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Obama and TARP
Appoints tax cheat for commerce secretary
Nancy Killefer for candidacy to be the first chief performance officer for federal government fails to pay household help taxes ...withdrawn
Obama said Monday that "only government" can shake the country out of recession,
as he tried to settle doubts about his administration's costly economic recovery
package during a prime-time press conference.
Republicans are shut out of the Stimulus conference negotiations.
Republican Conference Chairman Mike Pence (R-Ind):“(the stimulus package…)is being crafted without a single House Republican in the room.”
response to the backlash against the bailout for failing home owners, triggered
in part by Rick Santelli on CNN's rant on the floor of the Chicago stock
exchange, Housing Secretary Shaun Donovan responded publicly; "the Obama
administration's efforts to help struggling homeowners will aid "responsible"
borrowers, not deadbeats or speculators."
President Barack Obama now likes to talk at commissions" and summits” after making fun of Sen. John McCain for proposing a commission to look at the economic crisis facing the country. In the "Fiscal Responsibility Summit" at the White House, the President listens "to the best and the brightest on the subject of the budget as well as the larger issues related to the economy".
the eight members named Friday to the Presidential Task Force on the Auto
Industry and the 10 senior policy aides who will assist them in their work, two
own American models. Add the Treasury Department's special adviser to the task
force and the total jumps to three.
Sixth WeekThe Obama administration is considering a plan to purchase bad loans and other distressed assets by creating multiple investments funds, according to The Wall Street Journal, quoting people familiar with the matter.
President Obama said Tuesday that now is a good time for investors to buy stocks if they focus on the big picture. The markets plunged Monday to its lowest levels in 12 years. "What you're now seeing is a profit and earnings ratios get to the point that buying stocks is a good thing if you have a long-term perspective on it,"...Frustrated home owners, lenders clash over Obama program
President Obama traveled to Columbus, Ohio, on Friday to hail the swearing-in of 25 new police officers who had been told after their training that the city did not have enough money to hire them. But the good news was overshadowed by the bad as the day brought word that another 651,000 jobs were lost last month and the unemployment rate jumped to 8.1 percent.
Obama: I'm not a socialist.
Foreign banks getting billions in US aid
Emanuel Was Director Of Freddie Mac During ScandalObama Defends Signing Omnibus Bill with 9,000 Earmarks and Says We Must Have Earmark Reform
US Treasurey Department Won't Answer Their Phones, says Top UK Civil Servant
Cheney charges that Obama is using the recession “to try to justify” what is probably the largest expansion of federal authority “in the history of the Republic
Obama Orders Treasury Chief to Try to Block contractually guaranteed A.I.G. Bonuses
Bankers chafing at restrictions imposed by the TARP program, which affect lending, call it "asinine"
Obama: AIG can't justify 'outrage' of exec bonuses
Obama Administration: We Didn't Find Out About AIG Bonuses Until This Month
Obama Knew About AIG Bonuses Day Before They Were Paid
Dodd: Administration pushed for the language protecting AIG bonuses
At least 13 firms receiving billions of dollars in bailout money owe a total of more than $220 million in unpaid federal taxes
ongress Democrats blame Obama administration for creating loophole allowing AIG to pay employees millions of dollars in bonuses and not doing enough to stop bonuses when it could
Obama tells Jay Leno he was 'stunned' to learn of AIG bonuses
Obama envoy Holbrooke served on AIG's board in 2008
Obama: new powers needed in financial area
Swedish financial chief known as "Mr Fix It" has been summoned to Washington to advise
The Obama administration will call for increased oversight of executive pay at all banks, Wall Street firms and possibly other companies
Since the fall, senior aides to Geithner closely dealt with AIG on compensation issues including bonuses
Federal Reserve Chairman Bernake tells Congress he wanted to sue to stop AIG from paying millions in bonuses, but was talked out of it
Obama considering asking Congress to give Treasury secretary powers to seize non-bank financial companies, such as large insurers, investment firms and hedge fund
Obama has named a former Freddie Mac executive to head the federal housing commission
Obama says he hopes "it doesn't take too long" to convince Congress to approve new authority to oversee financial firms.
