARP funds. Does that make sense to anyone else?

Turbo Tax, Barney, Maxine and Robert Reich are on board.

Big Banks need deserve a spanking. Terrorists, not so much.

fogw on April 24, 2009 at 2:35 PM

BadgerHawk on April 24, 2009 at 2:16 PM

Like a subprime mortgage with a prepayment penalty.

Kid from Brooklyn on April 24, 2009 at 2:35 PM

BadgerHawk on April 24, 2009 at 2:33 PM

The “stress test” has nothing to do with being a healthy bank. It’s just an excuse for Obama to retain control.

gh on April 24, 2009 at 2:35 PM

Be honest Ed.
TCF will fail a stress test if its undercapitalized.
I hate how dishonest you are sometimes.

strangelet on April 24, 2009 at 2:25 PM

And exactly what makes you an expert?

loudmouth883 on April 24, 2009 at 2:36 PM

While Obama dresses down credit card companies for hiking interest….

Wade on April 24, 2009 at 2:19 PM
Dressed them down for hiking interest without notice.

Which is exactly what Timmuh! is doing to the banks that don’t want the TARP money any more. I guess it all depends on who’s ox is being gored.

iurockhead on April 24, 2009 at 2:23 PM

Me thinks there are a few reasons why Bambi is “going after credit card companies”
1) They need payments to make money, and in times like now, when people arent using as much credit and many are not even making minimum payments – they need Bambi’s “talking to”
2) Low income folks who received credit cards – at high rates are primarily black. Of course, the predator companies like Providian , Capital One and other vendors were forced to lower their standards and created the suppressed credit model in the first place – due to gv pressure for poor folks to buy bling.

This is not a President looking out for ordinary Americans -its just another reversal of their original policies to get a hamburger today and pay you on Tuesday…

Odie1941 on April 24, 2009 at 2:36 PM

Way off topic, but can this be tonight’s Quote of the Day?

I am banning myself.

The stink of evil on this blog is too much for me.

The devil is at work here.

I will pray for you.

getalife on April 24, 2009 at 1:32 PM

BadgerHawk on April 24, 2009 at 2:14 PM

he had no sympathy, no taste…./sarc

Fighton03 on April 24, 2009 at 2:36 PM

If I was a financial institution I know I would get out from under the government’s thumb P.D.Q. I wonder if all of the banks that payback will be penalized since some of them only took the money on the instructions of the regulators. TARP should have never been passed.

Cindy Munford on April 24, 2009 at 2:37 PM

Be honest Ed.
TCF will fail a stress test if its undercapitalized.
I hate how dishonest you are sometimes.

strangelet on April 24, 2009 at 2:25 PM

Any undercapitalized bank would. BTW, why hasn’t Timmah! released the results of those stress tests?

You are engaging in typical leftwing misdirection. You are the dishonest one.

rbj on April 24, 2009 at 2:37 PM

Their stock (ticker TCB) is currently up 5.9% on the day. Financials overall are also up, but only by about 2.2%.

beancounter on April 24, 2009 at 2:39 PM

Good for the government. They got out with a profit (on a loan the bank probably didn’t want)and then they only screwed the shareholders out of one dividend. With government service like this we can all feel secure.

duff65 on April 24, 2009 at 2:39 PM

Government Bookie

thedailyhypocrisy on April 24, 2009 at 2:41 PM

Because this admin. does not want responsibility. They WANT dependency.

Mommypundit on April 24, 2009 at 2:42 PM

TARP should have never been passed.

Cindy Munford on April 24, 2009 at 2:37 PM

Bingo!

califcon on April 24, 2009 at 2:42 PM

Because this admin. does not want responsibility. They WANT dependency.

Mommypundit on April 24, 2009 at 2:42 PM

May I use that quote?

Odie1941 on April 24, 2009 at 2:43 PM

Shameful behavior on the part of Treasury. But then, what else is new!

jeanie on April 24, 2009 at 2:44 PM

Didn’t Obama just have a big meeting yesterday about the evil credit card companies and the issue of late payment charges and excessive high interest rates??? Talk about utter hypocrisy!! So here is the Treasury doing one even worse than any credit card companies. Your government is now the new, bigger & brutal mafia. I don’t think Obama will have much political capital left.

izoneguy on April 24, 2009 at 2:45 PM

Any undercapitalized bank would. BTW, why hasn’t Timmah! released the results of those stress tests?

rbj on April 24, 2009 at 2:37 PM

First results May 4. The parameters were released today.

dedalus on April 24, 2009 at 2:47 PM

I am banning myself.

