Precisely, and what investments right now yield 9+%, plus A&G, plus a spread? Very few. This was cushion capital, as I said, and it protends something on the horizon. It is not "growth" capital for the reasons you mentioned and also because the issuance is too small.
As for Inlet Turd, what he fails to understand is if a bank is within Tier I Regulatory standards and they want to raise capital, they raise the cheapest form of capital they can, hence the dialogue I referred to with the former CFO. If they are not within regulatory guidelines, or feel their current levels are in jeopardy, then they go raise the expensive capital, which is what they just did.