bailout

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Russia Bails Out Its Richest Man
Russia Bails Out Its Richest Man
Oct 30, 2008 12:20 PM CDT

Russia Bails Out Its Richest Man

Metal mogul Deripaska gets $4.5B handout to help pay loans from Western banks

(Newser) - The Russian government has agreed to loan $4.5 billion to metals magnate Oleg Deripaska to help him pay off a loan to a group of Western banks. While the state bank overseeing the bailout would not confirm the news, three newspapers have reported that Deripaska, who is considered Russia's...

Banks to Use Half Their Bailout Bucks to Pay Dividends

Critics: Cash was meant to spark lending

(Newser) - At least half the $163 billion banks are getting from the Treasury Department to shore up balance sheets and spur lending will be paid to shareholders as dividends over the next 3 years, reports the Washington Post. That’s raised the ire of members of Congress and some economists, who...

Feds Near $50B Plan to Guarantee 3M Mortgages

Treasury, FDIC working on measure to help avoid more foreclosures

(Newser) - The Treasury Department and the FDIC are working on a plan to guarantee the mortgages of 3 million struggling homeowners, the Washington Post reports. Under the plan, lenders would reduce monthly payments so owners could avoid foreclosure. If the homeowners defaulted anyway on the reconfigured loan, the government would repay...

Auto Bailout Is a Lemon for Taxpayers
Auto Bailout
Is a Lemon for Taxpayers
OPINION
Oct 29, 2008 11:35 AM CDT

Auto Bailout Is a Lemon for Taxpayers

Bankruptcy is just what Detroit needs to straighten itself out

(Newser) - Automakers just got a $25 billion loan from Uncle Sam, but now here GM and Chrysler are again, hat in hand, asking for another $10 billion to facilitate their merger. But the “deal is a lemon,” writes Steven Pearlstein in the Washington Post. Yes, the economy would suffer...

As Oligarchs Lose Billions, Kremlin Steps In

Russia bails out first businessman, but more trouble looms

(Newser) - The Kremlin is allowing an individual businessman to tap into a $50 billion rescue fund, reports the Wall Street Journal, signaling a shake-up of the relationship between the Russian government and the country's oligarchs. Mikhail Fridman, whose creditors declared him in default on a $2 billion loan from Deutsche Bank,...

Bailout Hits Hiring Hurdles Over Fees, Vetting

Low fees for managers and lack of Treasury manpower put brakes on bailout

(Newser) - Though the $700 billion bailout deal won approval Oct. 3, the Treasury has yet to begin purchasing bad loans that are poisoning the credit pool, due to delays in hiring financial firms to oversee the program, the Wall Street Journal reports. Concern over the fees that will be paid to...

You Got Your Bailout, Where Are Our Loans?
You Got Your Bailout, Where Are Our Loans?
OPINION
Oct 25, 2008 12:54 PM CDT

You Got Your Bailout, Where Are Our Loans?

Treasury trying to consolidate banking industry, not fix credit

(Newser) - When the Treasury was pushing its $700 billion bailout, it assured us that once banks had cash, they’d start lending. “I don’t know about you,” writes Joe Nocera in the New York Times, “but I’m starting to feel as if we’ve been sold...

Bailout Expands to Include Big Insurers

Feds look beyond AIG and banking industry to MetLife, others

(Newser) - The Treasury’s bailout is moving beyond banks to include major insurance firms hurt by bad investments, the Washington Post reports. Companies such as MetLife, the Hartford, and Prudential hope to be covered in the plan, under which the government would provide money in exchange for ownership stakes. Big insurers...

AIG Has Already Spent Most of $123B Bailout

Ailing insurance giant warns it may need more help

(Newser) - Struggling insurance giant AIG, recipient of the largest government bailout in history, has burned through three-quarters of its $123 billion financial lifeline, the Washington Post reports. As of yesterday, AIG has withdrawn $90.3 billion from the Federal Reserve’s credit line, mostly to pay off bad bets insuring toxic...

Paulson: I'd Do It All Again

Treasury secretary defends his actions in Times sit-down

(Newser) - Does Henry Paulson have any regrets about his widely-panned handling of the financial crisis? “I could have seen the subprime problem coming earlier,” he allows, before quickly adding, “I’m not saying I would have done anything differently.” Critics see things differently, of course, so Paulson...