Treasury Secr. (Obama) Timothy Geithner's request for government authority over failing non-bank financial firms unprecedented power grab, says House Minority Leader Boehner
Obama, after months of criticizing Wall Street, has been scrambling to woo top bankers and financiers to back its latest bailout plan.
ACORN Behind ‘Protests’ At AIG Homes
Stimulus funds to be used to try to curtail suicide attempts. Some call plan wasteful
Scott Polakoff, top bank regulator for the Treasury under Obama has taken a leave of absence after internal audits uncovered his allowance of backdated capital infusions
Tea Party Crowds Protest Federal Spending And Intervention
"Pay for Performance Act of 2009," would impose controls on pay of all employees - not just executives - of companies that received capital investment from U.S. govm't
Microsoft Corp. is receiving federal stimulus funding for a pet corporate project
Jindal rejects more stimulus cash; this time for Medicaid programs
Geithner: I'm Open To Pressuring A Bank CEO To Resign (Video)
Treasury Secretary Geithner Said that there was about $135 Billion uncommited funds in TARP, the government's financial rescue package- the GAOreports the figure is closer to $32 billion
Obama to bankers: "my administration"... “is the only thing between you and the pitchforks.”
BBC's political editor Nick Robinson asked Obama who was to blame for the financial crisis. Normally word perfect, Obama ummed, ahed and waffled for the best part of two and a half minutes.
Lawrence Summers, a top economic adviser to Obama was paid about $5.2 million in compensation by hedge fund D.E. Shaw during the past year
Fannie Mae and Freddie Mac plan to pay more than $210 million in bonuses through next year
Bank tries to give TARP money back, threatened by Obama adminstration if it does
Bailing out financial sector will cost taxpayers $167 billion more than originally anticipated, according to Congressional Budget Office estimate
Big Bonuses at Fannie and Freddie point to Administration hypocracy
Obama TARP team discloses TARP firm ties, and huge pay days
VIDEO: Obama spokesman has trouble explaining Goldman-Sachs Bonuses
Equity Shares: Obama officials say they can stretch what's left of $700 billion financial bailout by converting government’s existing loans to nation’s 19 biggest banks into common stock
Obama official: Strong banks allowed to repay bail-out funds received from US government but only if it passes a test to determine whether it is in the "national economic interest"
VIDEO: Obama talks with reporters on cutting 100 million after spending more than a $787 billion on stimulus
VIDEO: AP, Tapper Confront Obama Admin Over $100 Million
Treasury Department's internal watchdog, General Neil Barofsky, issued his quarterly report to Congress on TARP. Components of the $700 billion TARP pose "significant" risks for fraud. Treasury Department "adamantly continues to refuse" to require banks to report on how they have used bailout funds
Freddie Mac says it knows of no connection between the death and any investigation
Obamacide? David Kellermann, acting CFO of Freddie Mac. was found dead at his home Wednesday morning in an apparent "suicide"
Obama's mortgage relief plan is headed for defeat next week in the Senate.
Report from Financial Stability Oversight Board, more than 250 institutions receiving preliminary approval to receive funds from TARP decided against taking the money
Geithner: banks that provide aid to poor nations must embrace changes in their operations
AUDIO: Interview with Tom Lauria about administration bullying tactics
Transcription, omitting the intro and wrap-up niceties, of an interview today between WJR's Frank Beckmann and Tom Lauria, Hedge fund attorney
Fannie and Freddie take the lead in pushing risky "modified loans", already have 20%: over 70,000 modified loans. Tax payers to pay for decades
The administration is flip-flopps on Afghan benchmarks:Obama promised accoutability during campain Gates tells Senate Appropriations Committeethe executive branch, not Congress, should make Afghan benchmarks, -no congressional oversight.
