bailout

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Fannie Mae CEO Picked as Bailout Chief

Former Merrill Lynch prez to overhaul $700B TARP program

(Newser) - Wall Street veteran and Fannie Mae CEO Herb Allison has been nominated to oversee the Treasury's $700 billion bank rescue, Bloomberg reports. If confirmed by Congress—where he's likely to be grilled on his defending of bonuses at Fannie—Allison will be tasked with deploying the second phase of the...

Bailed-Out Banks Don't Want to Bail Out Chrysler

Lawmakers say rescued banks should cooperate in auto rescue plan

(Newser) - Auto task force Steven Rattner's request that four big banks write off their $7 billion debt to Chrysler in return for nothing met with a big no from dropped jaws, reports the Washington Post. JPMorgan Chase, Morgan Stanley, Citigroup, and Goldman Sachs are seeking a better deal, but critics argue...

SEC Probes BofA for Being Mum on Merrill Bonuses

Bank may have illegally misled investors over pre-takeover Merrill payouts

(Newser) - The SEC is looking into whether Bank of America violated federal law by failing to let investors know Merrill Lynch planned to pay its execs $3.62 billion in bonuses before it was taken over by BofA last year, the Financial Times reports. The regulator is reviewing the bank's disclosure...

Kids to AIG: 'Not All of USA Hates You'

(Newser) - It seems fourth-graders have a greater store of empathy than the rest of this crisis-wracked nation. When a Houston teacher asked students how they felt about the AIG bonus scandal, it provoked the usual boos and hisses. But when she put the kids in an AIG employee’s shoes, they...

Goldman Mulls Stock Offering to Repay Feds

Hopes to repay $10B government loan

(Newser) - Hoping to pay off a $10 billion government loan, Goldman Sachs may take advantage of a rising market to make a multibillion-dollar new stock offering, the Wall Street Journal reports. Employees, investors, and executives all like the idea of cutting the government’s role in the firm, which has held...

Bailout Honchos Weigh Toxic-Asset 'War Bonds'

Treasury's new idea would allow private investors to profit from bailouts

(Newser) - Responding to charges the bank bailout privatizes profits while socializing losses, the Obama administration is exploring creating mutual-fund-type instruments that would allow private citizens to invest in toxic assets. The bailout funds, akin to war bonds, would allow the taxpayers who funded the bailout to profit along with Wall Street,...

Treasury Helps Companies Skirt Bailout Rules

(Newser) - The Obama administration has devised a maybe-legal method of avoiding Congress’ restrictions on companies that accept bailout funds, including limits on executive pay and a requirement that taxpayers get an ownership stake in the firms, the Washington Post reports. To sidestep the restrictions, the administration has created special entities to...

AIG Bailout Has Failed: Greenberg

Government should focus on reducing stake, restructuring firm, former CEO says

(Newser) - AIG’s former CEO told Congress today the bailout of the insurance firm has “failed” and that the government should restructure the company, the Wall Street Journal reports. At a House committee hearing, Hank Greenberg said he blamed his successors for the firm’s implosion: "I think they...

G20 Should Bail Out the Poor: Kristof
 G20 Should Bail Out 
 the Poor: Kristof 
OPINION
Apr 2, 2009 10:03 AM CDT

G20 Should Bail Out the Poor: Kristof

(Newser) - While world leaders waste bicker, the global economic crisis hurts more than your 401(k), Nicholas Kristof writes in the New York Times. The crisis will cause another 22 children to die every hour in 2009—and that’s the World Bank’s best-case scenario. So it’s really discouraging when...

Former AIG Chief Greenberg to Testify Today

'I don't feel any responsibility,' 38-year CEO says of AIG

(Newser) - Former AIG chief Maurice “Hank” Greenberg will go before a House committee on Capitol Hill today, testifying about the world-wide conglomerate that is now the most infamous culprit of the financial crisis, despite efforts by both the GOP and current AIG management to undercut his credibility. Greenberg is expected...

