Banken willen echt snel leningen terugbetalen

[Cees Binkhorst]

REPLY TO: D66 at nic.surfnet.nl

Zelfs de eigenaars kunnen de pot op, zolang de bestuurders maar hun bonus
krijgen ;)

Groet / Cees

http://www.marketwatch.com/story/bbt-to-repay-tarp-at-shareholder-expense
NEW YORK (MarketWatch) -- BB&T Corp.'s plan to exit the government's
Troubled Asset Relief Plan is causing grumbling among shareholders who are
taking a big dividend cut, dilution of their common stock and potentially
more losses should the bank match or increase its compensation plan.

The Winston-Salem, N.C.-based bank appears to be repaying TARP through two
main sources. BB&T on Monday announced it would will issue $1.5 billion of
common stock to be paired with other funds to repay all preferred stock
and warrants held by the Treasury Department. The bank also is slashing
its dividend 68%. See full story.

The moved will create $2.75 billion in additional capital. BB&T is
believed to have taken $3.1 billion in TARP funds.

BB&T Chief Executive Kelly King said he knew "how important the dividend
is to our shareholders, so this decision to temporarily reduce the
dividend was extremely difficult for the board and, for me personally, it
marks the worst day in my 37-year career."

King, however, won't be paying for it. He and the top four executives at
BB&T took salary and bonuses well above the $500,000 limit imposed on TARP
recipients. By throwing off the government yoke, King will now be able to
match the $1.5 million he made in 2008.

This triple whammy of dilution, dividend cuts and runaway compensation
appears to be the preferred path for bank executives seeking an exit from
TARP. Other banks including Bank of New York Mellon Corp., Capital One
Financial and PNC Financial Services Group Inc. are pursuing dividend cuts
or dilutive stock raises in order to throw off federal restrictions.
The irony is that all of these banks claim to be "profitable." Try telling
that to their owners.
-- David Weidner

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