Obama: Wall Street is not going to play as dominant a role in the economy as regulations reduce "some of the massive leveraging and the massive risk-taking that had become so common"
Obama pick for an assistant secretary of HUD, David Stevens, had confirmation delayed as it was disclosed the real estate brokerage he operates as chief is facing class action lawsuits for taking kickbacks from Mortgage and title companies
Statement from non-Tarp Chrysler lenders
Actual documents: Chrysler bond-holder file bankruptcy motion, ,"The Taking of Collateral through a Direct or Indirect Use of TARP Authority is Unconstitutional - page 8
Fannie and Freddie take the lead in pushing risky "modified loans", already have 20%: over 70,000 modified loans. Tax payers to pay for decades
Cliff Asness, Hedge Fund Manager, has written an open letter blasting Obama for his attack on the hedge fund industry: "Bullying" and "Abuse of Power
The Obama administration has begun serious talks about changing compensation practices across the financial-services industry, including at companies that did not receive federal bailout money
Judicial Watch- the conservative watchdog organization- has uncovered secret documents via the Freedom of Information Act. Revealing How Paulson Forced Banks To Take TARP Cash
Washington Post: The chief executives of the country's nine largest banks had no choice but to accept capital infusions from the Treasury Department in October, government documents released confirmed
Six major insurers, including The Hartford, Prudential Financial and Allstate, received preliminary approval Thursday for billions of dollars in aid from a U.S. bailout fund
Relations between Obama and U.S. corporate leaders have grown tense in recent weeks, with business groups bristling over his sharp rebukes of lenders and multinational companies
Prudential will join Ameriprise Financial as insurers rejecting help from the U.S. Troubled Asset Relief Program, industry sources say.
Obama has backed off its threat to withhold billions of dollars in stimulus money from California, telling Gov. Schwarzenegger the state did not violate federal law in cutting pay for home healthcare workers in a bid to help balance the budget
the 16 members of Obama’s Economic Recovery Advisory Board, only one (Feldstein) opposes cap-and-trade. At least six (Immelt, Owens, Doerr, Ferguson, Wolf, Phillips) expect direct financial benefits from cap-and-trade. The remaining members are either Obama supporters/employees or union representatives. Taxpayers, consumers and non-rent-seeking businesses have been left out in the cold
Three of Chrysler’s secured creditors– all Indiana state pension funds – are mounting a fresh attempt to thwart the carmaker’s Chapter 11 reorganisation on the grounds that it violates their legal rights and the US government’s authority under the Troubled asset relief programme.(TARP)
will no longer invest in bonds issued by banks and automakers who receive
federal bailout money.
British firms are being shut out from lucrative contracts in the US despite assurances from Barack Obama that America would not start a trade war
SEC Chairman Mary Schapiro says she will "profoundly" question any move by the Obama administration to move some consumer-protection powers outside of the SEC.
Obama signs legislation creating a commission aimed at curbing financial fraud in the mortgage and other industries- Obama is reserving the right to claim executive privilege if the commission seeks information or documents that the White House considers to be beyond the bounds of public information
Treas. Secr. Geithner called for major changes in compensation practices at financial companies, said Obama administration’s plan to help realign pay with performance will be rolled out by mid-June
VIDEO: Obama lies on stimulus package numbers
Obama's FDIC is reportedly pressing for a management shake-up at embattled bank Citigroup, putting CEO Vikram Pandit in the hot seat.
Obama claims in brief filed with the Supreme Court that TARP is out of the authority of the Supreme Court
Actual Administration response to the Supreme Court
Obama plans to require banks and corporations that have received two rounds of federal bailouts to submit any major execuitve pay changes for approval by a new federal official who will monitor compensation, according to two government officials
TARP payback may not help consumers, Half of the big banks paying back federal loans are investment firms or asset managers, so lending isn't likely to pick up.
The Obama administration is ready to issue new regulations limiting the compensation of top executives at financial institutions that have received government rescue funds.
10 Banks Allowed to Repay $68B in Bailout Money
Obama's transparency czar is using $84 million to build a web site that won't be usable until October, and may not be useful until four years from now.
