TARP – News Stories About TARP - Page 3

Geithner: Goldman
Woulda Failed
Sans Bailout

Dec 6, 2009 9:45 AM CST

Geithner: Goldman Woulda Failed Sans Bailout

Execs dreaming if they think they wouldn't have failed

(Newser) - Goldman Sachs fatcats were musing this week about how they might have been fine without a federal bailout, but Tim Geithner is having none of it: “None of them would have survived,” he tells Bloomberg , without federal intervention. “The entire US financial system and all the major...

Bank of America Will Repay $45B TARP Loan

Dec 2, 2009 5:07 PM CST

Bank of America Will Repay $45B TARP Loan

Move will help bank rid itself of government restrictions

(Newser) - Bank of America is joining the ranks of banks that have repaid their TARP loans. The bank will repay $45 billion to the Treasury Department to begin ridding itself of restrictions on pay and other matters. BofA plans to raise $20 billion in capital to beef up its reserves and...

Fed Prods Banks for
TARP Repayment Plans

Nov 24, 2009 11:47 AM CST

Fed Prods Banks for TARP Repayment Plans

BofA, Citi, 7 others asked to submit outlines

(Newser) - The government is stepping up plans to wind down the TARP program. The Fed has asked nine banks stress-tested earlier this year, including Bank of America and Citigroup, to come up with plans to repay a total of $142 billion in TARP funds. The move represents an evolution in the...

NYT to Blankfein:
Your 'Apology'
Is Bull

editorial

Nov 22, 2009 4:53 PM CST

NYT to Blankfein: Your 'Apology' Is Bull

Editorial board schools Goldman CEO in true meaning of 'sorry'

(Newser) - Lloyd Blankfein took his sweet time acknowledging his firm's role in almost toppling the financial system, and the New York Times editorial board stewed until today, when the paper's audience is largest. The Goldman Sachs CEO said in a speech this week, "We participated in things that were clearly...

AIG Bailout Squandered Our Money, Trust

Paul Krugman

Nov 20, 2009 9:55 AM CST

AIG Bailout Squandered Our Money, Trust

Geithner & Co. were afraid to ask Wall Street for concessions

(Newser) - Financial officials, “most notably Timothy Geithner,” deservedly lost the public's trust with their no-strings-attached bailout of AIG, Paul Krugman rails in the New York Times . As a damning report from the TARP inspector general points out, the government made no serious attempt to extract concessions from the banks...

Geithner Got It Right

DAVID BROOKS

Nov 20, 2009 5:16 AM CST

Geithner Got It Right

Treasury secretary's pragmatic approach to financial crisis paid off

(Newser) - David Brooks leaps to the defense of Tim Geithner today, arguing that the treasury secretary's critics, who last spring were dismissing him as a hapless "Bambi in the headlights," were mostly wrong and he was mostly right. The system is now much healthier, TARP money is being repaid,...

Disgruntled Dem Wants Geithner, Summers Sacked

Nov 19, 2009 10:42 AM CST

Disgruntled Dem Wants Geithner, Summers Sacked

Peter DeFazio says White House betrayed Main St. for Wall St.

(Newser) - Rep. Peter DeFazio wants Barack Obama to fire the Larry Summers and “Timmy Geithner” for being Wall Street lap dogs, and says there’s a “growing consensus” in the Progressive Caucus that agrees with him. Summers and Geithner oppose a Progressive proposal to use unspent TARP funds to...

Dems: Use TARP Funds to
Aid Jobless, Homeowners

Nov 18, 2009 7:44 AM CST

Dems: Use TARP Funds to Aid Jobless, Homeowners

White House wants to use balance to cut deficit

(Newser) - Democrats in Congress want to direct some of the remaining billions in the Wall Street bailout funds to struggling workers and homeowners—a plan that puts them at odds with the White House, which aims to put the TARP balance toward deficit reduction. The change in Congress comes as unemployment...

46 Bailed-Out Firms Behind on Repaying US

Nov 16, 2009 7:38 AM CST

46 Bailed-Out Firms Behind on Repaying US

CIT bankruptcy will cost taxpayers $2.3B

(Newser) - A whopping 46 of the banks the government bailed out last year are behind on their payments, with some going belly-up despite the rescue. The largest so far, CIT Group, is in bankruptcy court today hoping to wipe out the $2.3 billion it owes Uncle Sam, and analysts tell...

White House
Eyes TARP Cash
to Slash Deficit

Nov 12, 2009 6:17 AM CST

White House Eyes TARP Cash to Slash Deficit

Administration debating options for leftover $200B

(Newser) - The White House is debating using some of what remains in the $700 billion bailout fund to help cut the nation's deficit. Around $210 billion remains unspent and financial institutions are expected to repay another $50 billion over the next 18 months. The administration wants to keep some of that...

