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US Should Get Rid of TARP: Dick Bove

Banks can’t make any money on TARP funds, said Dick Bove, financial strategist at Rochdale Securities.

“I think they should get rid of the TARP,” Bove told CNBC. “[Banks are] paying 5 percent after tax on this money, which means they will have to lend money on more than 7 percent pre-tax to break even and they can’t do that.”

As many as nine of the nation’s 19 biggest banks could soon be allowed to repay all or a part of the federal bailout money received last fall.

  • Up to Nine Banks Could Soon Be Allowed to Repay TARP

Bove said there has been so many rules and regulations that it “doesn’t make sense” for companies to hold onto the TARP and its regulations.

Disclosure:

No immediate information was available for Bove or his firm.

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