Tim Geithner Asks For A Bigger Treasury Budget
Obama Administration to Seek New Power for SEC on Executive Pay
The Federal Reserve lost $5.25 billion in the first quarter on the securities it acquired with last year's bailouts of Bear Stearns and insurer AIG
Obama will release details on Wednesday of his proposed overhaul of how the government oversees banks and financial companies.
The Obama administration named Kenneth Feinberg, the lawyer who oversaw the government's compensation fund for victims of the Sept. 11, 2001, attacks, as its pay czar to police compensation of top earners at companies receiving "exceptional" government aid.
The Obama administration plans to streamline U.S. bank oversight and put the Federal Reserve in charge of monitoring big-picture economic risks in a sweeping regulatory overhaul
Obama plan would cut number of US bank regulators
U.S Bankcorp and BB&T became the first large financial institutions to announce that they have repaid the government in full for the preferred shares it bought last fall under the federal bailout
The Obama administration’s disputes with government watchdogs do not end with fired Inspector General Gerald Walpin. The Treasury Department is embroiled in a disagreement with Neil Barofsky, the watchdog for the $700 billion government bailout Troubled Asset Relief Program, or TARP.
U.S. may seek new rule for money market funds. Obama proposal says regulators should consider forcing the mutual funds to float their share prices.
Obama is calling for the elimination of industrial bank charters and wants them all shut down within five years. Obama's plan could deal a hammer blow to Utah's economy, which is the home of 25 industrial banks that employ thousands of the state's residents and hold assets valued in excess of $168 billion. Utah's industrial banking community is upset.
Herbert Allison, the former head of Fannie Mae has been confirmed to oversee the government's $700 billion bank bailout program.
VIDEO: White House spokesman Gibbs says "You can begin to judge the stimulous now"
Fannie Mae and Freddie Mac will begin refinancing mortgages with loan-to-value ratios of as much as 125 percent as the Obama administration seeks to boost participation in its anti-foreclosureprograms
Freddie Mac received $6.1 billion in new funds from the Treasury Department to help offset its mounting liabilities, according to a regulatory filing submitted
VIDEO: Treasury only getting 20 cents on every dollar in sale of stock acquired in TARP
Twenty Fourth Week
Vice President Joe Biden said the Obama administration "misread how bad the economy was" but stands by its stimulus package
Obama proposes legislation to limit the size of finanicial instituions
VIDEO: Biden- "misread how bad the ecomomy was"
The Public-Private Investment Program in which the government and private firms bid together to purchase toxic assets from banks, freeing them to increase lending and help revive the economy is still not operating
Treasury Department announced that nine asset managers were picked to partner with the government to buy older, hard-to-value mortgage-backed securities. Up to $30 billion in taxpayer money wil be spent. The fund managers will raise up to $10 billion, which will be matched by up to $10 billion in TARP money, with $20 billion more available from the TARP as cheap financing to boost the size of the buys
Billions of dollars in federal aid delivered directly to the local level to help revive the economy have gone overwhelmingly to places that supported Obama in last year's presidential election....reports show the 872 counties that supported Obama received about $69 per person, on average. The 2,234 that supported McCain received about $34.
TARP Losses: The Congressional Oversight Panel, working with a team of Harvard Business School professors, estimated that taxpayers had lost one-third of the value of the very small number of warrants that had already been sold by the Treasury Department: more than $2.7 billion
Twenty Fifth Week
The US. Treasury Department wants to find a "responsible" way to provide government aid for troubled lender CIT Group Inc, Representative Barney Frank said on Wednesday.
Twenty Sixth Week
The watchdog overseeing the federal government financial bailout says the government's maximum exposure to financial institutions since 2007 could total nearly $24 trillion, or about $80,000 for every American. The whopping amount compiled by the inspector general for the $700 billionTroubled Asset Relief Program takes into account about 50 initiatives and programs set up by the Bush and Obama administrations as well as by the Federal Reserve.
The government's main watchdog over the federal financial bailout says the Treasury Dept. has repeatedly failed to adopt recommendations aimed at making the $700 billion program more accountable and transparent.
The federal government has devoted $4.7 trillion to help the financial sector through its crisis, a level of assistance equal to about one-third of the overall U.S. economy, a watchdog report said.
