andruomail

Bank Investors Beware, Shareholder Interests Are Secondary

re TARP preferreds: while that 1st round was issued with equal seniority to existing lines, I think TARP's were cumulative, while a lot of normal lines are non-cumulative -- TARP's dividends could be stopped and would still have to be repaid someday, but missed noncumulative ones would be lost. So read the fine print if you're thinking about buying preferred today.