Corporate welfare

Minnesota banks getting bailed out: the list

Friday, January 30th, 2009

ProPublica, a non-profit investigative reporting outfit, has set up a handy reference tool so people can track the $300 billion in bank and other business bailouts approved by the Treasury Department. Here’s the current list that includes Minnesota-based banks, as well as Wells Fargo, which has major operations here:

Wells Fargo (San Francisco): $25 billion

U.S. Bancorp (Minneapolis): $6.599 billion

TCF Financial (Wayzata): $361.2 million

HMN Financial/Home Federal Savings Bank (Rochester): $26 million

Crosstown Holding Company/21st Century Bank (Blaine): $10.7 million

Redwood Financial (Redwood Falls): $2.995 million

This week, President Obama had harsh words for the generous bonuses Wall Street executives awarded themselves while taxpayers were bailing out their companies. Earlier this week, Treasury Secretary Timothy Geithner announced that the government would make the Troubled Asset Relief Program, popularly known as TARP, more transparent by posting additional documents online – a welcome development, in Whistleblower’s opinion, for a program at least five times larger than Minnesota’s annual state spending.