Obama's Auto Crackdown Worries Bailed-Out Banks

After Wagoner ousting, financials fear similar fate

(Newser) - After the Obama administration kicked out GM’s boss and said two of the Big Three automakers may benefit from bankruptcy, CEOs of banks bailed out by the government are wondering if there's a bull's-eye on their backs, the Washington Post reports. The risk of such a crackdown has been...

AIG's Woes Point to Larger Insurance Crisis

Federal aid may offer AIG a competitive advantage in ailing industry

(Newser) - AIG’s troubles were quickly blamed on a single, obscure wing of the company, but its problems extend to its core life-insurance division—underscoring dangerous weaknesses across the entire industry and pointing to the possibility of a second financial crisis, the Los Angeles Times reports. What's more, by offering AIG...

Nicaragua's Ortega to US: Now Bail Out Central America

(Newser) - Nicaraguan President Daniel Ortega says the US should extend its zeal for bailouts south of the border, the Miami Herald reports. Ortega says Central America is reeling from the downturn as US manufacturing and textile plants shut down or downsize. It’s only fair, then, that the US offer a...

Vandals Target Former RBS Boss, Vow Further Action

Goodwin target of public outrage over his pension

(Newser) - After the Edinburgh home of the former boss of the Royal Bank of Scotland was vandalized last night, an unknown group is warning of further attacks on financial figures, the Scottish Daily Record reports. Sir Fred Goodwin has been the focus of controversy since he took early retirement—complete with...

IRS Challenges AIG's Offshore Tax Deals

(Newser) - The IRS is challenging a series of tax-skirting deals engineered by the much-maligned AIG Financial Products unit, the Wall Street Journal reports. The deals exploited differences in international tax codes to reduce tax payments for foreign banks—many of the same banks the US government would later pay to settle...

Geithner Wins Over Wall Street
 Geithner Wins Over Wall Street 
ANALYSIS
Mar 24, 2009 4:45 AM CDT

Geithner Wins Over Wall Street

Careful roll out of asset plan helps Treasury secretary get his credibility back

(Newser) - The carefully orchestrated roll out of the federal plan to buy toxic assets has won Tim Geithner Wall Street's support in the nick of time, Jackie Calmes writes in the New York Times. The Treasury secretary—whose plan was slammed when the "framework" was unveiled last month—could scarcely...

AIG Renames Office in Effort to Rebrand

(Newser) - Workers pulled down an AIG sign in New York City today as the insurer sought to rebrand itself and deflect outrage over executive bonuses, Reuters reports. The company's Manhattan property-casualty office, renamed AIU Holdings Ltd, wasn't the first to change its name since the bailout started last fall. AIG's US ...

Ground Zero Developer Wants a Bailout

(Newser) - The long-delayed rebuilding at the World Trade Center site has hit another snag. Private developer Larry Silverstein is asking for financial help from the government—specifically, the already strapped Port Authority, the Wall Street Journal reports. Sources think the agency is so eager to avoid more delays it will help...

Frank Targets Fannie, Freddie Execs' Bonuses

(Newser) - Executives at government-owned mortgage giants Fannie Mae and Freddie Mac are scheduled to receive six-figure retention bonuses, but Barney Frank wants the payments canceled, MarketWatch reports. “In this troubled economy, and in this job market, it is difficult to imagine that the companies would not be able to find...

State AGs Probe AIG Bonuses
 State AGs Probe AIG Bonuses 
Mar 20, 2009 2:01 PM CDT

State AGs Probe AIG Bonuses

Coalition of 19 state officials demands list of AIG bonus recipients

(Newser) - The attorneys general of 19 states have joined forces to investigate the bonus payments made to AIG employees, the Wall Street Journal reports. In a letter to the firm, the coalition demands a list of all employees of the financial products unit who received bonuses after the government started providing...

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