A ray of hope on a Friday afternoon. This article just breaking from Reuters:
Iberiabank shares rally, to repay TARP loans
This is the first bank to fully repay loans it received under the TARP.
Most interesting is the reason they are paying their TARP loan back:
“Recent actions, interpretations, and commentary regarding various aspects of the program places our company at an unacceptable competitive disadvantage,” the bank said in a statement, adding that continued participation “is no longer in the best interest of our company and its shareholders.”
Translation: We’re tired of having the government looking over our shoulder and having to be worried about stupid people seconding guessing every action we take to run our bank!
I also just heard but haven’t been able to confirm, that Northern Trust Corp., the bank that just got all the negative PR over the party they recently threw, is also soon to pay its loan back.