The Obama administration submitted a detailed proposal to Congress to subsume the Office of Thrift Supervision into a larger national bank regulator.
Twenty Seventh Week
The lone member of Congress on an oversight panel reviewing the use of the $700 billion Troubled Asset Relief Program criticized the decision of the United Auto Workers union not to testify at today's hearing in Detroit on the auto industry bailout. Rep. Jeb Hensarling, R-Texas, who is member of the Congressional Oversight Panel, said the UAW refused to testify at today's hearing at Wayne State University.
Twenty Eigth Week
Fannie Mae plans to tap $11 billion in new government aid after posting another massive quarterly loss as the taxpayer bill from the housing market bust keeps growing. Fannie Mae's new request for $10.7 billion from the Treasury Department will bring the total for Fannie and Freddie to nearly $96 billion.
Twenty Ninth Week
Federal Deposit Insurance Corp. Chairman Sheila Bair is pushing back against key
elements of the Obama administration's financial overhaul plan, saying they
wouldn't survive in Congress and calling her own alternatives more viable.
In an interview with The Associated Press, Bair said Congress won't
approve two major parts of the package: Expanding the Federal Reserve's
authority to regulate the largest financial companies and giving a proposed new
consumer protection agency examination and enforcement powers over banks.
The inspector general in charge of overseeing the Treasury Department's bank-bailout program says TARP could end up costing taxpayers almost $24 trillion
Thirty First Week
The subprime lenders that helped send the financial system -- and broader economy -- into a tailspin are now getting billions of taxpayer dollars to help fix the housing crisis. As much as 21 billion in fresh handouts-
Thirty Fifth Week
The U.S. government will have issued $7 trillion in bonds by the time the current fiscal year ends next week, but it expects the debt deluge to stabilize by mid 2010, a Treasury official said on Wednesday.
The government is failing to disclose the full details of how the $700 billion bailout of the financial sector has been implemented, the program's top government watchdog will say on Thursday. Neil Barofsky, the Special Inspector General over the Troubled Asset Relief Program (TARP), will testify to Congress that the government's "basic attitude" on the transparency and accountability of the program "remains a significant frustration."
Treasury officials are considering another round of bailouts for banks that were deemed to risky to qualify for earlier aid
The Treasury is unlikely to get back the full amount of money lent under the Troubled Asset Relief Program despite a recent spate of repayments from large banks, warned the program's watchdog. The program "played a significant role" in rescuing the financial system from a meltdown, Neil Barofsky, special inspector general for TARP, testified before the Senate Banking Committee on Thursday. But it was "extremely unlikely that the taxpayer will see a full return on its TARP investment," according to his prepared testimony
Thirty Sixth Week
Goldman Sachs to be paid 1 billion if CIT fails.
In a new report, Neil Barofsky, the special inspector general for the Troubled Asset Relief Program (SIGTARP), reveals that then-Treasury Secretary Henry Paulson and key federal regulators forced the nation’s nine largest financial institutions to take billions in taxpayer bailout dollars in October 2008, threatening that if the banks refused, the government would take their stock shares anyway.
Thirty Eigth Week
Special inspector general for the $700 billion Troubled Asset Relief Program (TARP) Neil Barofsky told the House Oversight and Government Reform Committee that Treasury Secretary Tim Geithner was ultimately responsible for abdicating his oversight duties in the AIG compensation structures to the Federal Reserve Bank of New York. It was "a recipe for disastrous consequences"
Thirty Ninth Week
Steps taken by the Treasury Department to implement the $700 billion financial bailout program have undermined the credibility of the U.S. government, a top government watchdog, Neil Barofsky, said in a report released on Wednesday.
TARP watchdog Neil Barofsky: Full payment of TARP funds "unlikely"
The banking system today may be in a more precarious position than it was a year ago, the man charged with overseeing a $700 billion bailout program said Wednesday. Neil Barofsky, the special inspector general managing the Troubled Asset Relief Program, said that the government's decision to support bank mergers over the past year may have put the U.S. economy more at risk.
