Where the bank TARP money is going: Not around here
Yesterday we reported that Umpqua Bank in Portland took $214.2 million of TARP funds from the feds in exchange for preferred stock back on November 14. Alert readers wrote in to say that Umpqua may have essentially been forced to take the TARP money -- it hadn't asked for it, and Hank Paulson was hot for Umpqua to take it. Reports of other banks being pressured into taking TARP handouts are not hard to find.
Poking around a little further, we see that the banks' total take on deals like these, as of a week ago, was nearly $194.2 billion (not counting assorted tens of billions going to the auto manufacturers and special friends like AIG, Citigroup, and Bank of America). Leafing through the Treasury Department's many pages of transaction listings, it's hard to find much of that dough making its way to the Pacific Northwest. No doubt that's partly because we have so few serious financial institutions left in these parts any more, but still, when you add up the Oregon, Washington, and Idaho TARP money, it's chump change compared to what's being pumped into other markets. Here is what we've been able to cull from the list:
Date
Institution
City
Amount
11/14/08
Umpqua Holdings Corp.
Portland
$214,181,000
11/21/08
Banner Corp.
Walla Walla
124,000,000
11/21/08
Cascade Financial Corp.
Everett
38,970,000
11/21/08
Columbia Banking System, Inc.
Tacoma
76,898,000
11/21/08
Heritage Financial Corp.
Olympia
24,000,000
12/5/08
Sterling Financial Corp.
Spokane
303,000,000
12/12/08
Pacific International Bancorp
Seattle
6,500,000
12/19/08
Intermountain Community Bancorp
Sandpoint
27,000,000
12/23/08
Capital Pacific Bancorp
Portland
4,000,000
1/16/09
Whidbey Island Bank
Oak Harbor
26,380,000
1/16/09
Syringa Bancorp
Boise
8,000,000
1/16/09
Idaho Bancorp
Boise
6,900,000
1/23/09
Pierce County Bancorp
Tacoma
6,800,000
As of 1/23/09
Total
Pacific NW
$866,629,000
Bottom line: Less than one-half of 1 percent of the TARP bank bailout dough spent so far has been invested in Pacific Northwest institutions.
Comments (9)
Seems to mirror the proportion of federal budget pork that comes our way, an issue our representatives need to work on. Contrast us with Alaska (or any red state) on the amount of pork per capita we receive... it's not fair, and it's not pretty.
Maybe some of the infrastructure stimulus can pay for much-needed Sellwood and I-5 bridge projects... aw, who am I kidding, there's probably a trillion-dollar bridge that needs to be built somewhere in remote Alaska.
TKrueg, I heard an analyst comment that the Big Dig cost 22 billion and provided 5,000 jobs. Don't expect to see much of that 30 billiion over 2 yrs hear in the NW.
Hey. Umpqua was happy to loan some of that money to me to refinance my house at 4.75% - a significant savings from my 6.25% original loan. Shorter term, lower interest rate, lower payments. And we closed in less than 20 days.
TARP funds are just to pad the pockets of the bank execs who made piss poor loan decisions. Small businesses like mine will never see a dime of it, and we are the ones who need it the most.
Explosive anger is spilling out onto the streets of Europe.
The Telegraph (UK) warned last month that protests over governments' handling of the crisis "are widespread and gathering pace," and "may spark a new revolution":
A depression triggered in America is being played out in Europe with increasing violence, and other forms of social unrest are spreading. In Iceland, a government has fallen. Workers have marched in Zaragoza, as Spanish unemployment heads towards 20 percent. There have been riots and bloodshed in Greece, protests in Latvia, Lithuania, Hungary and Bulgaria. The police have suppressed public discontent in Russia and will be challenged again at large gatherings this weekend.
Consider a snapshot of a single week of unrest ...
... crisis exists when it comes to the military-industrial complex. That crisis has its roots in the corrupt and deceitful practices that have long characterized the high command of the Armed Forces, civilian executives of the armaments industries, and Congressional opportunists and CRIMINALS looking for pork-barrel projects, defense installations for their districts, or even bribes for votes.
Given our economic crisis, the estimated trillion dollars we spend each year on the military and its weaponry is simply unsustainable. Even if present fiscal constraints no longer existed, we would still have misspent too much of our tax revenues on too few, overly expensive, overly complex weapons systems that leave us ill-prepared to defend the country in a real military emergency. We face a double crisis at the Pentagon: ...