The stink of evil on this blog is too much for me.

The devil is at work here.

I will pray for you.

getalife on April 24, 2009 at 1:32 PM

HALLELUJAH! You won’t be missed.

I would comment more around here, but it’s birdbrained, no-depth pests such as this one that have soured me on the experience of commenting on Hotair. Maybe this will be a turning of the tide for this site if he/she means what he/she says here.

Edouard on April 24, 2009 at 2:50 PM

Way off topic, but can this be tonight’s Quote of the Day?

I am banning myself.

The stink of evil on this blog is too much for me.

The devil is at work here.

I will pray for you.

getalife on April 24, 2009 at 1:32 PM

BadgerHawk on April 24, 2009 at 2:14 PM

This was a photo I sent to (him, her, it)
after seeing it’s “blog”…..

http://www.cuial.com/bo_crap.jpg

izoneguy on April 24, 2009 at 2:51 PM

OH wait government? make sense? wait its a trick question right? right? Government make sense? Come on tell me you just had a moment there while typing….

Jdripper on April 24, 2009 at 2:51 PM

Great for TCF Bank. I’ll be transfering my funds next wee.

deidre on April 24, 2009 at 2:52 PM

TARP is now EXACTLY what these clowns claimed they wanted to avoid. Any bank keeping TARP funds longer than the end of the year is too weak to get out. Beware. And any financial institution of ANY kind that takes government assistance going forward is a dead company walking. Run away.

Sugar Land on April 24, 2009 at 2:52 PM

i hope this bank is licensed in my state.. .i’ll be moving my business there if at all possible

gatorboy on April 24, 2009 at 2:53 PM

I can just imagine the wonderful new world of socialized healthcare.

txag92 on April 24, 2009 at 2:53 PM

I would comment more around here, but it’s birdbrained, no-depth pests such as this one that have soured me on the experience of commenting on Hotair. Maybe this will be a turning of the tide for this site if he/she means what he/she says here.

Edouard on April 24, 2009 at 2:50 PM

Ah just go ahead and comment more anyway. Just use douchebag trolls like getalife as batting practice.

leetpriest on April 24, 2009 at 2:53 PM

Ed, you caught the article this morning?

“Obama Jumps to Socialism” Drudge link,
wherein McCain played our nation’s Judas on TARP.

OBAMA switched the designation of federally tax-purchased stock so that now Obama’s presidency owns our nation’s economy. “That’s socialism.”

maverick muse on April 24, 2009 at 2:54 PM

Legal Extortion is what TARP is.

Kini on April 24, 2009 at 2:54 PM

It’s like those scam loans where you get charged for paying it off early.

BadgerHawk on April 24, 2009 at 2:16 PM

That is not a scam. The mortgage writer or other loaner has costs involved in issuing a loan. He is justified in writing a contract which includes an early repayment penalty.

Hopefully the 2nd quarter dividend will be a big one. This is just absurd.

Aggie85 on April 24, 2009 at 2:18 PM

It appears to me and apparently to Aggie85 that contrary to the title, the government is not charging TFC any money for early payment. The government is supposedly chastising TFC by the government acting like a donkey rear end.

burt on April 24, 2009 at 2:54 PM

From Obamateurisms:

Daniel Wagner, AP Business Writer
‘Stress test’ methodology could roil bank industry

Banking industry could be roiled as US government details methodology of ’stress tests’

WASHINGTON — Regulators trying to stabilize the financial system could unwittingly roil it when they explain their methods Friday for stress-testing the largest banks.

COULD BE UNWITTINGLY
could be purposely

maverick muse on April 24, 2009 at 10:04 AM

The POR Economy

“Federal Receipts Tank”
Tom Blumer
Chicago Daily Observer

This year, it’s shaping up to be the “Bailout Year Bummer.”

Uncle Sam’s fiscal year began on October 1 of last year, mere days before Congress passed the legislation that has come to be known as TARP, and a bit more than three months after Nancy Pelosi, Barack Obama, and Harry Reid promised to starve the economy of energy and punitively tax its highest producers, creating what I have since called the POR (Pelosi-Obama-Reid) Economy.

maverick muse on April 24, 2009 at 10:07 AM

maverick muse on April 24, 2009 at 2:56 PM

Legal Extortion is what TARP is.

