Hot and Cold Under the TARP

At the end of last week, nine banks indicated that they would be getting money from the Treasury Department's Troubled Asset Relief Program. Terms were dislcosed and agreements appended to a flood of 8-K filings:

Bank of New York Mellon Corp (8-K, 10/30)
Wells Fargo (8-K, 10/30)
Bank of America (8-K, 10/30)
Morgan Stanley (8-K, 10/31)
JP Morgan (8-K, 10/31)
Citigroup (8-K, 10/31)
State Street Corp. (8-K, 10/31)
Goldman Sachs (8-K, 10/31)

Meanwhile, at least two banks declared their intention to refuse TARP money (Home Federal Bancorp, 8-K, 10/31 and Cullen Frost Bankers Inc., 8-K, 10/31). Will this be a trend?

The American Banker's Association continued to pepper Treasury with letters expressing, "The anger of bankers over the confusion and lack of clarity of the capital [...] program's function." The ABA wants to know if the Treasury is trying to, "provide capital to strongly capitalized institutions" or, "help failing institutions."

I blogged about the treasury behaviour that's got the ABA ticked off here.

West search tips: a Westlaw Business global search for "securities purchase agreement" w/100 "troubled asset relief program" retrieved all nine of the 8-K's announing participation in the program.

A search for "troubled asset relief" in the M&A-DEALS database on Westlaw retrieved profile information about four of the nine deals. I retrieved profiles of other crash-related deals by putting "department of the treasury" or "federal reserve" in the acquiror field.