Recently, Chairman of the Joint Chiefs of Staff Admiral Michael Mullen began to advocate nothing less than protecting the Pentagon budget by pegging defense spending to a fixed percentage of gross domestic product (GDP, the total value of goods and services produced by the economy). This would, of course, mean simply throwing out serious strategic analysis of what is actually needed for national defense. Mullen wants, instead, to raise the annual defense budget in the worst of times to at least 4% of GDP. Such a policy is clearly designed to deceive the public about ludicrously wasteful spending on weapons systems which has gone on for DECADES.
It is hard to imagine any sector of the American economy more driven by ideology, delusion, and propaganda than the armed services. Many people believe that our military is the largest, best equipped, and most invincible among the world's armed forces. None of these things is true, but our military is, without a doubt, the most expensive ...
The Post Office might cut off 1 day of every 6 days it delivers -- because it was $3 Billion short of funds last year. $3 Billion is ONE DAY of Military; less than 1 LIARS week in Iraq ... so BRING THEM HOME A WEEK EARLY. And save the Post Office.
Okay, it's a large effort to read the details of how our taxes plumped and paid the 60-year dictatorship build-up whose boot now squashes us and defiles life on Earth.
So simply cut to the chase: KNOW the ENEMY: Military ANYthing.
Always was. Is now. Will be until we stop it, drop the fear, and roll up the Pentagon.
---
Some say Deep Recession is coming.
Some say a Great Depression is coming.
I'm saying a Killing Oppression is coming.
And TOGETHER we can overcome and stop it.
(NOT by chickensh!t Blumenauer and Wyden, though, and probably NOT Merkley, yet unknown. Hint: STOP throwing money at it. Throw your lifetime at it.)
Gee, not a single credit union on the list, my, my. I hate banks, I hated them before this fiasco. I had to deal with a bank today, I had a large check made out to me that I took to the bank upon which it was written and asked if it was good and that I wanted to cash it. They tried to charge me $5 to cash it - my wife threw a FIT, I'm sure that the cops were almost called. These pigs, it's my money not theirs, it's written on their bank, the money was in the account, if I had deposited it at my credit union there would not have been a charge. I hate banks and it doesn't bother me when they fail. They are leeches in my opinion.
Charamba, Douro 2008
Horse Heaven Hills, Cabernet 2010
Lorelle, Horse Heaven Hills Pinot Grigio 2011
Avignonesi, Montepulciano 2004
Lorelle, Willamette Valley Pinot Noir 2011
Villa Antinori, Toscana 2007
Mercedes Eguren, Cabernet Sauvignon 2009
Lorelle, Columbia Valley Cabernet 2011
Purple Moon, Merlot 2011
Purple Moon, Chardonnnay 2011
Abacela, Vintner's Blend No. 12
Opula Red Blend 2010
Liberte, Pinot Noir 2010
Chateau Ste. Michelle, Indian Wells Red Blend 2010
Woodbridge, Chardonnay 2011
King Estate, Pinot Noir 2011
Famille Perrin, Cotes du Rhone Villages 2010
Columbia Crest, Les Chevaux Red 2010
14 Hands, Hot to Trot White Blend
Familia Bianchi, Malbec 2009
Terrapin Cellars, Pinot Gris 2011
Columbia Crest, Walter Clore Private Reserve 2009
Campo Viejo, Rioja, Termpranillo 2010
Ravenswood, Cabernet Sauvignon 2009
Quinta das Amoras, Vinho Tinto 2010
Waterbrook, Reserve Merlot 2009
Lorelle, Horse Heaven Hills, Pinot Grigio 2011
Tarantas, Rose
Chateau Lajarre, Bordeaux 2009
La Vielle Ferme, Rose 2011
Benvolio, Pinot Grigio 2011
Nobilo Icon, Pinot Noir 2009
Lello, Douro Tinto 2009
Quinson Fils, Cotes de Provence Rose 2011
Anindor, Pinot Gris 2010
Buenas Ondas, Syrah Rose 2010
Les Fiefs d'Anglars, Malbec 2009
14 Hands, Pinot Gris 2011
Conundrum 2012
Condes de Albarei, Albariño 2011
Columbia Crest, Walter Clore Private Reserve 2007
Penelope Sanchez, Garnacha Syrah 2010
Canoe Ridge, Merlot 2007
Atalaya do Mar, Godello 2010
Vega Montan, Mencia
Benvolio, Pinot Grigio
Nobilo Icon, Pinot Noir, Marlborough 2009
Portuga, Rose 2011
Revelation, Chardonnay, Pays d'Oc 2010
Beaulieu, Cabernet, Rutherford 2005
