Today, I learn that Ford beat GM in Q1, 2009. That's never happened before.
Does it surprise anyone that Government Motors lost marketshare to the car manufacturer that didn't take the money?
Another thing I learned today: Bank of America sponsored a poll at CNN that showed that 65% of respondents don't trust US banks.
Can you say TARP?
I recently found a list of all of the banks that took TARP money and put it into a spreadsheet with an autofilter. In this way, I could see which banks took money in Iowa.
(Click here for the spreadsheet if you'd like to see it for yourself.)
Yesterday's news release of the so-called bank stress tests indicated that banks need to find $65 billion in capital shortfall. Over half of that is Bank of America alone. Wells Fargo needs $15 billion.
Now it might be me, but when I look at which bank to place my accounts, TARP factors into my decision. I bank at two banks. One is Wells Fargo, with which I'm content, but make no money in interest.
The other is Charles Schwab, which gives me a decent interest rate with no minimum balance and I pay no ATM fees at all. Charles Schwab, which I confirmed today, took no TARP money. Personally, I think that they ought to use that to their competitive advantage and put that in a commercial. "Independent, strong... We're our own bank - let us be your bank."
I'm not sure that banks see this coming yet, but TARP was bad for branding, and this administration and congress are no partners for success.