Well, I was sitting around singing the TARP song the other day, trying to figure out how to get myself a piece of the TARP. That's a massive amount of money, so I should be able to get a little bit of it at least!
So, here's what I came up with:
The interest rates on my cash accounts are pathetic since the Fed lowered their overnight rate to 0% (free money... wonder how I can borrow at that rate?) Anyway, my tax-free money market account is only paying 0.27%. But my ING direct account is paying 1.83% (a lot better but still low.)
So I noticed that GMAC's online bank (which works like INGdirect) is paying 2.75% interest! Here's a company that hasn't made a profit in many quarters... so how are they paying that kind of interest? You guessed it! It's from TARP!!!!
So, you can get a slice of TARP by just signing up and getting an account! Plus, you don't have to worry about them going under since our government are bailout bandits! Our government savants
will end up bailing out FDIC anyway... So, I'm not worried about putting some of my money there... I'm not going to set around in a low yield account when I can get me some TARP!!!!