Kini on April 24, 2009 at 2:54 PM

nothing legal about it. Just that we have a bunch of pansy@ss’s on the hill that won’t do squat about it

gatorboy on April 24, 2009 at 2:56 PM

burt on April 24, 2009 at 2:54 PM

Ok, I should have written that more clearly. Deceptive loans, maybe? Yeah it’s up to the individual to read anything they sign in its entirety, but it’s tough to call an ARM that has pre-pay penalties anything other than a scam.

BadgerHawk on April 24, 2009 at 2:57 PM

TARP = GOVN’T run PAYDAY LOAN SCAM

gatorboy on April 24, 2009 at 2:57 PM

Obama is the dumbest bi-ped roaming the earth.

Odie1941 on April 24, 2009 at 2:21 PM

Agreed.

Wingo on April 24, 2009 at 2:58 PM

The Pirates are in charge of the Fed now. arrrgh.

kirkill on April 24, 2009 at 2:58 PM

By Mark DeCambre
CEO STRESSED OUT
TREASURY’S TEST MAY FORCE OUSTER OF CITI’S PANDIT

Citigroup CEO Vikram Pandit’s job security is increasingly in jeopardy as momentum grows in Washington to oust him.

maverick muse on April 24, 2009 at 2:59 PM

Tim Terrific’s new motto:

“You don’t play, you’re gonna pay”. But then, that’s the way they do things in Chicago.

GarandFan on April 24, 2009 at 3:00 PM

TCF = TARP Crap is Fucked up and we told short little Timmy to stick it up his ass!

sabbott on April 24, 2009 at 3:00 PM

Can they raise their second quarter dividend from 25 cents to 55 cents?

AnotherOpinion on April 24, 2009 at 3:02 PM

So is this how the mob works? I loan you money that you don’t need, because I say you need the money. I say you need it. You bettah take it.

You can pay me back early, but I’ll break your back if you do. Unless you wanna slip me a cool 3Mil.

Am I interpreting this story correctly?

Key West Reader on April 24, 2009 at 3:03 PM

While I agree that the requirement was presumptuous, I don’t think it affects the Shareholders significantly. By reducing the ONE dividend payment, the bank should be raising its on-hand capital. Assuming that there was really no need for the TARP funds to provide it, the bank should just show an increased stock price that reflects this. This guarantees that there is an enhanced pool of capital in case the bank was wrong about its requirements.

And they can always declare a special dividend of $.45 in the second Q to catch up.

OBQuiet on April 24, 2009 at 3:04 PM

Good for this bank. I think Obama and Geithner took a very iffy plan by Paulson which had its strong points and turned this into a COMPLETE fiasco.

AnninCA on April 24, 2009 at 3:04 PM

Key…..Paulson talked healthy banks into helping push money through the system.

In return, Obama turned them into icons of greed and waste.

*arrrgggghhhhh*

AnninCA on April 24, 2009 at 3:05 PM

You know, I was looking at Fox’s new poll that they have out, and Obama’s approval rating is 61/32 and then they ask if the country is going in the right direction which was 36(yes)/56(no). I mean isn’t Obama leading the country? How can people be happy with him and then say the country is going on the wrong direction? People do not make sense!

deidre on April 24, 2009 at 3:07 PM

THE HILL
Obama’s leap to socialism
By Dick Morris
Posted: 04/21/09

maverick muse on April 24, 2009 at 3:13 PM

Way off topic, but can this be tonight’s Quote of the Day?

I am banning myself.
The stink of evil on this blog is too much for me.
The devil is at work here.
I will pray for you.
getalife on April 24, 2009 at 1:32 PM

BadgerHawk on April 24, 2009 at 2:14 PM

Saw that on the other thread. So we’ve lost one bot-script, we still have the others: strangleit (too bad its mother didn’t), growapair, notnicexxx, and a few others.

Not sure they really qualify as trolls though. they seem to fall more into the Orc category. For those familiar with Dungeons & Dragons, orcs were low-level monsters with low intelligence, few hit points and were designed to provide experience to low-level characters before moving on to more challenging adventures. The resident orcs have all the same characteristics: making strawman arguments, exhibiting only the ability to regurgitate left-wing talking points with no ability for advanced or independent thought. While bashing these orcs might be fun occasionally, it’s not really very satisfying since there is little challenge to it. As D&D players became more experienced,Orcs were simply an annoying distraction that got in the way of more interesting things happening. Same with the resident orcs.

