U.S. Bancorp Grabs $6.6 Billion from Bailout Package

Here come the vultures…

U.S. Bancorp says it will receive $6.6 billion from the government under the Treasury Department’s program to invest in banks.

In return for the cash, the U.S. Treasury will receive preferred stock and warrants allowing it to acquire a sizable stake in the bank.

As part of a $700 billion bailout program, the government is directly investing in banks to help spur lending between banks and to consumers amid the ongoing credit crisis.

(Original article here)

What’s encouraging is that now, we, the taxpayers, own a piece of this bank, in theory. I’d like to formally give myself a raise… What, I can’t do that? Well, then I’d like to fire the board… Oh, that’s not possible either? Do I get a vote in stockholder meetings? No? Oh, so I only get the possibility of making a profit if the bank survives and is able to “pay back” this $6.6 billion loan? What if I refuse to help fund this gambling exercise? I have no choice, you say? Huh…