Feds Warming to $40B Homeowner Bailout

Plan would give banks an incentive to rework troubled mortgages

(Newser) - Homeowners struggling to pay their mortgages would get help from the federal government under a $40 billion plan FDIC Chair Sheila Bair is expected to unveil today, reports the Wall Street Journal. Bair’s initiative, which would offer banks financial incentives to rework troubled mortgages into more affordable ones, is...

AIG Agrees to Freeze Executive Bonuses

NY takes tough action to limit payouts to curNewser Newsroom 1.15.0rent, former bigwigs

(Newser) - AIG will suspend bonus payments to its executives after getting pressure from New York Attorney General Andrew Cuomo. The ailing insurance firm, which recently got billions of dollars in loans from the Federal Reserve, also will stop $19 million in payments to a former CEO fired in June. Cuomo said...

Gas Prices Are Down&mdash;and That's Bad
Gas Prices Are Down—and That's Bad
OPINION
Oct 22, 2008 11:31 AM CDT

Gas Prices Are Down—and That's Bad

Investment in green is our only way out of crisis, writes Friedman

(Newser) - Gas prices are dropping at last, back down to an average of less than $3 a gallon for the first time in a year. That's good news for recession-fearing consumers, writes Thomas L. Friedman, but there's a downside: the push to drive less and make Detroit build more fuel-efficient cars...

World Narrows Eyes at Exec Pay
 World Narrows Eyes at Exec Pay 
Oct 21, 2008 12:30 PM CDT

World Narrows Eyes at Exec Pay

Germany's bailout plan imposes broader curbs than US version

(Newser) - As governments worldwide implement bailouts for ailing financial institutions, the movement to curb executive compensation at those firms, and others, is gathering steam. Golden parachutes and pay practices that encourage excessive risk-taking are extremely unpopular in the public eye, the Wall Street Journal reports, and governments are finding restrictions necessary,...

Just Like Mattress-Stuffers, Banks Hoard Bailout Cash

Recovery a long way off

(Newser) - Wall Street may be cheering for the bailout, but Andrew Ross Sorkin knows what the banks are really doing with our $250 billion: “They have stuffed it under their mattresses like the rest of us,” he writes in the New York Times. Consumers will find it almost as...

Lloyds CEO Vows Bonuses, Despite Bailout

CEO promises execs big paydays for their 'terrific job'

(Newser) - The CEO of Lloyds had promised staff that they will receive bonuses even though the British banking giant is being bailed out by the government. Employees were told that Lloyds faced "very, very few restrictions" after taking up to $9.4 billion in government money, reports the Guardian....

Soaring National Debt Takes Backseat to Bailout

Congressional Budget Office says deficit could reach $700 billion this year

(Newser) - There's a strange silence in Washington these days about the federal deficit, the New York Times reports, as the immediate economic crisis trumps worries about adding hundreds of billions in debt. Lawmakers on both sides of the aisle are unusually sanguine about paying for the bank bailouts and another proposed...

Tough German Bailout Caps Bank Salaries

Bonuses, dividends also nixed for troubled firms' execs

(Newser) - The German cabinet approved the terms of a $645 billion bailout plan today—which includes a salary cap for top bank managers. Banks who take part in the bailout must cap managers' salaries at about $670,000 and withhold bonuses and dividends. Some of Germany's top banks have said they...

In Financial Crisis, Europe Leads the Way (for a Change)

Investment in banks proved better strategy than mortgage bailout

(Newser) - The US has long considered Europe to be the economic equivalent of a doddering old uncle, but this week it was oldster leading whippersnapper America by the hand through the most serious crisis since the Depression. Europe, seeing the need for a sturdier fix than the mortgage-bailout Band-aid Washington proposed,...

US Attempts a Very Chinese Bailout
US Attempts
a Very Chinese Bailout
OPINION
Oct 16, 2008 1:49 PM CDT

US Attempts a Very Chinese Bailout

Beijing blazed this trail in '98, and dependence more important now

(Newser) - Wondering how the bailout will work out? Look no further than China, David Ignatius writes in the Washington Post. Beijing test-piloted exactly this kind of strategy, doling out $15.1 billion to buy up companies gashed by the 1998 Hong Kong market crash. Now, he writes, the Chinese need to...

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