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Banks Use Your Bailout Funds As "MOB" Tax Havens

Banks Use Your Bailout Funds As "MOB" Tax Havens

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The economic crisis.......

Banks have become increasingly wary of the bailout funds, chafing at the restrictions and worried that acceptance of the money somehow tagged them as troubled institutions. As a result, a handful of banks have returned a small amount of money and bigger institutions have indicated a desire to repay. The nation's largest banks have been saying they are going to pay back the bailout funds as soon as possible. Well, it would be good if they were able – the nation's top banking firms were given billions in installment loans in bailout funds. Former Treasury Secretary Paul O'Neill has insisted all bailed out banks and companies, like Goldman Sachs, were or are all willing to cooperate. Obama has cautioned them not to pay back the funds unless they can afford to, and the stress tests have shown that many of the banks that partook of the TARP program in the economic crisis aren't quite there yet. They need debt consolidation before they can pay back their bailout funds.