“I will say this very bluntly: We were told to take it. Not asked, told. ‘You will
take it,’ ” Davis said. “It doesn’t matter if you were there on the first night and you were told to sign on the dotted line before you walked out of the office, or whether in the days that followed, you were told to take it.”
Davis went on to say in his talk that while government officials marketed the program as a way to entice banks to lend again, TARP actually was designed to give solid banks like U.S. Bancorp some extra cash to buy weaker banks in the system.
[…] “We were told to take it so that we could help Darwin synthesize the weaker banks and acquire those and put them under different leadership,” he said. “We are not even allowed to mention that. … We were supposed to say the TARP money was used for lending.“
And from the Consumerist (which is totally awesome, and well worth adding to your feed reader):
He went on to say he would be “darned” if US Bancorp were to become part of of the “collateral damage” from the government’s “sloppy attempt at nationalizing the [banking] industry.” In so doing, Davis became the first major banking CEO to not talk horseshit since the crisis began.