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Meadows Bank and the TARP Tax A question of Ethics for Senator Harry Reid

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In early 2008 a new Bank quietly opened it's doors for business in Las Vegas, Nevada.

Meadows Bank's first phase features ecofriendly touches 

Meadows Bank is scheduled to open its first branch and corporate headquarters in February. Another 4,400 square feet of executive offices and a boardroom are to come in the fourth quarter.

Meadows Bank: Who We Are:

We offer a knowledgeable, friendly staff, an experienced management team and an exceptional local Board of Directors to aid you in your banking partnership …...

Who sits on the Board of Directors of Meadows Bank? Senate Majority Leader Harry Reid's son:

Key Reid

Senior Vice President / General Counsel, The Greenspun Corporation

Independent bank to have Agassi on board 

Other board members for Meadows Bank are...

Key Reid, general counsel to the Greenspun Corp. and son of Senate Majority Leader Harry Reid

Year of the Bank

Brad Tope, executive vice president and chief lending officer at Meadows Bank, commented: "Banks need to be involved in lending for the economy to recover."

The 2-year-old start-up bank increased its loans by 14.6 percent to $78.6 million during the three months ending Sept. 30.

Meadows Bank, however, enjoyed good timing. It didn't start operations until after the economy fell off the cliff, turning good loans into bad loans at other institutions.

Meadows has no nonperforming loans or foreclosed real estate.

Tope acknowledged that some competitors are focused on problem loans.

John Detra recalled. "Today, it's save your ass and screw your fellow man as much as you can to secure your future."

Nevada Senator Harry Reid was THE ranking Congressman on the $787 Billion TARP Compromise Committee that produced the final Legislation signed into law.




Managers on the Part of the House.




Managers on the Part of the Senate.

This is where the bonus restrictions were removed from the legislation.

Blame Dodd Attacks Ignore Facts

He would have outlawed AIG-type bonuses, but Treasury and the White House got his ban removed.

Some Republicans have been quick to blame Democratic Sen. Chris Dodd of Connecticut for allowing big bonus payments to AIG executives. They get the facts backward. The public record shows Dodd authored an amendment that would have prevented "any bonus" being paid to top executives of firms getting bailout money. It was the White House and the Treasury Department that insisted Dodd’s amendment be watered down to apply only to bonuses paid under agreements signed in the past five weeks. Treasury Secretary Timothy Geithner has taken public responsibility for that. We lay out the full story in our Analysis section.

AIG Scandal:White House Top Seat/Pelosi/Reid Involved

Warren Winning Means No Sale If You Can’t Explain It

Senate Majority Leader Harry Reid, a Nevada Democrat, appointed Warren to the five-member TARP committee after she impressed him with her “strong pro-consumer views,” according to Jim Manley, Reid’s spokesman.

The Truth About The TARP Tax

And JPMorgan Chase is a major contributor to the committee's second-most senior Democrat, Tim Johnson, as well as Senate Majority Leader Harry Reid.

"TARP Tax" Coming Today

Analysts at FBR Capital said while the "TARP Tax" makes great headlines it is unlikely to pass the Senate. The firm stated, "Our sources on Capitol Hill indicate that the TARP tax has a very low probability of passage in the Senate, as nearly all Republicans and a sufficient number of Democrats would likely vote against the measure." The firm thinks the tax would likely pass the more populist-driven House.

A question of Ethics? Ask Inspector General Neil Barofsky about that...

Feb. 2, 2010