Looks like the taxpayers aren't getting completely shafted by all the financial institutions that received money from its Troubled Asset Relief Program.
U.S. Bancorp, which issued 6.599 million shares of preferred stock to the government, as
well as a warrant to purchase up to 32.7 million shares of common
stock, in exchange for $6.6 billion in TARP money, wrote a check for $83.3 million to the government in its first quarterly dividend payment connected with the federal bailout.
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The Minneapolis-based bank paid a cash dividend of $12.63 a share on the Series E Fixed-Rate Cumulative Perpetual Preferred Stock to the Treasury Department. Like J.P. Morgan Chase & Co. and Wells Fargo & Co., U.S. Bancorp used some of its TARP money to acquire ailing banks and pad its cash cushion. It acquired the deposits and certain assets of both Downey Financial and PFF Bancorp. The controversial deals have raised the ire of the American taxpayer and politicians who have criticized these banks of not using the money for its original intent of increasing lending to spur economic growth. - Gerald Magpily
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