U.S. Bancorp CEO Richard Davis took shotgun blasts to the TARP program for being a fat big lie. “We were told to take it so that we could help Darwin synthesize the weaker banks and acquire those and put them under different leadership,” Davis said. OMG – truth alert!
“We are not even allowed to mention that. …We were supposed to say the TARP money was used for lending.” He went on to say he would be “darned” if US Bancorp were to become part of of the “collateral damage” from the government’s “sloppy attempt at nationalizing the [banking] industry.” In so doing, Davis became the first major banking CEO to not talk horseshit since the crisis began.
U.S. Bancorp CEO Davis rips TARP [TwinCities.com]