Forty First Week
The AIG bailout not only bailed out Goldman-Sachs, but also their international client list.
Forty Third Week
House Committee on Oversight and Reform Report on AIG bailout slams Treasury Secretary Timothy Geithner’s handling of one of the most sensitive moments of last year’s financial meltdown
Gov. Watchdog: Governement may have overpaid to bail out AIG.
Forty Fourth Week
India may get $1 Billion in outsourcing contracts from TARP money
Forty Sixth Week
The projected long-term cost of the government's bailout of the nation's big banks is going to be at least $200 billion less than previously thought, a United States Treasury Department official said The Obama administration had estimated the cost to taxpayers of the $700-billion Troubled Asset relief Program, or TARP, would be $341 billion but now says it can cut that by $200 billion
Obama is expected to announce that he wants Congress to redirect a certain portion of leftover Wall Street bailout funds toward job creation measures
The extension of TARP maturity to coincide with 2011 midterm elections
Obama breaks vow on repayment of TARP money, "They should get every penny of their tax dollars back."
Forty Sixth Week
Plans fromand Citigroup to repay taxpayer funds will put the U.S. government on track to reduce its bailout investments in banks by more than 75 percent, while earning a healthy profit for the U.S., U.S. said on Monday.
The federal government quietly agreed to forgo billions of dollars in potential tax payments from Citigroup as part of the deal announced this week to wean the company from the massive taxpayer bailout that helped it survive the financial crisis.
Forty Ninth Week
Yields on benchmark 10-year notes will climb about 40 percent to 5.5 percent, the biggest annual increase since 1999, according to David Greenlaw, chief fixed-income economist at Morgan Stanley in New York. The surge will push interest rates on 30-year fixed mortgages to 7.5 percent to 8 percent, almost the highest in a decade, Greenlaw said. Investors are demanding higher returns on government debt, boosting rates this month by the most since January, on concern President Obama's attempt to revive economic growth with record spending will keep the deficit at $1 trillion
A House committee is planning to grill Treasury Secretary Timothy Geithner about his role in the massive bailout of failed insurer American International Group Inc.
Fifty First Week
The Goldman Sachs-AIG scandal may be worse than we think. Former New York Fed President and current Treasury Secretary Timothy Geithner is being castigated for paying off AIG's counterparties - Goldman foremost among them - 100 cents on the dollar and then keeping these payments secret. But it seems likely that Goldman actually got much more than 100%. What is worse, Goldman may have received this windfall by trading on information that was deliberately withheld from the public.
VIDEO: Declaring "we want our money back," President Obama wants to slap a tax on banks to recoup the money that the American public spent on bailing out large financial institutions on the brink of collapse.
Fifty Third Week
Obama's new bank regulations were leaked to insider traders on Wall Street before the announcement
The Obama administration attempt to overhaul the banking industry is the most far-reaching over-haul of Wall Street and the banking industry since 1930. The reforms could force the restructuring of some of the biggest names in US finance, including JPMorgan Chase and Goldman Sachs.
Obama's plan to curb proprietary trading will cost Goldman Sachs Group Inc., Morgan Stanley, Credit Suisse Group AG, UBS AG and Deutsche Bank AG about US$13 billion in revenue next year, according to JPMorgan Chase & Co. analysts.
The Treasury Department has been scrambling to figure out what to say about the new proposals unveiled by Barack Obama last week limiting the size and scope of banks. The Treasury Department has been fielding questions from bankers and journalists about the new regulations—but so far has not been able or willing to provide much information
The special inspector general for the government's $ 700 billion Wall Street rescue plan is opening a pair of probes into the government's rescue of American International Group Inc. (AIG), including efforts to slow public disclosure of all of the terms of the deal. Special Inspector General Neil Barofsky disclosed the existence of the investigations in testimony prepared for a Wednesday hearing before the House Committee on Oversight and Government Reform.
