Surprised aren't you. While it has been nearly three years since Washington bailed out the banks, the financial industry is still clinging to $19 billion in taxpayer money, Dealbook reports.
Nearly 500 banks, ranging from beleaguered regional powerhouses to obscure community banks, owe roughly 8 percent of the $245 billion doled out at the peak of the financial crisis, according to Treasury Department data released this week. Regions Financial, a large lender based in Alabama, owes $3.5 billion, the most of any bank.
Even as bailout money has slowly returned to the government’s coffers throughout the year, many banks still refuse to part with their lifelines. Some institutions, well-positioned to reimburse taxpayers through fresh stock offerings, are choosing instead to wait for brighter days when their stock prices are not so depressed. Other stragglers desperately need the money….
Find out more at http://dealbook.nytimes.com/2011/09/14/some-banks-hang-on-to-bailout-billions/?ref=business
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