More Bank Say No To TARP Funds
Why would a bank not want money from the TARP fund? According to the article below from The Wall Street Journal, A growing number of healthy banks are rejecting funds from the Treasury Department’s $700 billion bailout partly over concerns that the U.S. may impose tougher restrictions on institutions that take government cash.
At least 50 banks that qualified for aid have rejected the Treasury’s funds, say government officials, bank executives and the Government Accountability Office, who cite the prospect of new strings as a factor.
“There is a provision that allows the government to unilaterally change the rules and that is of great concern to us,” said Rick Adams, executive vice president at United Bankshares Inc. of Charleston, W.Va. “There’s a big fear of the unknown.”