Wall Street bailout

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Citi, Wells Fargo Clash With Feds Over Repaying TARP

Fed, Treasury want banks to raise more capital first

(Newser) - Citigroup and Wells Fargo are at odds with the government over how much they need to raise to repay their TARP bailouts, with Uncle Sam wanting them to raise more capital first. Both are looking to follow Bank of America’s lead and get out from under the TARP, allowing...

Far Right, Left Rage Against Bernanke
 Far Right, Left Rage 
 Against Bernanke 
NO EASY 2ND TERM
Dec 7, 2009 11:57 AM CST

Far Right, Left Rage Against Bernanke

Unlikely coalition of activists of all stripes target Fed chair

(Newser) - They're mad as hell at Ben Bernanke, and willing to work together—even if they don't agree on anything else—to block the Fed chairman's renomination. Populist anger at Wall Street bailouts and lack of transparency at the Fed has created a surprising coalition of right- and left-wingers that's gaining...

Treasury: Relax, TARP Cost Trimmed by $200B

Estimated loss to taxpayers down to just $42B as banks rebound

(Newser) - In news that may cool public anger over bailouts, the government expects to get back some $328 billion of the $370 billion loaned to troubled companies during the financial crisis. The portion loaned to banks is even showing a slight profit. A Treasury report to Congress today will reveal a...

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...

Choose, America: Big Banks or Middle Class
 Choose, America: 
 Big Banks or Middle Class 
ELIZABETH WARREN
Dec 3, 2009 11:10 AM CST

Choose, America: Big Banks or Middle Class

Bank shenanigans are destroying the building block of America

(Newser) - The inevitable consequence of letting big banks run wild is nothing less than the extinction of the American middle class. "Unthinkable,” Elizabeth Warren writes—but a real and dire possibility. Warren, chair of the Congressional Oversight Panel on the bailouts, has seen the numbers, and they aren't pretty....

TARP Payback a Huge Win for BofA, Lewis
 TARP Payback a Huge Win for BofA, Lewis
ANALYSIS
Dec 3, 2009 10:58 AM CST

TARP Payback a Huge Win for BofA, Lewis

Outgoing CEO proves critics wrong and paves way for successor

(Newser) - Bank of America’s move to repay $45 billion in TARP funds marks a triumph for the rehabilitated institution and especially beleaguered CEO Ken Lewis. Wooing a replacement for the retiring Lewis was proving exceedingly difficult as candidates declined to try to run the company with government scrutiny of executive...

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

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...

Congress' New Whipping Boy: The Fed

Bernanke & Co. run into populist ire over Wall St bailouts, unemployment

(Newser) - When Fed Chair Ben Bernanke goes before Congress next month seeking a second term, he'll run straight into cantankerous legislators riding a tide of populist rage over the Wall Street bailout and high unemployment. While the Fed acted decisively to bail out the financial markets last year, it's widely viewed...

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
 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...

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

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...

Fed Report Rakes Geithner Over AIG Bailout

He's accused of handing AIG creditors 'backdoor bailout'

(Newser) - Tim Geithner did a lousy job of looking out for the interests of taxpayers during the AIG bailout last year, according to a report from a federal oversight group. Geithner, then head of the Federal Reserve Bank of New York, made no attempt to renegotiate AIG's debts, effectively giving the...

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...

Bush Warns of 'Too Much' Government

But he doesn't mention Obama by name

(Newser) - George Bush has promised to steer clear of criticizing his successor's policies, but he seemed to come awfully close yesterday during a speech at SMU. "As the world recovers, we will face a temptation to replace the risk-and-reward model of the private sector with the blunt instruments of government...

Rage Against Privilege Seeps Into Left, Right
Rage Against Privilege
Seeps Into Left, Right
OPINION
Nov 12, 2009 8:32 AM CST

Rage Against Privilege Seeps Into Left, Right

Anger at betrayal runs deep

(Newser) - It takes a lot for the folks in middle America to "look upon concentrated wealth as anything except a virtue," writes Timothy Egan for the New York Times, but that line has finally been crossed. Hearing of tens of billions in holiday bonuses at Wall Street firms bailed...

Annoyed by Feds, AIG CEO Threatens to Quit

Benmosche, just 3 months in, is 4th CEO in 18 months

(Newser) - Just 3 months after taking the job, AIG CEO Robert Benmosche is threatening to storm out in a huff. At a directors’ meeting last week the voluble Benmosche, formerly of MetLife, told colleagues he was “done” with trying to operate the 80% taxpayer-owned company under federal supervision, particularly with...

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

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