There is no “A, R or P” in the government’s Troubled Asset Relief Program, quipped U.S. Bancorp Chief Executive Richard Davis Tuesday morning in front of about 300 business people in Minneapolis.
“It’s just troubled,” the 50-year-old CEO said at the Thrivent Financial for Lutherans’ Business Leaders Forum. The forum invites executives to discuss how business and their principles intersect.
In his hour-long speech, Davis spoke about the economic crisis and the banking industry’s role in that crisis. But he kept the mood light, calling himself a “banker dude” and “Christian guy,” and at one point revealed that back in high school, he had been fired from his first job, at Toys “R” Us.
Davis also said banking remains a critical part of society, despite its current troubles.
“Bankers are dream makers,” he said. “We don’t make anything. We don’t build anything. We don’t fix anything. We don’t break anything. We get behind everyone who does.”
Some very profound words and very frightening words at the same time. When Obama tries to nationalize the banking system and create an even greater chasm between those that CAN HAVE and those that CANNOT HAVE, we will be on the brink…
But Davis was critical of the U.S. Treasury’s Troubled Asset Relief Program introduced last fall, saying that while the program was well intended, it has turned out to be “lousy.”
Created to encourage lending to small businesses and consumers, TARP started by shoveling tens of billions of dollars at the country’s biggest banks but soon was expanded to include banks of all sizes. Minneapolis-based U.S. Bancorp got $6.6 billion.
“I will say this very bluntly: We were told to take it. Not asked, told. ‘You will take it,’ ” Davis said. “It doesn’t matter if you were there on the first night and you were told to sign on the dotted line before you walked out of the office, or whether in the days that followed, you were told to take it.”
But by Tuesday afternoon, a U.S. Bancorp spokesman said Davis had misspoke, and meant that because the largest banks in the country took TARP money, U.S. Bancorp and others were forced to do so as well, for competitive reasons.
Does that statement surprise anybody? One must assume the corruption is layers and layers deep until someone like Richard Davis speaks out and blows the whistle.
Davis went on to say in his talk that while government officials marketed the program as a way to entice banks to lend again, TARP actually was designed to give solid banks like U.S. Bancorp some extra cash to buy weaker banks in the system. U.S. Bancorp did just that late last year when it acquired the assets of two failed banks in California, Downey Savings and Loan and PFF Bank & Trust.
Now what was I saying for the last umpteen months? The banks used the money to buy each other and consolidate their power.
“We were told to take it so that we could help Darwin synthesize the weaker banks and acquire those and put them under different leadership,” he said. “We are not even allowed to mention that. … We were supposed to say the TARP money was used for lending.”
Told to lie; by whom exactly?
But Davis is talking about it now, he says, because he and others oppose current and future strings attached to the program. Davis didn’t detail those strings, but he said he and some peers intend to voice their opinions to Washington, D.C., soon.
“Now they’re punishing you for having the capital,” he said, adding that he refuses to stand by and let his company become “collateral damage” in an attempt to nationalize the banks.
And here are some words of wisdom…
Near the close of his speech, Davis suggested that what the panic-stricken world needs more than ever now is a little bit of courage and some faith that it will get through this dark period.
“Perhaps what we should do is check ourselves and say, ‘OK, it is tough.’ What can we — any two of us, any five of us, any 200 of us — do to improve the outcome of this difficult circumstance,” Davis said. “And by the way, where’s the faith? … Where’s the belief that something is going to turn here and we might actually have a chance?”
Ladies and Gentlemen; we make our path, not Nancy, Harry, Bambi, Chris or Barney even though they are trying to enslave us and future generations.
What are we going to do, what are you willing to do, and what was the payoff for the Republicans to help the Democrats put Bambi in the White House?
Good grief!! Just when one thinks it can’t get any worse, it does.
God bless America!
Kathy on February 19, 2009 at 2:18 am
I think we all knew something was not right with the TARP money. This is troubling but the bright side is someone is talking about it.