Bonuses at Morgan Stanley, JPMorgan, Goldman Hit $30B

$250K APIECE

Nov 9, 2009 4:55 AM CST

Bonuses at Morgan Stanley, JPMorgan, Goldman Hit $30B

Average payout will be five times median household income in US

(Newser) - Recession? What recession? Some Wall Street firms are not feeling any pain this year as record bonuses at just three of the top firms are likely to hit an eye-popping $30 billion. Goldman Sachs, Morgan Stanley and JPMorgan Chase, the three biggest banks to be bailed out by the feds,...

Goldman's
Blankfein
Is 'Doing
God's Work'

masters of the universe

Nov 8, 2009 2:34 PM CST

Goldman's Blankfein Is 'Doing God's Work'

A look behind the scenes at the omnipresent bank

(Newser) - Lloyd Blankfein likes to say he's "attained perfection," a plausible-sounding assertion now that Goldman Sachs has repaid its TARP funds and is dishing out mammoth bonuses. "I don’t want to put a cap on their ambition," the CEO says of his employees. "It’s...

Mega-Lender CIT
Files Chapter 11

Nov 1, 2009 4:43 PM CST

Mega-Lender CIT Files Chapter 11

Bailed-out firm's move will cost government $2.3B

(Newser) - CIT Group, a major lender to small and medium-sized American businesses, filed for Chapter 11 today. The move means the government is most likely out the $2.3 billion in TARP bailout funds it put up last year. The "prepackaged" procedure is intended to allow CIT, which reported $71...

50% Pay Cuts
for Bailout Execs
Due Today

Oct 22, 2009 9:40 AM CDT

50% Pay Cuts for Bailout Execs Due Today

Warren confirms cuts to 25 top earners at 7 companies

(Newser) - The Treasury Department today is expected to order seven companies that have not paid back last year's US government bailouts to halve their top executives' average compensation. The cuts apply to the 25 highest-paid executives at banks and other companies that received the most assistance, with salaries being slashed by...

Bailout
Is Bad News
for Savers

OPINION

Oct 20, 2009 12:17 PM CDT

Bailout Is Bad News for Savers

Banks get trillions, fixed-income investors get screwed: Sloan

(Newser) - Not fed up enough with just putting your taxpayer dollars directly on the line to bail out the nation’s banks? Allan Sloan has latched on to some insidious “collateral damage” from the government’s rescue plan, those trillions spent “to keep interest rates down to support the...

Pay Czar Going After
AIG Bonuses—Again

Oct 14, 2009 8:59 AM CDT

Pay Czar Going After AIG Bonuses—Again

But legal hurdles loom for pre-bailout deals

(Newser) - Pay czar Kenneth Feinberg is making another run at AIG’s bonus payouts—or trying to, with the help of a little arm twisting. Feinberg doesn’t have authority over the$198 million in bonuses promised to employees at the infamous trading unit because the contracts were created before the bailout....

Watchdog: Feds Need to Expand Foreclosure Plan

Oct 10, 2009 5:00 AM CDT

Watchdog: Feds Need to Expand Foreclosure Plan

$50B plan proving ineffective as more mortgage holders lose their jobs

(Newser) - The Treasury's $50 billion loan-modification program is in danger of being swamped as the foreclosure crisis accelerates, the Congressional Oversight Panel said in a report yesterday. The Home Affordable Modification Program has met its target of 500,000 trial mortgage modifications started by November 1, but the watchdog warned that...

Sleazy Middlemen
Stiff Homeowners
Trying to Refi

mortgage meltdown

Oct 4, 2009 3:31 PM CDT

Sleazy Middlemen Stiff Homeowners Trying to Refi

Foot-dragging 'mortgage servicers' step into role of fox in henhouse

(Newser) - The federal mortgage modification program is mired in trouble, with just 12% of the 3 million eligible loans in the process of modification, the "servicers" that helped create the problem tasked with helping to untangle it, and the Treasury Department falling down on the oversight job. In one...

Geithner Warns of
Long, Hard Road Ahead

Sep 11, 2009 5:43 AM CDT

Geithner Warns of Long, Hard Road Ahead

Administration a long way from saying 'mission accomplished' on financial crisis

(Newser) - The economy is no longer on the brink of the abyss but there's a long way to go before recovery takes hold, Tim Geithner warned yesterday. The Treasury secretary told a congressional committee that while the financial system is showing signs of better health, regulation of the financial system needs...

Forget Health Reform—We Can't Afford It

OPINION

Sep 10, 2009 8:50 AM CDT

Forget Health Reform—We Can't Afford It

The economy should be Obama's top priority: Henninger

(Newser) - Barack Obama makes health care sound like the most pressing issue in American life, but with unemployment at 10% and the country still officially in recession, Daniel Henninger wonders why he's "draining a dwindling reservoir of presidential capital." The cost of health care may be a problem for...