bailout

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Be Very Afraid: Goldman Sachs Is Smiling
Be Very Afraid: Goldman Sachs Is Smiling
OPINION
Jul 15, 2009 7:41 AM CDT

Be Very Afraid: Goldman Sachs Is Smiling

High-risk model hasn't changed, could lead to new crisis, says Reich

(Newser) - Goldman Sachs is back in the black, with trading and stock underwriting revenues at an all-time high—and that should scare you, former Clinton cabinet member Robert Reich writes in Salon. While Goldman's earnings may signal that the current crisis is abating, the bank hasn't modified high-risk strategies that forced...

Bailouts May Be Offered to Small Businesses

TARP funds, meant to save banks, could be used to save jobs

(Newser) - The Obama administration is working on a plan that would take money from the TARP—the $700 billion fund intended to rescue banks—and lend it to small businesses, the Washington Post reports. The money would come with few restrictions, and the government would pick up as much as 90%...

Inouye Pulled Strings to Get Hawaii Bank Bailout Cash
Inouye Pulled Strings to Get Hawaii Bank Bailout Cash
investigation
Jul 1, 2009 8:18 AM CDT

Inouye Pulled Strings to Get Hawaii Bank Bailout Cash

Inouye owned shares in institution

(Newser) - A Hawaii bank got a federal bailout weeks after Sen. Daniel Inouye’s office called federal officials to check on the bank’s funding application, ProPublica and the Washington Post report. The bailout money was intended to support healthy banks, but the FDIC had decided Central Pacific Financial didn’t...

GE Reaps Billions From Bailout Loophole
 GE Reaps 
 Billions From 
 Bailout Loophole 
INVESTIGATION
Jun 29, 2009 8:09 AM CDT

GE Reaps Billions From Bailout Loophole

Loophole lets company pull down $74B from FDIC

(Newser) - The biggest beneficiary of the federal government's debt guarantee program, one of Washington's key bank rescue efforts, isn't a bank or a financial services company—it's General Electric, which exploited a loophole it had lobbied aggressively to insert, and reaped billions in bailout money. A joint investigation by ProPublica and...

Facing $24B Shortfall, Calif. Gets No Love From Feds

Washington refuses state's requests for aid

(Newser) - California may be the world’s 8th-largest economy and key to President Obama’s re-election, but requests for financial aid are falling on deaf ears in Washington, Politico reports. The Golden State remains deadlocked over a $24 billion budget deficit, and many of its own officials are unsympathetic. “Why...

Bailed-Out Bank Execs Fly Corporate Jets to Resorts

Citi, BoA, Morgan Stanley CEOs jetted off after cash infusions

(Newser) - Executives at bailed-out banks are still using company jets to fly to vacation homes and resorts, the Wall Street Journal reports. The newspaper reviewed FAA records to find that banks receiving federal aid have flown top execs to locales such as the Caribbean, Aspen, and Europe. Case in point: Less...

Feds Reject Plea for Calif. Bailout

Aid ruled out for now as state warns of fiscal meltdown

(Newser) - The federal government has rejected pleas for emergency aid from top California officials, reports the Washington Post. State officials warn that its budget crisis is approaching the point of a "fiscal meltdown" that will cause massive cuts and deepen the state's recession. But the Obama administration fears bailing out...

Michael Moore Wants to 'Save Our CEOs'

Teaser trailer is actually stunt for new movie

(Newser) - Let the viral marketing begin. Michael Moore pulled a fast one on New York moviegoers Friday night when, instead of a conventional trailer for his new film, he appeared onscreen Will Rogers-style asking for donations to “save our CEOs,” the New York Daily News reports. Audience reactions were...

White House Shifts Course on Wall St. Pay

Salary caps will be dropped, but bonus restrictions remain

(Newser) - The Obama administration has scrapped plans for salary caps at banks and other firms that receive government bailout money, reports the Wall Street Journal. But congressional limits on bonuses will remain in force, and the White House will still push for major changes to executive compensation. The double whammy of...

Dow Off 1 on TARP Repayment
 Dow Off 1 on TARP Repayment 
MARKETS
Jun 9, 2009 3:14 PM CDT

Dow Off 1 on TARP Repayment

(Newser) - The market was mixed today after the government announced TARP repayment plans, the Wall Street Journal reports. Oil surged past $70 a gallon, and the transport industry saw declines. The Nasdaq rose on hopes that electronics retail is picking up. The Dow was off 1.43 to 8,763.06....

