I think this is a mistake. A huge mistake. Today in the CU Journal is an article titled Treasury Bailout: CUs Want Coverage Under The TARP.
Here’s an excerpt:
John Annaloro, president of the Washington CU League, noted that after Treasury infused $125 billion into the nation’s nine largest banks, it has agreed to invest another $35 billion into an additional 20 regional banks, with more funds promised for troubled banks. “It’s my contention that credit unions should be eligible for some of those funds,” Annaloro told The Credit Union Journal yesterday
Especially concerning for Washington credit unions, said Annaloro, was news that Washington Federal Savings is receiving $230 million in new capital under the Treasury program. “Our credit unions are worried about how that might affect their ability to compete, with rates on loans, rates on deposits, and all of that.”
I don’t know about you but this article reads like, “Why does HE get to crash the car and I don’t?”
Um, because crashing the car is not a great idea. It’ll leave a mark – on YOU and the car.