February 3, 2009
TARP Terms: Obama Could Get Bonus Clawbacks
Banks, reading the small print in their term sheets after having received TARP funds have discovered that the federal government "unilaterally reserved" the right to make changes in the conditions that accompanying the acceptance of the money. In other words, if President Obama is genuinely upset about bank bonus payments he could order Treasury to force banks to get the bonuses back if the banks want to keep the TARP money.
February 3, 2009 | Permalink
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I have altered the deal. Pray I don't alter it any further.
Posted by: anon | Feb 3, 2009 11:26:24 AM
Fair enough, specially if the the bonuses were not perfomance related...
Posted by: Orlando Fernandes | Feb 13, 2009 5:32:30 AM