Treasury Department

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Fed Moves Street; Dow Up 91
 Fed Moves Street; Dow Up 91 
MARKETS
Mar 18, 2009 3:23 PM CDT

Fed Moves Street; Dow Up 91

Plan to buy Treasuries, mortgage-backed securities stirs stocks

(Newser) - Stocks slumped today until the announcement of the Federal Reserve’s plans to buy billions in Treasuries and mortgage-backed securities, which caused a minor rally in equities, the Wall Street Journal reports. Treasury prices surged and yields plummeted. The Dow gained 90.88 to close at 7,486.58. The...

Fed to Spend $1T on Mortgage, Treasury Securities

Latest intervention hopes to lower lending costs

(Newser) - The Fed plans buy up to $300 billion in long-term Treasury securities in an attempt to make lending more affordable, the Wall Street Journal reports. The massive buy is intended to push down interest rates on consumer loans and corporate bonds, which are linked to yields T-bills. The Fed will...

Obama's Agenda Dwarfs His Staff

President's team stretched thin despite flurry of appointments

(Newser) - President Obama is filling government jobs more quickly than his predecessors, but there's so much going on that his team is still stretched thin, the Wall Street Journal reports. Obama is juggling the economic crisis, stimulus package, and two wars, all with just 43 confirmed aides. "No one since...

Treasury Pick Withdraws After Vetting 'Issue'

Cohen, tabbed as deputy, is third to pull out in less than a week

(Newser) - Staffing the Treasury Department is proving to be a pickle for the Obama administration, with the third candidate in less than a week withdrawing from consideration today, ABC News reports. H. Rodgin Cohen, a partner with law firm Sullivan & Cromwell, was considered the top choice for Deputy Treasury Secretary...

Geithner Urges G20 to Pump Up Global Economy

Treasury seeks billions to help IMF prop up struggling nations

(Newser) - Tim Geithner is calling on the other G20 nations to help the US get the global economy back on its feet, the Washington Post reports. The Treasury secretary, who leaves for a G20 summit tomorrow, said in a briefing yesterday the administration plans to ask Congress for another $100 billion...

TARP Manager: Let's Not Micromanage
TARP Manager: Let's Not Micromanage
Mar 11, 2009 3:15 PM CDT

TARP Manager: Let's Not Micromanage

Banks can't make bad loans for lending's sake, says Kashkari

(Newser) - Neel Kashkari, the man who manages the Troubled Asset Relief Program, doesn’t think the government ought to try to make decisions for the banks it helps, he told lawmakers today. “However well-intended, government officials are not positioned to make better commercial decisions than lenders,” he insisted. He...

Geithner Sees 'Dramatically Different' Capitalism

Treasury sec defends his record on Charlie Rose

(Newser) - Tim Geithner defended his performance at the New York Fed and the Treasury in a long interview with Charlie Rose last night, but conceded that "expectations got ahead of the policy." Geithner rejected suggestions that the lack of a policy detail was muddling the Obama administration's message and...

Geithner Takes Hit as 2 Treasury Picks Pull Out

Candidates for deputy, international affairs stick to old jobs

(Newser) - Two leading candidates for top Treasury jobs have dropped out of the running in a setback for secretary Tim Geithner, Reuters reports. Former Securities and Exchange commissioner Annette Nazareth had been in line to be deputy secretary, but withdrew to stick with her private practice. Geithner’s pick for international...

Hedges, Private Equity Funds to Invest in Bailout

TALF program could see very rich outfits get even richer

(Newser) - With its highly touted TALF program to spur consumer lending, the government is undertaking a $1 trillion effort that hinges on the participation of some unpopular outfits: hedge funds and private equity firms. As the Washington Post reports, the Fed and Treasury's "public-private partnership" relies on investment from the...

White House Starts Mortgage Rescue Plan

(Newser) - The White House today kicked off its $75 billion plan to curb mortgage foreclosures, the Wall Street Journal reports. The federal dollars will both push lenders to lower monthly payments and help homeowners keep paying. “Today, we are providing servicers with the details they need to begin helping eligible...

