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  • ribsrw ribsrw Apr 1, 2009 2:45 AM Flag

    Obama Smackdown by Kelly King

    If they didn't need it and don't want it, why aren't they paying it back like other banks are!

    Just a simple answer will do.

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    • According to the Treasury's web site...see would require the issuance of additional stock, either peferred or common, which is dilutive to current stock holders.

      "Redemption: Senior Preferred may not be redeemed for a period of three years from the date of this investment, except with the proceeds from a Qualified Equity Offering (as defined below) which results in aggregate gross proceeds to the QFI of not less than 25% of the issue price of the Senior Preferred. After the third anniversary of the date of this investment, the Senior Preferred may be redeemed, in whole or in part, at any time and from time to time, at the option of the QFI. All redemptions of the Senior Preferred shall be at 100% of its issue price, plus (i) in the case of cumulative Senior Preferred, any accrued and unpaid dividends and (ii) in the case of noncumulative Senior Preferred, accrued and unpaid dividends for the then current dividend period (regardless of whether any dividends are actually declared for such dividend period), and shall be subject to the approval of the QFI’s primary federal bank regulator.

      “Qualified Equity Offering” shall mean the sale by the QFI after the date of this investment of Tier 1 qualifying perpetual preferred stock or common stock for cash."

      • 2 Replies to dm5t9ac
      • DM, what you are referring to here is the redemption of the preferred stock the Treasury owns for common stock as a "permanent" investment. Aside from maintaining sufficient capital adequacy, the requirement to paying back the TARP funds is to give the Treasury a 30-day notice of intent. Obviously Treasury officials are resistant to this since they want to maintain control as long as possible.

      • DM, this question has been asked and answered several times here. But, thanks for the effort to answer it one more time.

        What is clear is that decisions like this is way above the pay level of most Yahoo posters. They have difficulty deciding if they should wash their hands after using the restroom and before returning to serve Mickey D's burgers and fries.

        When they ask me at Mickey D's how I'd like my burger I always tell them to "fry the piss out of it".

        Now that is too funny.

    • Management will pay it back when it makes good business sense. Until then they keep it and use it to profit. One thing is 100% certain - they will not pay it back because nitwits post the question on a Yahoo msg board.

      What could trigger a payback:
      1) The government intrusion increases regarding pay and dividends.
      2) The government tries to change the terms of the Tarp money.
      3) The 3 years term of the cheap money at 5% increases.

      You should not trouble your simple mind with these complex issues. Your informed, intelligent and ethical BB&T management is on top of this.

      too funny

      • 2 Replies to inlet_boater
      • your informed intelligent ethical BBT management forgot to get a business man involved that understands banking and should have set aside a larger cushion on their tail ends that they are about to fall on when they realize they underestimated the proportional problem they entered -- it wouldn't shock me if management meets with the board of directors and hang their heads in shame saying we didn't think anything of this magnitude would take place and they're gonna be filled with shame and someone is gonna eat the blame for lunch or some fall guy who helped invent this mess, but it doesn't matter cuz they ain't got the balls to send a letter out to the shareholders explaining their misjudgment, and yet still to this day not one single gosh dang corporate annual report has yet to admit their fault in the OVER LEVERAGED 2000's DECADE of WASTE that is quickly catching up to them faster than a cheetah in a full sprint about to pounce all over its prey

        good luck longs, you are gonna need it

        and SFTU oldy moldy and inlet, you guys let your company get trashed because if i owned this bank, you bet your sweet azz i would have been at the board of directors raking them over the coals til kingdom come -- my voice is heard by simply selling the stock and shorting

      • Boat, did you wake up on the wrong side of the bed? He only asked a simple question

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