M & T Buys Wilmington Trust
futureofcapitalism.com

M & T Bank Corp. will acquire Wilmington Trust Corp. for $351 million, a Bloomberg News article reports. The article reports that "The U.S. Treasury, through its Troubled Asset Relief Program, bought $330 million in preferred equity in Wilmington Trust in December 2008. M&T said it agreed to assume responsibility for the preferred stock."

What the article doesn't say is that M & T itself still owes the government $751.5 million it was given under the Troubled Asset Relief Program. Or that Warren Buffett's Berkshire Hathaway is a big investor in M & T, which will now be operating with $1,081,500,000 of taxpayer capital.

You'd think M & T might want to pay the taxpayers back the $751.5 million before spending $351 million on an acquisition.

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M & T Buys Wilmington Trust
futureofcapitalism.com

M & T Bank Corp. will acquire Wilmington Trust Corp. for $351 million, a Bloomberg News article reports. The article reports that "The U.S. Treasury, through its Troubled Asset Relief Program, bought $330 million in preferred equity in Wilmington Trust in December 2008. M&T said it agreed to assume responsibility for the preferred stock."

What the article doesn't say is that M & T itself still owes the government $751.5 million it was given under the Troubled Asset Relief Program. Or that Warren Buffett's Berkshire Hathaway is a big investor in M & T, which will now be operating with $1,081,500,000 of taxpayer capital.

You'd think M & T might want to pay the taxpayers back the $751.5 million before spending $351 million on an acquisition.

Read More...