May 2009
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Government Shackles Must Really Hurt
Major banks can’t wait to throw themselves from the TARPean Rock.
Take American Express and J.P. Morgan Chase, for instance. Both issued non-FDIC guaranteed debt on May 13. Now in the ranks of several other “banks” (Goldman Sachs, Morgan Stanley, Bank of New York Mellon), these firms are looking to crawl out from the burden of 5% preferred TARP funding by selling common stock or...