E*TRADE Still Waiting for TARP Funding
| 12 July 2009
According to the team at BailoutSleuth, which tends to track this sort of thing, E*TRADE is setting the record for the longest wait time for TARP funding. And they may never get it. Executives at E*TRADE first filed for TARP funds last fall when the Treasury department first announced its intention for the funds.
Secretary of the Treasury, Tim Geithner, has always said that bailout funds would only go to companies with a decent chance of survival to help assure their financial position. In other words, they were not planning to bail out any companies on the verge of failure and as we’ve seen with GM, the Treasury is not afraid to suggest bankruptcy instead of bailout.
Whether E*TRADE is actually on the verge of bankruptcy remains to be seen, but they seem insistent with their requests just as the Treasury seems insistent with their denials.
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