bailout

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Pay Czar to Examine Salaries at Bailed-Out Firms

Feinberg to review compensation for top 25 executives

(Newser) - The "pay czar" will review salaries and bonuses of executives at financial firms that have received government help. Kenneth Feinberg will examine the compensation of the top 25 executives at Goldman Sachs, Citigroup, JPMorgan Chase, and 417 other firms that took TARP money. If he finds evidence of risky...

AIG Close to $35B Sale—and $16B Bailout Payback

Asian unit to be bought by British Prudential

(Newser) - A British company is about to buy the Asian unit of insurance giant AIG in a $35 billion deal that would enable AIG to make the biggest repayment yet toward its $180 billion bailout debt to the US government. British Prudential's purchase of Hong Kong-based AIG unit AIA would yield...

US Bank Lending Falls at Fastest Rate in History

Figures spark renewed fears that feds are at a loss

(Newser) - The US bank lending rate has fallen its fastest in history, sparking renewed fears that the government hasn't done enough to prop up the economy and that America's troubles are far from over. Lending has plummeted $100 billion just since January, which amounts to a 16% annualized drop. Some $740...

Goldman Sachs Gives Blankfein $9M Bonus

CEO receives units of stock that can't be sold for 5 years

(Newser) - Lloyd Blankfein's bonus for 2009 is $9 million, Goldman Sachs said today—a nice bump from last year's zero, but a far cry from the $67.9 million the CEO scored in 2007 and from the $100 million he was reportedly expecting. " The firm produced very good results for...

AIG Slashes Bonuses, Will Still Pay Out $100M Tomorrow

News not sitting well with lawmakers

(Newser) - Good news, if you’re not keen on bailed-out firms handing out bonuses: AIG has trimmed by $20 million those due to current and former employees in March. The bad news: The insurance giant that was the largest recipient of US bailout funds is still going to pay out $100...

House Grills Geithner on AIG
 House Grills Geithner on AIG 
Jan 27, 2010 10:39 AM CST

House Grills Geithner on AIG

Treasury Secretary defends big bailout as necessary

(Newser) - Timothy Geithner defended the AIG bailout he helped engineer today, in testimony before a House Oversight Committee that was out for blood. “In effect, the taxpayers were propping up the hollow shell of AIG,” declared chairman Edolphus Towns, “and the rest of Wall Street came by and...

Fed Duo Sounded Alarm Over AIG 'Gifts' to Banks

Geithner, Paulson face grilling over 'backdoor bailouts' for AIG clients

(Newser) - Two Federal Reserve governors expressed their unease about the Fed's rejection of a plan to force big banks to return $30 billion in cash they received from AIG before its bailout in late 2008. The officials warned that the decision to let the banks, including Goldman Sachs, keep the collateral...

Dems May Cave on Consumer Agency
Dems May Cave on Consumer Agency 
Jan 19, 2010 9:43 AM CST

Dems May Cave on Consumer Agency

Proving they serve banks, not families, says Elizabeth Warren

(Newser) - Senate Democrats are signaling that they're willing to drop the independent Consumer Financial Protection Agency to get financial reform passed, but they'll have to go through bailout watchdog Elizabeth Warren to kill it. The fight over the independent agency is a showdown between the banks' interests and those of American...

US Banks Paid Employees Record $145B in 2009
US Banks Paid Employees Record $145B in 2009
ANALYSIS
Jan 14, 2010 9:41 PM CST

US Banks Paid Employees Record $145B in 2009

Haul breaks mark set in pre-bust 2007

(Newser) - Employees at the major US banks were paid about $145 billion in 2009—a total that, despite the financial crisis and public outcry over compensation in the industry—breaks a record set in pre-bust 2007. A Wall Street Journal analysis finds that 2009 revenue will be $450 billion, up 25%...

Geithner Will Testify on Secretive Bailout Deals

House committee wants answers on his role on AIG contracts

(Newser) - Treasury Secretary Timothy Geithner will testify Jan. 27 before a House probe into his role in deals that sent billions of bailout dollars to Goldman Sachs and other big banks. The committee wants to know why the Federal Reserve Bank of New York—which Geithner headed at the time—paid...