America is alive maybe not as well as we should be but when men and women of faith and integrity step up things do change.
Thank you for reporting on this and thank you Richard Davis for reminding all of us what America is all about, faith and trust that all will be made right if we just do what we know is right.
I wss in Wells Fargo yesterday doing a wire transfer (for buying silver bullion)and the woman doing the transaction was royally pissed. And she’s not the only WF employee I’ve talked to that know that WF was forced to take the gov. money and are now getting the bad PR about the planned meeting in Las Vegas.
I’ve been giving “investment” advice to several bank people…as in, go find a nice credit union or safe local bank (the ones in town not taking TARP funds and there are several I’ve researched and am doing business with) for starters…
The way Bush and Paulson pushed the TARP bail-out money as the remedy to fix the CRISIS that only the government was big enough to fix should have been a warning to everybody. Henry Paulson was almost hysterical when he went before congress to plead for this money.He said we need the money immediately for the banks to be able to start lending again and get the economy jump started. With Ben Bernanke at his side he implored congress to help the banks help the people. Yeah, folks just what did they do with this first give-away? For once Chuck Schumer used a little common sense. He said he was afraid that without oversight the banks would just stick the money under their mattress. This common sense didn’t last long and before you knew it he had jumped on the bandwagon with the rest of the big spenders.
IMO John McCain was the worst offender here. To gain a little extra publicity for his campaign he courageously stopped his campaigning and came back to Washington to provide some needed lunacy to the equation, urging Obama to do the same – which he did. I thought at the time – at last, a sensible voice to caution everyone to take a deep breath and give this matter some thought before putting the American people in debt for generations to come. Boy was I ever wrong. McCain turned out to be just another dumb politician reaDY TO SELL OUT the country for a few headlines.
At any rate, the banks got the money,(crisis too dire to take time to set up rules as to how the money was to be used) and wonder of wonders, they changed the TARP plan and no lending was done. The banks kept the money and bought up other banks and played twiddley winks while Main Street collapsed and mortgages were foreclosed. This was the Bush Administration telling us to kiss their a## as they went out the door.
Now, with a new administration we should see some improvement, right? WRONG – same old song with a differenr orchestra.
Don’t be fooled folks. This little song and dance Obama is performing for us now is just another step in the plan to have the big banks control the whole country.
Until enough of us stand up and speak out, the show will continue. Timothy Geithner is just another one of the group. Don’t expect this hand-picked member of the team to do anything to upset the status quo. Surely you have wondered why he got a free pass on his tax cheating haven’t you? He’s just one of the boys. Dedicated to the complete takeove of this country by the big banks ala David Rockefeller.
Do some readiong and researching and WAKE UP PEOPLE!!!!!!
Keep it going, Diamond.
Kathy on February 19, 2009 at 7:25 am
InsightAnalytical-Grl
Do you mind me asking where you purchased your silver? I have been looking into that but there are just so many and I really do not know who to trust.
Grail, thanks for the link to prisonplanet. I read the complete article by Gary North. If this doesn’t wake people up, I don’t know what will.
I would advise everybody to read this article. Click on the links in Grail’s comment and then sit quietly and reflect on what you just read.
The $2Trillion that Timothy Geithner and Ben Bernanke pledged at the G7 meeting is just a drop in the bucket. Recall what Robert Zoellick, president of the world bank told the members, that any effort to keep bail-out money at home would only worsen the global crisis. He said the issues we are dealing with do not stop at a nation’s borders.
In other words, we (the American taxpayers) are expected to pick up the tab for everybody else. Read between the lines and pay very close attention to everything Obama says and does. While he keeps requesting more and more money, out of the other side of his mouth he has begun cautioning us not to expect too much, too soon. (Give me all the money I ask for just don’t watch too closely what I do with it.)
PLEASE everybody – read this article linked in Grail Guardian’s comment – this is what is coming down the road.
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Good grief!! Just when one thinks it can’t get any worse, it does.
God bless America!
I think we all knew something was not right with the TARP money. This is troubling but the bright side is someone is talking about it.
