Dear Timmy...

(Update 10:40pm PST) Found this article @ Bloomberg.com.
Fed Said to Raise Requirements for Banks to Repay TARP Funds (6/3/09)

?? I thought TARP was administered by Treasury Department. As far as I know, Treasury Department and Federal Reserve are still two different, separate entities.

But if Federal Reserve was telling the banks to raise more capital than previously required by the stress test LAST WEEK, that explains the weakness/underperformance in financial stocks that started last week.

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The US Treasury Secretary sure doesn't get much respect.

He was laughed at in China, and a top Wall Street banker wrote him a letter that says:

“Dear Timmy, we are happy to be able to pay back the $25 billion you lent us. We hope you enjoyed the experience as much as we did.” - Jamie Dimon, CEO of J.P.Morgan Chase.

Mr. Dimon read the letter yesterday before the Annual NYU International Hospitality Industry Investment Conference in New York, according to various news source (here's one).

(I wonder if J.P.Morgan Chase will be barred from returning TARP by the Secretary whose feelings may have been injured...)

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