Monte Alto, Tinto Reserva 2005
Chateau Ste. Michelle, Cabernet, Indian Wells 2009
Espiral, Vinho Rose
Vin-Koru, Pinot Gris 2011
14 Hands, Hot to Trot Red 2009
Rodney Strong, Cabernet, Sonoma 2009
Abacela, Vintner's Blend #11
Portuga, White 2010
La Bourgeoisie, Red 2009
Januik, Red 2009
Three Rivers, River's Red 2008
Kirkland, Alexander Valley Merlot 2008
Muga, Rioja Rose 2010
Quinta das Amoras, Vinho Tinto 2009
Mauro Molino, Barbera d'Alba 2009
Garda Chiaretto Rose
Columbia Crest, Two Vines Vineyard 10 White
Chateau Ste. Michelle, Pinot Gris, Columbia Valley 2009
L'Hortus, Rose de Saignee 2010
Maculan, Pino & Toi 2008
McKinley Springs, Bombing Range Red 2008
Trader Joe's Pinot Gris 2009
Montes Alpha, Cabernet 2007
Gran Sasso, Sangiovese, Terre di Chieti 2009
Garda, Classico Chiaretto Rose
Beaulieu, Cabernet, Rutherford 1999
Picos del Montgo, Tempranillo 2008
Chateau de Montmirail, Vacqueyras 2008
La Granja 360, Syrah 2009
Montgras, Carmenere Reserva 2009
Lange, Pinot Gris 2009
Columbia Crest, Horse Heaven Hills Cabernet 2008
Kirkland, Pinot Grigio 2010
Trader Joe's Coastal Syrah 2009
Columbia Crest, Horse Heaven Hills Merlot 2008
Trader Joe's Coastal Chardonnay 2009
Vieux Papes Red
Domaine de l'Aujardiere, Chardonnay 2009
Santa Rita, Cabernet, Medalla Real 2007
Penfold's, Koonunga Hill Shiraz Cabernet 2008
Guild, Red, Lot #02 2008
Dievole, Dievolino Sangiovese 2008
Laforet, Burgogne Chardonnay 2009
Columbia Winery, Merlot 2007
Bonterra, Cabernet 2008
Elk Cove, Pinot Gris 2009
Maquis Lien 2006
Scott Paul, Pinot Noir, Le Paulee 2007
The Occasional Book
Neil Young - Waging Heavy Peace
Mark Bego - Aretha Franklin, the Queen of Soul (2012 ed.)
Jenny Lawson - Let's Pretend This Never Happened
J.D. Salinger - Franny and Zooey
Charles Dickens - A Christmas Carol
Timothy Egan - The Big Burn
Deborah Eisenberg - Transactions in a Foreign Currency
Kurt Vonnegut Jr. - Slaughterhouse Five
Kathryn Lance - Pandora's Genes
Cheryl Strayed - Wild
Fyodor Dostoyevsky - The Brothers Karamazov
Jack London - The House of Pride, and Other Tales of Hawaii
Jack Walker - The Extraordinary Rendition of Vincent Dellamaria
Colum McCann - Let the Great World Spin
Niccolò Machiavelli - The Prince
Harper Lee - To Kill a Mockingbird
Emma McLaughlin & Nicola Kraus - The Nanny Diaries
Brian Selznick - The Invention of Hugo Cabret
Sharon Creech - Walk Two Moons
Keith Richards - Life
F. Sionil Jose - Dusk
Natalie Babbitt - Tuck Everlasting
Justin Halpern - S#*t My Dad Says
Mark Herrmann - The Curmudgeon's Guide to Practicing Law
Barry Glassner - The Gospel of Food
Phil Stanford - The Peyton-Allan Files
Jesse Katz - The Opposite Field
Evelyn Waugh - Brideshead Revisited
J.K. Rowling - Harry Potter and the Sorcerer's Stone
David Sedaris - Holidays on Ice
Donald Miller - A Million Miles in a Thousand Years
Mitch Albom - Have a Little Faith
C.S. Lewis - The Magician's Nephew
F. Scott Fitzgerald - The Great Gatsby
William Shakespeare - A Midsummer Night's Dream
Ivan Doig - Bucking the Sun
Penda Diakité - I Lost My Tooth in Africa
Grace Lin - The Year of the Rat
Oscar Hijuelos - Mr. Ives' Christmas
Madeline L'Engle - A Wrinkle in Time
Steven Hart - The Last Three Miles
David Sedaris - Me Talk Pretty One Day
Karen Armstrong - The Spiral Staircase
Charles Larson - The Portland Murders
Adrian Wojnarowski - The Miracle of St. Anthony
William H. Colby - Long Goodbye
Steven D. Stark - Meet the Beatles
Phil Stanford - Portland Confidential
Rick Moody - Garden State
Jonathan Schwartz - All in Good Time
David Sedaris - Dress Your Family in Corduroy and Denim
Anthony Holden - Big Deal
Robert J. Spitzer - The Spirit of Leadership
James McManus - Positively Fifth Street
Jeff Noon - Vurt
Road Work
Miles run year to date: 21
At this date last year: 52
Total run in 2012: 129
In 2011: 113
In 2010: 125
In 2009: 67
In 2008: 28
In 2007: 113
In 2006: 100
In 2005: 149
In 2004: 204
In 2003: 269
Comments (9)
Seems to mirror the proportion of federal budget pork that comes our way, an issue our representatives need to work on. Contrast us with Alaska (or any red state) on the amount of pork per capita we receive... it's not fair, and it's not pretty.
