[March 27, 2014] The “financial crisis of 2008” saw the U.S. Government loan banks billions of public dollars in what was unofficially known as “bailout money.” Formally called the Troubled Asset Relief Program (TARP), the full amount loaned has never been revealed or paid back in full, but ranges from $700 billion to over $7 trillion in loans. Was this a leadership failure or success?
One bank that did not take any of the money was TD Bank (of Canada). This is why they are listed here as well as their core values. Originally, Bank of America was selected to be profiled. Despite having paid back the money and overcoming their scandals. Accordingly, BoA is not listed here as a successful bank.
“We don’t need Fed money.” – Ed Clark, Chief of TD Bank1
TD Bank guiding principles2 and values and are:
- Deliver legendary customer experiences
- Be an extraordinary place to work
- Operate with excellence
- Understand our business
- Take only risks we understand and can manage
- Enhance our brand
- Increase shareholder value
TD Bank’s mission is simple: “We will be the best run, customer-focused, integrated financial institution with a unique and inclusive employee culture.”
Like so many great companies that are successful in their own right, TD Bank stands above the others.
[Don’t forget to “Like” the Leader Maker at our Facebook Page.]
 Mission and Core Value reference: http://www.tdcanadatrust.com/easyweb5/crr-2011/about/whoweare/whatwevalue.jsp
Here is a complete, updated list of banks that took TARP funds and their status of paying taxpayer money back: http://projects.propublica.org/bailout/list. Interesting to note that USAA Bank was among those not taking TARP dollars.