PlainsCapital Bank Took $87.6 Million in TARP Money. Now ... It's Payback Time! Or Not.
|Look, Alan White, a salary cap would just mess up your hair anyway.|
Yesterday, the Star-Telegram mentioned how a few area competitors are ganging up on White and his bank for taking a government handout -- a "bailout," actually, which it really wasn't, since PlainsCapital didn't technically need the dough. "They're running ads and throwing rocks and throwing mud," he told the paper. And today, the Associated Press notes that PlainsCapital is among those banks that could wriggle out of President Obama's salary cap imposed upon banks that took the government's money. Why? Because PlainsCapital "received money from the governmental program that provides capital to healthy banks to increase lending ... and [has] not accepted 'exceptional assistance' and would not be subject to the pay caps." Nowhere do these stories say how PlainsCapital has spent the money. Oh, wait ... But, at least, Victory Park's getting a new tenant.