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Troubled Asset Relief Program

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BUSINESS
March 18, 2010
Sandy Spring Bancorp announced Wednesday that it plans to issue new shares to raise $83 million. The number of shares to be issued hasn't been announced. The Olney-based bank holding company expects to use the proceeds for a variety of purposes, including acquisitions, debt reduction, capital for its subsidiary Sandy Spring Bank and to repay money received under the Troubled Asset Relief Program. Sandy Spring received $83 million in federal TARP money in December 2008. - Eileen Ambrose
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NEWS
By Christopher B. Summers | August 21, 2012
The past decade taught Americans of all political stripes an expensive lesson: When big institutions face financial crisis, the federal government bails them out. Wall Street? The federal government stepped in with the Troubled Asset Relief Program. General Motors? Uncle Sam again. Greece, Spain and Portugal? Germany will keep them afloat. Now a new crisis looms, and, if past is precedent, Marylanders have reason to worry. State-run pension systems across the country are underfunded to the tune of $2.5 trillion — equivalent to one-sixth of the American economy.
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BUSINESS
December 10, 2009
CHARLOTTE, N.C. - Bank of America Corp. said Wednesday it has repaid the entire $45 billion it owed U.S. taxpayers as part of the Troubled Asset Relief Program. Bank of America, which announced its agreement with the U.S. Treasury to repay TARP last week, funded the repayment through a combination of cash on hand and the sale of $19.29 billion of securities that would convert into common stock. The stock increase remains subject to shareholder approval. -Associated Press
NEWS
By Steven Soifer and Wade Rathke | October 12, 2010
Sometime in 2006, the U.S. housing market began to decline. By October 2007, the nation's housing crisis was so bad that the U.S. treasury secretary called it "the most significant risk to our economy. " Until the housing crisis ends, the Great Recession cannot end. The same kind of bold government action that saved the banking system during the Great Depression is necessary to allow the U.S. economy to fully recover now. The housing crisis not only continues, but it is worsening.
NEWS
By Steven Soifer and Wade Rathke | October 12, 2010
Sometime in 2006, the U.S. housing market began to decline. By October 2007, the nation's housing crisis was so bad that the U.S. treasury secretary called it "the most significant risk to our economy. " Until the housing crisis ends, the Great Recession cannot end. The same kind of bold government action that saved the banking system during the Great Depression is necessary to allow the U.S. economy to fully recover now. The housing crisis not only continues, but it is worsening.
NEWS
By Christopher B. Summers | August 21, 2012
The past decade taught Americans of all political stripes an expensive lesson: When big institutions face financial crisis, the federal government bails them out. Wall Street? The federal government stepped in with the Troubled Asset Relief Program. General Motors? Uncle Sam again. Greece, Spain and Portugal? Germany will keep them afloat. Now a new crisis looms, and, if past is precedent, Marylanders have reason to worry. State-run pension systems across the country are underfunded to the tune of $2.5 trillion — equivalent to one-sixth of the American economy.
BUSINESS
By Jay Hancock | February 17, 2010
E d Hale's attempt to save 1st Mariner Bank might or might not work. But you ought to be impressed by the former trucker's dedication as he doubles down on what in recent years has been a disastrous bet. As bankers everywhere unfurl the golden parachutes of incompetence, Hale may be the only CEO in America trying to bail out his bank with his own money. 1st Mariner never got the government welfare lavished on other lenders from the Troubled Asset Relief Program, or TARP.
NEWS
January 14, 2010
S ome things have changed in the banking industry and some haven't. In the fall of 2008 Wall Street was on the brink of financial disaster, and only extraordinary federal intervention, including a $700 billion bank bailout fund, spared the industry from ruin. Fast-forward to the present, where many financial giants are set to post big profits thanks to a market rebound - and the largesse of U.S. taxpayers. But old habits die hard: Wall Street is set to award some of the biggest bonuses in history.
BUSINESS
By Eileen Ambrose | eileen.ambrose@baltsun.com | March 23, 2010
Sandy Spring Bancorp said Tuesday it had raised about $101 million from a stock offering that was announced last week. The Olney-based bank holding company sold about 7.47 million shares of common stock for $13.50 per share. The company said it will net about $96 million after subtracting commissions and underwriting discounts. At the time the offering was announced, Sandy Spring said it would use the proceeds for a range of purposes, including debt reduction, capital for its subsidiary Sandy Spring Bank and repayment of money it received last year under the government's Troubled Asset Relief Program.
BUSINESS
By Jim Puzzanghera and Jim Puzzanghera,Tribune Washington Bureau | April 22, 2009
WASHINGTON -The Obama administration has enough money left for its economic initiatives with $110 billion remaining in the federal financial rescue fund and $25 billion more coming this year as some banks return bailout money, Treasury Secretary Timothy F. Geithner said Tuesday. Geithner disclosed the new numbers as he defended the administration's bailout efforts in the face of tough questioning from a panel overseeing the $700 billion Troubled Asset Relief Program, or TARP. In his first appearance before the panel, Geithner said federal funding has helped stimulate consumer and business lending, but more work was needed to revive an economy mired in recession.
BUSINESS
March 18, 2010
Sandy Spring Bancorp announced Wednesday that it plans to issue new shares to raise $83 million. The number of shares to be issued hasn't been announced. The Olney-based bank holding company expects to use the proceeds for a variety of purposes, including acquisitions, debt reduction, capital for its subsidiary Sandy Spring Bank and to repay money received under the Troubled Asset Relief Program. Sandy Spring received $83 million in federal TARP money in December 2008. - Eileen Ambrose
BUSINESS
By Jay Hancock | February 17, 2010
E d Hale's attempt to save 1st Mariner Bank might or might not work. But you ought to be impressed by the former trucker's dedication as he doubles down on what in recent years has been a disastrous bet. As bankers everywhere unfurl the golden parachutes of incompetence, Hale may be the only CEO in America trying to bail out his bank with his own money. 1st Mariner never got the government welfare lavished on other lenders from the Troubled Asset Relief Program, or TARP.
NEWS
January 14, 2010
S ome things have changed in the banking industry and some haven't. In the fall of 2008 Wall Street was on the brink of financial disaster, and only extraordinary federal intervention, including a $700 billion bank bailout fund, spared the industry from ruin. Fast-forward to the present, where many financial giants are set to post big profits thanks to a market rebound - and the largesse of U.S. taxpayers. But old habits die hard: Wall Street is set to award some of the biggest bonuses in history.
BUSINESS
December 10, 2009
CHARLOTTE, N.C. - Bank of America Corp. said Wednesday it has repaid the entire $45 billion it owed U.S. taxpayers as part of the Troubled Asset Relief Program. Bank of America, which announced its agreement with the U.S. Treasury to repay TARP last week, funded the repayment through a combination of cash on hand and the sale of $19.29 billion of securities that would convert into common stock. The stock increase remains subject to shareholder approval. -Associated Press
BUSINESS
December 10, 2009
Customers file suit against CVS over disabled access A civil rights group and three individuals who use wheelchairs filed a federal lawsuit in U.S. District Court of Maryland Wednesday against CVS Caremark, claiming the pharmacy chain did not provide adequate access to people with disabilities. The Equal Rights Center claims that many of CVS' locations violate laws that require public places to be accessible to those with disabilities. The other three plaintiffs - Marsha Johnson, Charla Ramsey and Christopher Butler - claimed to have encountered problems, including blocked aisles, in CVS stores in Maryland and Washington.
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