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Former Wells Fargo CEO: The FED forced us to take TARP money when we didn't want or need it

Former Wells Fargo Chairman and CEO Richard Kovacevich talks about how the FED forced them and other solvent banks to take TARP money and the effect of this on the banking industry (first 15 min).

http://youtu.be/R2MV6CpGCwU



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That's right

They want full control of the banks and by forcing them to take the money they have to adhere to a set of gov rules. By taking the money they are now owned by the Gov. They already put a limit on how much a loan officer can make. It's less pay than anyone makes for 40 hours and the Loan Officer works your deal for 30 DAYS! Wait until they put a limit on your max pay. You'll quit working.
It will no longer be feasible to trade time for money.

Keepin' it real.

Yep, I remember this

I was an employee of Wells back then and John Stumpf, current CEO, sent this in an email to everyone in the company. I remember he wasn't happy taking it.