On this list of banks receiving gov't swag:

[Pheidippides]

Zion's Bank. Down the list a bit, but dollar amount is $1.4 billion (not all that much IMO). http://taxpayer.net/user_uploads/fil...nouncement.pdf.

Is Zion's still church-owned at all? And do I care? I know they had an IPO a while back.

[Gocougs]

Zion's Bank. Down the list a bit, but dollar amount is $1.4 billion (not all that much IMO). http://taxpayer.net/user_uploads/fil...nouncement.pdf.

Is Zion's still church-owned at all? And do I care? I know they had an IPO a while back.

And my buddy will probably get his $120K bonus again this year as a result. Pretty sad. How can Zion's not be making money. They give my dad 1.5% on his checking account and loan out money at 7%+.

[beelzebabette]

And my buddy will probably get his $120K bonus again this year as a result. Pretty sad. How can Zion's not be making money. They give my dad 1.5% on his checking account and loan out money at 7%+.

They're still making money. I saw a news article this morning (http://www.reuters.com/article/marke...0081202?rpc=44) that said this money will allow them to accelerate their recognition of losses "on a portfolio of bank trust preferred collateralized debt obligations," but that they still expect to recognize a profit the next couple of quarters.

My understanding is that only stable banks were eligible, and Zions was taking the money under the same philosophy that an individual would take a child tax credit if eligible. It's allowed so why not. Cheap capital.

[smokymountainrain]

My understanding is that only stable banks were eligible, and Zions was taking the money under the same philosophy that an individual would take a child tax credit if eligible. It's allowed so why not. Cheap capital.

That is exactly right. Zions CEO said as much.

[myboynoah]

Zion's Bank. Down the list a bit, but dollar amount is $1.4 billion (not all that much IMO). http://taxpayer.net/user_uploads/fil...nouncement.pdf.

Is Zion's still church-owned at all? And do I care? I know they had an IPO a while back.

No. The Church started divesting it's interest in Zions back under McKay. It may still own some stock, but very little.