"For one, paying back Uncle Sam ends government strictures on executive pay. Bankers say these restrictions make it impossible for bailout-receiving banks to compete for top banking talent. AIG head Robert Benmosche was reportedly on the verge of jumping ship only a few months after being hired because of pay frustration. Plus, there are plenty of what hedge fund whiz George Soros calls “hidden,” or indirect, benefits for bankers in the government’s attempts to reinvigorate the economy. From miniscule interest rates to a number of moves to get credit flowing freely once again, banks are getting plenty of federal help without the public relations blemish of counting government dollars on their balance sheet. Third, there is that all-important public image of the bank. Many investors will view a bank as weaker if it's still dipping into TARP while its peers are in the clear. And beyond investors, the banks face broader public-relations concerns. How sensitive banks are to public criticism right now is best shown through the actions of Goldman Sachs, which recently announced that its top 30 bankers will have their entire bonuses converted into company shares for 2009. That follows on the heels of a widely panned move to donate $500 million to a variety of programs to help small businesses." - Steven Perez from Bookmarklet