Bankruptcy

A Vignette from Champaign

By Bob Lawless

Driving down one of our main thoroughfares yesterday, I drove past one of our local banks that was advertising its CD rates on the electronic sign out front. OK, nothing usual there. What was unusual was the line that appeared at the bottom of the sign "No TARP Funds." I was going to take a picture with my cell phone, but I decided that the attempt to do so while driving at 35 MPH might become the basis for one of my colleague's final exams in Torts or, worse yet, Criminal Law.

We've heard that some banks are wanting to cut ties to the TARP program because of the strings that came with it (NYT article). Out here in the heartland, the lack of a connection to TARP also seems to be perceived as a way to attract customers. This morning, I did notice that the CD rates and the accompanying TARP reference no longer was part of the sign's rotating advertisements.

Full post as published by Credit Slips on March 12, 2009 (boomark / email).