America is alive maybe not as well as we should be but when men and women of faith and integrity step up things do change.
Thank you for reporting on this and thank you Richard Davis for reminding all of us what America is all about, faith and trust that all will be made right if we just do what we know is right.
I wss in Wells Fargo yesterday doing a wire transfer (for buying silver bullion)and the woman doing the transaction was royally pissed. And she’s not the only WF employee I’ve talked to that know that WF was forced to take the gov. money and are now getting the bad PR about the planned meeting in Las Vegas.
I’ve been giving “investment” advice to several bank people…as in, go find a nice credit union or safe local bank (the ones in town not taking TARP funds and there are several I’ve researched and am doing business with) for starters…
The way Bush and Paulson pushed the TARP bail-out money as the remedy to fix the CRISIS that only the government was big enough to fix should have been a warning to everybody. Henry Paulson was almost hysterical when he went before congress to plead for this money.He said we need the money immediately for the banks to be able to start lending again and get the economy jump started. With Ben Bernanke at his side he implored congress to help the banks help the people. Yeah, folks just what did they do with this first give-away?
For once Chuck Schumer used a little common sense. He said he was afraid that without oversight the banks would just stick the money under their mattress. This common sense didn’t last long and before you knew it he had jumped on the bandwagon with the rest of the big spenders.
IMO John McCain was the worst offender here. To gain a little extra publicity for his campaign he courageously stopped his campaigning and came back to Washington to provide some needed lunacy to the equation, urging Obama to do the same – which he did. I thought at the time – at last, a sensible voice to caution everyone to take a deep breath and give this matter some thought before putting the American people in debt for generations to come. Boy was I ever wrong. McCain turned out to be just another dumb politician reaDY TO SELL OUT the country for a few headlines.
At any rate, the banks got the money,(crisis too dire to take time to set up rules as to how the money was to be used) and wonder of wonders, they changed the TARP plan and no lending was done. The banks kept the money and bought up other banks and played twiddley winks while Main Street collapsed and mortgages were foreclosed. This was the Bush Administration telling us to kiss their a## as they went out the door.
Now, with a new administration we should see some improvement, right? WRONG – same old song with a differenr orchestra.
Don’t be fooled folks. This little song and dance Obama is performing for us now is just another step in the plan to have the big banks control the whole country.
Until enough of us stand up and speak out, the show will continue. Timothy Geithner is just another one of the group. Don’t expect this hand-picked member of the team to do anything to upset the status quo. Surely you have wondered why he got a free pass on his tax cheating haven’t you? He’s just one of the boys. Dedicated to the complete takeove of this country by the big banks ala David Rockefeller.
Do some readiong and researching and WAKE UP PEOPLE!!!!!!
Keep it going, Diamond.
InsightAnalytical-Grl
Do you mind me asking where you purchased your silver? I have been looking into that but there are just so many and I really do not know who to trust.
If you do not want to comment I understand.
The more immediate threat might be Europe
http://www.prisonplanet.com/the-looming-collapse-of-european-banking.html
Grail, thanks for the link to prisonplanet. I read the complete article by Gary North. If this doesn’t wake people up, I don’t know what will.
I would advise everybody to read this article. Click on the links in Grail’s comment and then sit quietly and reflect on what you just read.
The $2Trillion that Timothy Geithner and Ben Bernanke pledged at the G7 meeting is just a drop in the bucket. Recall what Robert Zoellick, president of the world bank told the members, that any effort to keep bail-out money at home would only worsen the global crisis. He said the issues we are dealing with do not stop at a nation’s borders.
In other words, we (the American taxpayers) are expected to pick up the tab for everybody else. Read between the lines and pay very close attention to everything Obama says and does. While he keeps requesting more and more money, out of the other side of his mouth he has begun cautioning us not to expect too much, too soon. (Give me all the money I ask for just don’t watch too closely what I do with it.)
PLEASE everybody – read this article linked in Grail Guardian’s comment – this is what is coming down the road.