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Banker explains why he turned down TARP funds: “Strings”

The banker is Steve Buster, CEO of California community bank “Mechanics”. Alexis Glick conducts the interview and it’s a great one.

Part one, Buster tells Glick they wanted the money, could have used the money but it came with too many strings.

Here in Part Two Glick asks … “what strings?”. Buster says they wanted to tell us how to lend.

Buster essentially says his bank uses sound lending practices and the government’s idea of lending would have compromised that, endangering the banks sound business. Thanks but not thanks.

Unfortunately, the big bankers have learned this all too late. They have finally realized that they have sold their soul. If you want to know what I mean …listen to Charlies Daniels. You’ll get it too.