conversation is an engine

Yesterday’s StarTribune included an article about TCF returning TARP funding (“TCF rejects rescue money,” 3/3/2009, p. D1). Chris Serres quoted TCF chief executive Bill Cooper as saying it was a no-win situation. If they don’t accept TARP money, people would think they couldn’t get it and they were in trouble. If they did receive TARP money, Cooper said, “you’re stigmatized as evil people stealing from taxpayers.” An article in today’s StarTribune reports on two more banks receiving TARP funding.

Turns out TCF didn’t need it and would write a check for the $361.2 million.

Is it possible we’ve turned some corner in this country where the big money-makers are starting to worry about their appearance to the working folks? TCF has always seemed like a bank for anybody—perhaps the PR department thought they could win points with their target audience by returning money they didn’t need. Did they feel just stigmatized—or maybe even a bit guilty? Or did they just tire of the public peeking into their expensive meetings. Whatever the motive, giving money back seems like a positive sign. Kudos to TCF and Bill Cooper.

It’s a tribute to the power of opinion that $360 million (and change) is being returned by a bank that didn’t need it in the first place. This act seems to elevate the actions that could result from public knowledge: people might bank elsewhere. And dialogue among the working folk could begin an exodus from a stigmatized TCF.

It could happen.

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