Naked Capitalism has a good post about banks missing TARP dividend payments. It’s pretty stunning that some are missing payments on relatively small sums:
Of the 34 miscreants, two are pretty large, namely AIG and CIT, But the next on the list is First Bancorp, which received a mere $400 million from the TARP. Probably more important than the number is the trend, since the number of institutions that skipped dividends nearly doubled. In a supposedly improving economy and with a steep yield curve (at least until very recently), things appear to be getting worse rather than better.
Boy, if I missed an IRS payment, there would be some pretty big fallout, I’m sure. But with the banks, apparently nothing bad happens…..