First Niagara Financial Group, a growing local bank with roots in Western New York going back 130 years, raised $313 million in a common equity offering which was led by Keefe, Bruyette & Woods and Goldman Sachs. According to First Niagara management, some of this new capital will be used to pay back the US government and effectively buy First Niagara out of the TARP program. First Niagara will be one of the first banks to buy their shares back from the government and get out of the program.
now that the new gov’t crew actually puts restrictions on the TARP funds (what you can do with them, how much you can pay your execs, bonuses, etc.) you can see who took TARP funds that really didn’t need them. They’re all the ones offering up more stock to get out now.
Hardly. We own the biggest subprime lender in the nation and we never even considered it. Unless you mean that they were forced by losing ground to their competitors who were all benefitting from near-free money.
I won’t call recovery until a rate increase from the Fed. As for Buffalo being in the front of the recovery. No comment. The Rosseta Stone IPO was nice today.
BUMP… Buffalo is still in the running considering it is 3 years later with no real recovery. lol I mean maybe the bailout companies have recovered somewhat but…
Edit: At least we are sutting down those rogue children’s lemonade stands because they didn’t give the govt their $400 payoff to do business in their neighborhood. That ought to help the economy, I mean how else can we get this money to the bankers? It kind of makes sense now why bankers always want copies of your permits before they loan you money.
He and I have been pretty much on the same page for many years. He’s fairly quiet on the webz though…I’m loud with it so I sport a tin foil hat. LOL
Recovery means different things to different people. Higher stock prices doesn’t necessarily indicate an underlying economic recovery. I cannot trust any “recovery” until there is job recovery behind the move. Growth and inflation are not the same thing despite both causing prices to rise. In a nutshell anyhow.
HSBC never had to touch TARP because all of their eggs weren’t in the US basket. Not to mention, they are not a US bank, so they would have had to use the British version that was far more restrictive and costly to banks.
That said, buy their stock and make it go above 50. You can dump it August 2nd. Thanks!