Feds Aim to Generate $1T in Consumer Loans

(Newser) - There's a new acronym in bailout land: TALF. Officials at the Fed and Treasury Department today outlined the new lending program, which is designed to revive the nation's so-called shadow banking system and generate up to $1 trillion in loans to consumers and small businesses, the Wall Street Journal reports....

Investment Funds May Replace 'Bad Bank'

Administration eyes creation of private funds to suck up toxic debt

(Newser) - The Obama administration is considering creating multiple investment funds to buy up the toxic debts at the heart of the financial crisis, insiders tell the Wall Street Journal. No fixed structure has been agreed upon, but under one leading plan the funds would be administered by private investment managers who...

Two Voices, One Economic Plan
 Two Voices, One Economic Plan 
ANALYSIS
Mar 2, 2009 8:20 AM CST

Two Voices, One Economic Plan

Geithner and Summers speak loudly, cohesively, driving Obama's agenda

(Newser) - Among the policymaking din at the White House, the voices of Larry Summers and Tim Geithner have emerged as the loudest—and generally in unison, the Washington Post reports. The duo first teamed up to battle financial crises in Asia and Mexico in the mid-‘90s at the Treasury Department;...

AIG Posts Record Loss, Gets 4th Lifeline of $30B

Insurer loses $62 billion in Q4 and may break up

(Newser) - AIG posted a quarterly loss of $62 billion today—the largest in American history—following news that Washington will provide an additional $30 billion in cash to the insurer and loosen the terms on previous loans. The Treasury and Fed have now intervened four times to prop up AIG, reports...

Vetting Process Leaves Agencies Understaffed

Stimulus increases workload, but senior posts vacant

(Newser) - President Obama’s nominee vetting process is making it hard for federal agencies to get to work on new projects, the Boston Globe reports. Of about 500 senior positions, only 70 have been filled. Normally that wouldn’t be a problem, but the passage of the stimulus package “may...

US to Take 36% Stake in Citi
 US to Take 36% Stake in Citi 
UPDATED
Feb 27, 2009 6:57 AM CST

US to Take 36% Stake in Citi

Treasury will take up to 40% of bank in return for boardroom overhaul

(Newser) - Citigroup and the federal government have reached a deal to boost the US stake in the bank to up to 40%, the parties announced this morning. The deal gives shareholders more protection, but in return, agrees to a Treasury Department demand for an overhaul of the embattled bank's board of...

Big Banks Up; Dow Down 80
 Big Banks Up; Dow Down 80 
MARKETS
Feb 25, 2009 3:17 PM CST

Big Banks Up; Dow Down 80

Troubled financials boosted by Bernanke comments, Treasury plan

(Newser) - Stocks suffered modest losses today, though prominent financial institutions gained, the Wall Street Journal reports. Details of the Treasury’s “stress tests” and comments from Ben Bernanke disavowing nationalization buoyed Citigroup, Bank of America and Wells Fargo—but another dismal home-sales report depressed the broader market. The Dow fell...

Would-Be 'Car Czar' to Head Auto Task Force

Obama taps financier Rattner as lead in GM, Chrysler restructuring

(Newser) - Steven Rattner has been named chief adviser to the panel tasked with restructuring GM and Chrysler, Reuters reports. The financier was considered the frontrunner to be "car czar" before President Obama opted for a panel rather than a single chief. Rattner, who will leave the private equity firm...

Obama's Auto Team Drives Foreign Cars

Just 2 of task force's 8 members own domestic models

(Newser) - Detroit’s Big Three might be in worse trouble than they thought: Of the eight people on the Presidential Task Force on the Auto Industry, and the 10 policy aides assisting them, just two own cars built by American-owned manufacturers, the Detroit News reports. The co-chairs—Timothy Geithner and Lawrence...

Bailed-Out Banks Cut Lending
 Bailed-Out Banks Cut Lending 
Feb 18, 2009 3:15 AM CST

Bailed-Out Banks Cut Lending

Report finds that bailout funds have failed to jolt banks into boosting lending

(Newser) - The 20 largest banks that received billions in  US government rescue funds slightly reduced their lending to consumers and businesses in the last quarter of 2008, the government said yesterday. Banks cut their mortgage and business loans by a median of 1% each, while credit card lending rose by a...

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