The following is a letter to the editor of the News Journal written from a retired Wilmington Trust employee about TARP and Wilmington Trust.
Don’t Bank on Urquhart for the Truth About TARP Funds
As a Wilmington Trust retiree, I am angered by the false and misleading statements about the bank that Glen Urquhart has been making in his campaign ads and debates.
Wilmington Trust did not take “bailout money” under the Troubled Asset Relief Program as Mr. Urquhart claims. The TARP “bailout money” was for troubled institutions at the beginning of the Great Recession. Wilmington Trust received funds under the subsequent Capital Purchase Program. Through the CPP, the federal government requested that Wilmington Trust, and other good banks around the country like Wilmington Trust and WSFS, borrow these funds to help stimulate the economy. The amounts were based on the size of the institutions and have payback provisions including interest.
Mr. Urquhart needs to educate himself on the differences between the TARP “bailout money” and CPP stimulus funds. I am proud that Wilmington Trust did not lend or invest in the subprime market that helped cause the recession. Wilmington Trust has remained independent for 107 years, and has weathered two world wars, the Great Depression, and several recessions.
As a retiree with 33 years at Wilmington Trust, I have every confidence it will get through this recession with flying colors, as well.
If Mr. Urquhart is the Ronald Reagan devotee he claims to be, why does he continually break President Reagan’s eleventh commandment, thou shalt not speak ill of another Republican, by attacking Michele Rollins? Mr. Urquhart needs to go on a concert tour with Pat Boone, one of his radio endorsers, and sing his swan song.
Glen Urquhart’s Communications Director, David Anderson says:
The CPP money is part of the TARP system with the important distinction that it is not meant for banks that are in danger. We accept his technical correction even though published news reports in several publications used the term TARP monies. From the point of view of citizens without jobs and those over-taxed, it’s a distinction without a difference.
It is just a technical correction according the Urquhart campaign and they are pulling one of their ads because of this letter to the editor. Too little, too late. The horse has long been out of the barn on this one.