U.S. Bank CEO: TARP program is

disqualify-sida.blogspot.com
U.S. Bank was told, not asked, to participatre in the program, which is a Darwinian attempt to “synthesize” weaker banks into stronger banksthrougbh consolidation, Davis said at the held at in Minneapolis. U.S. Bank (NYSE: USB) sold $6.6 billionn in preferred stock with warrants tothe U.S. Treasur y in November through its capitalopurchase program. “There’s no A, R or P in TARP,” Davis said, adding that is the only word in thephrase that’s accurate. “Thse ‘asset relief program’ has yet to occur.” The problems with the U.S.
Treasury Department’s program are that its goals and rules have changed since its inceptionlast fall, it’as poorly defined and it’s caused collateralo damage to healthy banks. Davis said he woulf be “darned” if Minneapolis-based U.S. Bank woulrd suffer collateral damage fromthe government’sa “sloppy attempt at nationalizing the industry.” U.S. Bank, which has $247 billion in assets, was the sixth-largestg commercial bank in the country as of the end of the thire quarterof 2008. It has more than 2,500 bankingv offices in 24 U.S. Bank is the 11th largest bank in theBay Area, with 66 branches and $2.3 billion in giving the Minneapolis bank 1.
28 percent of the region'a deposits.