GMAC Gets New $7B Bailout
 GMAC Gets 
 New $7B Bailout 
May 21, 2009 7:19 AM CDT

GMAC Gets New $7B Bailout

Treasury could double the injection as it moves closer to majority stakeholder

(Newser) - The Treasury is prepared to inject another $7 billion into GMAC as the first stage in a new bailout that could double to $14 billion, putting the government on a trajectory to be the majority stakeholder in both GMAC and General Motors by year's end, the Wall Street Journal reports....

From Ashes of Recession, a Reshaped Fed Will Rise

The Fed stands to gain some powers and lose others

(Newser) - Among the myriad things that will be reshaped by the current economic crisis is the Federal Reserve, the Wall Street Journal reports. The steps the Fed has taken to stave off further economic turmoil have made it more vulnerable than it has been in years: If a lasting recovery takes...

No Newspaper Is Worth Saving—in Its Current Form

(Newser) - It's only a matter of time before major American newspapers become nonprofits, writes Simon Dumenco in Advertising Age. The idea—he himself wrote about it in 2006, borrowing from the model of the Guardian—is "an inevitability," he writes. And now that a few "suddenly panicky" senators...

Tests Replace 'Uncertainty With Transparency'
Tests Replace 'Uncertainty With Transparency'
OPINION
May 7, 2009 7:56 AM CDT

Tests Replace 'Uncertainty With Transparency'

Tests on the biggest banks will make raising capital, paying it back easier

(Newser) - In an op-ed piece in the New York Times today, Timothy Geithner positions the stress tests—whose results are released officially today—as a way to restore longer-term confidence in the aftermath of the "tentative stability" achieved by the last administration. "We chose a strategy to lift the...

Robber Told Bank He Was Fed Up With Bailouts

Gets away after SF bomb-threat heist

(Newser) - Police are looking for a man who robbed a San Francisco branch of Bank of America—ostensibly out of disgust for corporate bailouts, the Chronicle reports. The man requested a meeting with a manager and told him he represented “a corporation” concerned with the bailouts—before threatening to detonate...

'Poor' TARP Wife Unmasked, Tarred, and Feathered

(Newser) - A snooty “confessions of bailout wife” piece has the web’s gossip-mongers in a frenzy, with New York magazine leading the way in divining the anonymous author’s identity. By process of elimination, Jessica Pressler determines, the woman behind the “eye-rolling details” of foregoing birthdays at Michelin-rated restaurants...

Geithner: $110B Left in TARP War Chest
Geithner: $110B Left in TARP
War Chest
UPDATED
Apr 21, 2009 10:53 AM CDT

Geithner: $110B Left in TARP War Chest

Treasury won't ask Congress for more; defends slack lending

(Newser) - Some $109.6 billion remains in the government's $700 billion bailout, Treasury Secretary Timothy Geithner today told TARP's congressional oversight chief, Elizabeth Warren. The Treasury sec says that's plenty—he expects banks to repay about $25 billion over the next year, and won't ask Congress for more. Geithner also defended...

20 Crime Probes Launched Into Bailout Fraud

Inspector calls TARP 'inherently vulnerable' to insider trading, abuse

(Newser) - Federal authorities have begun 20 separate investigations into possible fraud, tax violations, insider trading, and other criminal activities surrounding Henry Paulson's $750 billion Troubled Asset Relief Program, reports the Los Angeles Times. It's only the first round of probes, according to the bailout program's inspector general, who called TARP "...

US May Avoid More Bailouts by Trading Loans for Equity

Conversion could stretch bailout fund by $100 billion

(Newser) - President Obama’s economic team has figured a way to keep the banks afloat without asking Congress for more money, by converting the government's existing bailout loans to common stock, the New York Times reports. The conversion plan could stretch Treasury’s fund by more than $100 billion, but it...

Bank Lending Still Down 23% 4 Months After Bailout

Journal says Treasury's tally hides damage

(Newser) - Banks that received taxpayer aid to restart lending are loaning less than they did before the bailout, a Wall Street Journal analysis finds. The most recent figures available, from February, show a 23% drop in new loans from the lending level in October, when the Treasury Department kicked off TARP,...

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