Maybe some of the infrastructure stimulus can pay for much-needed Sellwood and I-5 bridge projects... aw, who am I kidding, there's probably a trillion-dollar bridge that needs to be built somewhere in remote Alaska.
Posted by TKrueg | February 3, 2009 8:57 AM
TKrueg, I heard an analyst comment that the Big Dig cost 22 billion and provided 5,000 jobs. Don't expect to see much of that 30 billiion over 2 yrs hear in the NW.
Posted by Darrin | February 3, 2009 9:55 AM
Hey. Umpqua was happy to loan some of that money to me to refinance my house at 4.75% - a significant savings from my 6.25% original loan. Shorter term, lower interest rate, lower payments. And we closed in less than 20 days.
Posted by mrfearless47 | February 3, 2009 10:14 AM
TARP funds are just to pad the pockets of the bank execs who made piss poor loan decisions. Small businesses like mine will never see a dime of it, and we are the ones who need it the most.
Posted by Fonzi | February 3, 2009 10:42 AM
The Whole World Is Rioting as the Economic Crisis Worsens -- Why Aren't We?, By Joshua Holland, AlterNet, February 3, 2009.
America Is Completely Broke, And Here We Are Funding Fantasy Wars at the Pentagon, By Chalmers Johnson, Tomdispatch.com, February 3, 2009.
The Post Office might cut off 1 day of every 6 days it delivers -- because it was $3 Billion short of funds last year. $3 Billion is ONE DAY of Military; less than 1 LIARS week in Iraq ... so BRING THEM HOME A WEEK EARLY. And save the Post Office.
Okay, it's a large effort to read the details of how our taxes plumped and paid the 60-year dictatorship build-up whose boot now squashes us and defiles life on Earth.
So simply cut to the chase: KNOW the ENEMY: Military ANYthing.
Always was. Is now. Will be until we stop it, drop the fear, and roll up the Pentagon.
---
Some say Deep Recession is coming.
Some say a Great Depression is coming.
I'm saying a Killing Oppression is coming.
And TOGETHER we can overcome and stop it.
(NOT by chickensh!t Blumenauer and Wyden, though, and probably NOT Merkley, yet unknown. Hint: STOP throwing money at it. Throw your lifetime at it.)
Posted by Tenskwatawa | February 3, 2009 5:29 PM
Gee, not a single credit union on the list, my, my. I hate banks, I hated them before this fiasco. I had to deal with a bank today, I had a large check made out to me that I took to the bank upon which it was written and asked if it was good and that I wanted to cash it. They tried to charge me $5 to cash it - my wife threw a FIT, I'm sure that the cops were almost called. These pigs, it's my money not theirs, it's written on their bank, the money was in the account, if I had deposited it at my credit union there would not have been a charge. I hate banks and it doesn't bother me when they fail. They are leeches in my opinion.
Posted by Native Oregonian | February 3, 2009 6:40 PM
How much TARP money was used to fund the bailout of WaMu aka the takeover by chase? That's a rather large PNW bank IIRC
Posted by named user | February 3, 2009 11:00 PM
Chase is not based in the Pacific Northwest. This listing goes by the home of the recipient, not the home of a failed target bank.
Posted by Jack Bog | February 3, 2009 11:32 PM
The e.g., 'creative class' of X-gen Christoph Niemann.
Posted by Tenskwatawa | February 4, 2009 4:42 PM