Hail To The Banks...

...well not all Banks.

First, I would like to congratulate Citi Bank for turning a profitable first couple months of 2009. Now I hope they will be able to do as the following banks are planning to do, which is to pay back the government and get back to running their bank the way they intended.

The New York Times is reporting that:
"As public outrage swells over the rapidly growing cost of bailing out financial institutions, the Obama administration and lawmakers are attaching more and more strings to rescue funds.

The conditions are necessary to prevent Wall Street executives from paying lavish bonuses and buying corporate jets, some experts say, but others say the conditions go beyond protecting taxpayers and border on social engineering.

Some bankers say the conditions have become so onerous that they want to return the bailout money. The list includes small banks like the TCF Financial Corporation of Wayzata, Minn., and Iberia Bank of Lafayette, La., as well as giants like Goldman Sachs and Wells Fargo.

They say they plan to return the money as quickly as possible or as soon as regulators set up a process to accept the refunds. On Tuesday, Signature Bank of New York announced that because of new executive pay restrictions in the economic stimulus package, it notified the Treasury that it intended to return the $120 million it had received from the government only three months ago."

Another bank mentioned in the article was Johnson Bank of Racine, WI.

I would like to applaud these banks for boldly standing firm in this economic downturn and recognizing the opportunities for them to succeed if they are not restrained by the government.

There is at least one bank on this list that is local to me. I pledge that if that bank gives back all taxpayer money, thus cutting the strings imposed by the government, I will express my vote as a consumer by opening an account. I encourage you to take note of these banks and keep an eye on the news. When you see a bank in your area that has given back taxpayer money to the Treasury, support them with either your voice and/or your dollars.

Matt Kemper
YourCreditCompany.com