Obama to Wall Street: 'We Want Our Money Back'

President talks tough, pledges to get 'every single dime' back

(Newser) - Barack Obama made with the tough talk today in announcing his proposal for a tax on big banks, pledging to recover “every single dime” the taxpayers spent bailing out Wall Street. “We want our money back, and we’re going to get it,” Obama declared. “If...

Wall Street Bonuses Ripe for Tea Party Rage

Big finance could face populist pitchforks

(Newser) - Bailed-out Wall Street execs handing themselves hefty bonuses this month should prepare for outrage not only from Dems inside the Beltway but from tea partiers, who hold their first convention in Nashville next month. The rage that has been focused on big government and health care reform could easily swing...

Post-Bailout Economy Ruled by Washington
Post-Bailout Economy Ruled by Washington
Analysis
Dec 28, 2009 10:13 AM CST

Post-Bailout Economy Ruled by Washington

Companies bend to Fed's will—even when they don't have to

(Newser) - The rash of government bailouts in the last 16 months was aimed at averting financial meltdown, but its effects on American capitalism will last long after the last TARP funds are (if they are) paid back, the Wall Street Journal predicts. Obama adviser Larry Summers argues that the interventionist moves...

US Offers Unlimited Aid to Fannie, Freddie

Feds also allow top officials to bring home fat paychecks

(Newser) - The Obama administration yesterday gave a blank check to Fannie Mae and Freddie Mac—just in case. The government declared it is willing to provide unlimited financial assistance to the mortgage giants over the next three years, a move designed to reassure markets that the US won't let them fail....

Shelby, Dodd Expect Bipartisan Financial Reform

January markup possible as fears of a partisan battle fade

(Newser) - Hoping to avoid a repeat of the health care dogfight, Chris Dodd and Richard Shelby think they’ve made “meaningful progress” on a bipartisan deal on financial regulatory reform. Dodd’s initial solo draft of the bill drew Republican jeers asked top members of his Senate Banking committee to...

Norquist and Hamsher Team Up to Oust Rahm
Norquist and Hamsher Team Up to Oust Rahm
very odd couple
Dec 24, 2009 8:28 AM CST

Norquist and Hamsher Team Up to Oust Rahm

Liberal blogger and conservative activist form strange coalition

(Newser) - Liberal blogger Jane Hamsher and anti-tax conservative crusader Grover Norquist agree on exactly one thing: They both want Rahm Emanuel out of the White House, immediately. The two have joined forces to demand a Justice Department investigation into Emanuel’s ties to Freddie Mac. In a letter signed by both...

Politics Played Major Role in Bailout Choices
 Politics Played 
 Major Role in 
 Bailout Choices 
U Michigan study
Dec 23, 2009 8:53 AM CST

Politics Played Major Role in Bailout Choices

Politically connected banks likelier to get TARP funds

(Newser) - Banks with ties to lawmakers were a lot likelier to get bailout cash than their less well-connected counterparts, according to a University of Michigan study unlikely to surprise bailout critics. Researchers crunching data on the 700 institutions that received TARP funds found that those with connections to members of congressional...

To Spur Bank Execs to Act, Mess With Their Pay
To Spur Bank Execs to Act, Mess With Their Pay
ANALYSIS
Dec 18, 2009 5:15 PM CST

To Spur Bank Execs to Act, Mess With Their Pay

Compensation limits have prompted swift TARP repayment

(Newser) - A common complaint about the TARP bailouts was that by injecting capital and making the financial environment more friendly, the government wasn't doing enough to push the banks into real reform. Why wouldn't the banks simply live off TARP cash as long as they could? Yet those concerns were unfounded,...

Wells Fargo Will Pay Back $25B, Exit TARP

Bank plans $10.4B stock sale; move will boost EPS

(Newser) - Wells Fargo will repay $25 billion in federal bailout funds, becoming the last major national bank to square its TARP account. Part of the money will come from a stock sale that's expected to yield $10.4 billion, the New York Times reports. "We’re ready to fully repay...

Citigroup to Repay $20B in TARP Loans

Will issue $17B in common stock to meet capital requirements

(Newser) - Citigroup and the US government have reached a deal that will allow the bank to repay $20 billion in TARP loans, after weeks of wrangling over the bank's health. Citi will raise $20.5 billion, $17 billion of it in common stock, the company said in a statement, a sign...

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