The Bush and Obama administration are certainly at fault for not trying to get banks to do something right for the bailout America gave them. But as it turns out like corporate welfare there is no allegiance to fellow citizens and the country that put them on the map.
With no strings attached we pay out and get shut out.
I would like to know what the government did with the money when they got it back with interest. It was quite profitable for them too.
left’
they should return it to the treasury and close out the bonds the money was borrowed on. interest goes to the clam & co.
i’ll see if i can dig something up later
I may be showing a complete lack of understanding for how this operated, but as far as I know you can’t close out a bond that isn’t callable and even if you could any interest going to clam and co. would have to be returned to the government in the form of any profits earned.
i’m not sure, but you do not have to close out the same bonds. I believe they can just reduce the amount of paper in the open market.