AZfederalist on April 24, 2009 at 3:14 PM

“that make sense to anyone else? ” (that the feds would force a bank opting out of TARP to pay a steep penalty)

Sure it makes sense.

It makes sense to people dedicated to destroying American business and implementing communism.

It’s a chilling message that:
a) we have the power to do anything we want to you, and
b) if you don’t do it our way, we will punish you severely to insure we will only have to use force sparingly with your less courageous competitors.

notagool on April 24, 2009 at 3:16 PM

The Pirates are in charge of the Fed now. arrrgh.

kirkill on April 24, 2009 at 2:58 PM

Hornswaggling is a common occurrence amongst such dishonest folk as pirates, aka Socialists.

maverick muse on April 24, 2009 at 3:20 PM

I’m reminded of the old joke – Why does divorce cost so much?

It’s worth it.

token on April 24, 2009 at 3:20 PM

Slightly OT but freaky-deaky: I heard Beck mention the other night that Obama uses a team of Behavioral Psychologists to help him “find how to make people think they need to do what he wants them to do” or something like that.

Did a few searches on it today and found an article from TIME:

If neoclassical economics wants government to let us alone to do what we want, behavioral economics leaves room for government action to help us do what we would really want if we were rational agents.

The problem, as anyone with a sweet tooth, an alcoholic relative or a maxed-out Visa card knows, is that old habits die hard. Temptation is strong. We are weak.

The idea of public officials, even well-meaning ones, trying to engineer our private behavior to produce change can seem a bit creepy.

But face it: Obama is right. Our emissions are boiling the planet, and most of our energy use is unnecessary. Our health expenditures are bankrupting the Treasury, and most of our visits to the doctor can be traced to unhealthy behavior. We do need to change, and we know it.

Can we compare him to Hitler yet???

cntrlfrk on April 24, 2009 at 3:21 PM

I am banning myself.
The stink of evil on this blog is too much for me.
The devil is at work here.
I will pray for you.
getalife on April 24, 2009 at 1:32 PM

…and this little liberal piggy went, weee weee weeee, all the way home…

right2bright on April 24, 2009 at 3:21 PM

When you blow your family’s money gambling you may have to take a loan from the mob

Then the mob owns you

Too bad for the family who gets it from both sides

There is perverse pleasure seeing the mob break the debtor’s legs. Then it turns to sorrow because the family ultimately has to pay

Politicans are worse than the mob, and bankers are worse than gamblers. They are both short sighted leeches creating damage only a miracle will now fix

entagor on April 24, 2009 at 3:22 PM

How can people be happy with him and then say the country is going on the wrong direction? People do not make sense!

deidre on April 24, 2009 at 3:07 PM

Because you can’t be unhappy with Obama. If you are unhappy with Obama, then you are a racist.

Key West Reader on April 24, 2009 at 3:22 PM

Despite the stench of TARP this is the first genuinely uplifting news story I have read today.

Good for TCF. May the rest follow suit.

Ares on April 24, 2009 at 3:24 PM

THAT’S MY BANK!

I’ve had accounts there for a while …

AZ_Redneck on April 24, 2009 at 2:25 PM

So, do they have a presence in Arizona?

/haven’t moved my money since moving here from Texas 10 years ago — it may be time

AZfederalist on April 24, 2009 at 3:24 PM

BadgerHawk on April 24, 2009 at 2:14 PM

Party time!!

becki51758 on April 24, 2009 at 3:24 PM

I don’t think it affects the Shareholders significantly.
OBQuiet on April 24, 2009 at 3:04 PM

Think again.

President Obama showed his hand this week when The New York Times wrote that he is considering converting the stock the government owns in our country’s banks from preferred stock, which it now holds, to common stock.

This seemingly insignificant change is momentous. It means that the federal government will control all of the major banks and financial institutions in the nation. It means socialism.

By Dick Morris

maverick muse on April 24, 2009 at 3:26 PM

Obama is firing CEOs from our largest financial industries, automakers, banks, etc.

Who died and made Obama king?

maverick muse on April 24, 2009 at 3:27 PM

maverick muse on April 24, 2009 at 3:26 PM

Controlling the banks is the only rational explination for making that move. If they were interested in having the TARP monies paid back, or returning money to the tax payers, or reducing the defecit they’d keep the preferred and take the dividends.

BadgerHawk on April 24, 2009 at 3:40 PM

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