ONE RULE FOR YOU, ONE RULE FOR ME

"More than 90 U.S. banks and thrifts missed making a May 17 payment to the U.S. government under its main bank bailout program, signaling a rising number of lenders are struggling to meet their obligations.

The statistics, compiled by SNL Financial from U.S. Treasury data, showed 91 banks and thrifts skipped the May dividend payment under the Troubled Asset Relief Program, or TARP. It was the first missed payment for 23 of the banks; for the others, it was at least their second miss.

The number of banks missing their TARP payments rose for the third straight quarter. In February, 74 banks deferred their payments; 55 deferred last November.

...In some cases, small banks are renegotiating the repayment terms. Midwest Banc Holdings [MBHI 0.02 --- UNCH], for example, agreed to swap $84.8 million in preferred shares issued under the TARP program in 2008 for $15.5 million in common shares. That would have meant an 80 percent loss for the government—and the U.S. taxpayer—on the initial investment. But the swap was contingent on the bank raising more private capital, which it failed to do. Regulators seized the bank in May."
CNBC

The banking industry is mirroring the home owners it lent money to. I'll bet that the banks get a lot more slack cut them by the government than they cut their customers. I tried to renegotiate with my mortgage holder because my house has lost value and I don't make the money I once did. Neither is their problem really, but I thought I'd give it a shot anyway. There is no give with those guys.

We made a deal and I'll stick to it; that's how life goes. I just hate and despise the way the system works, though. The guys with the power (in the banking industry it's the Citi's and BofA's and their ilk) function under one set of laws while the rest of us live under another. And the people pay for all of it, one way or another. That isn't how this country was supposed to operate and this is the thing, the injustice, that will lead to the coming political storm.

The Founders are rolling in their graves.