Fifty Fourth Week
The U.S. taxpayer-funded rescue program set up to save banks from collapse during the financial crisis makes future reckless behavior more likely, the government's bailout watchdog said in a quarterly report. A quarterly report to Congress on the $700 billion Troubled Asset Relief Program, or TARP, made available in draft form late on Saturday, said financial firms seen as too big to fail before 2008 have only grown larger as they feasted on subsidies from the bailout program.The 700-billion-dollar US government effort to rescue the financial system has failed to meet key goals such as sparking lending and curbing risky activities by banks, a special auditor said Sunday.
Fifty Fifth Week
The U.S. Treasury has officially lost its entire $2.33 billion TARP investment in CIT Group, according to a company filing with the Securities and Exchange Commission after Monday's closing bell.
Fifty Sixth Week
Banking reforms proposed by US President Barack Obama cannot be "transposed" directly into a European context, the EU's financial services chief said on Tuesday. "You can't just copy or transpose the Obama reforms to Europe" said French internal market commissioner Michel Barnier
Fifty Seventh Week
A senior administration official said Obama would announce he is designating $1.5 billion from the Troubled Asset Relief Program to fund programs at local Housing Finance Agencies in California, Florida, Nevada, Arizona, and Michigan.
Neil Barofsky, special inspector general for the Treasury's $700 billion Troubled Asset Relief Program (SIGTARP), said in a letter to a senior Treasury official that he was "surprised" to learn last week that Treasury is proposing the new program operate outside his purview. The letter, dated Friday, was made public on Monday.
Fifty Eighth Week
Fannie Mae, the largest provider of residential mortgage funds, on Friday reported a loss of $16.3 billion for the fourth quarter of last year and said it requested $15.3 billion from the Treasury to keep its net worth in positive territory. The government-controlled company said it would need additional taxpayer funds in the future to continue operations.
Sixty Fifth Week
Numerous Goldman Sachs execs are in the White House
report released yesterday (.pdf) by Neil Barofsky
A new report by Neil Barofsky, special inspector general for the Troubled Asset Relief Program (TARP) warns that Obama administration efforts to bailout homeowners through the Home Affordable Modification Program (HAMP) are ineffective and will not stem the sweeping tide of foreclosures.
Obama's "TARP" forever act: Under his proposal, the largest Wall Street firms would become eligible for special treatment, including taxpayer-funded resources unavailable to smaller financial firms. These include exclusive access to a pre-existing bailout fund, a Treasury-backed line of credit and a government guarantee for any debt.
Loan repayment of 8.1 billion dollars of TARP funds by General Motors to federal government was financed by other government money and not from profits
While Goldman Sachs' lawyers negotiated with the Securities and Exchange Commission over potentially explosive civil fraud charges, Goldman's chief executive visited the White House at least four times.
Fannie & Freddie Reform Excluded from Finance Bill
Sixty Sixth Week
Obama finance legislation will benefit Wall Street, not limit it. Rather than being the targets of this bill, Wall Street financiers will be rewarded by it. The chairman of Goldman Sachs, Lloyd Blankfein, told a Senate subcommittee, “The biggest beneficiary of reform is Wall Street itself.”
Sixty Seventh Week
Bailout Bill Would Require Banks to Track and Report Personal Checking Accounts to Feds
Sixty Eigth Week
A top Treasury official says the Obama administration opposes a proposal to audit the Federal Reserve, a plan that has bipartisan Senate support. Deputy Treasury Secretary Neal Wolin said an amendment to a pending financial regulation bill could encroach on the independence of the central bank.
Troubled US government-backed mortgage firm Freddie Mac on Wednesday asked for an additional 10.6 billion dollars from the Treasury Department to cover losses.
The Shady ShoreBank Bailout: The federal government and a coalition of big banking interests are poised to bail out a crony Chicago bank with longtime ties to the Obama administration
The U.S. Justice Department has dropped a probe of American International Group Inc executives involving the credit default swaps that sent the insurer to the brink of bankruptcy and forced a huge taxpayer bailout, lawyers for the executives said on Saturday.
Seventy First Week
Court accused of covering for Obama in 'Walpingate' : Court documents filed last week accuse U.S. District Court Judge Richard Roberts of failing to act within federally mandated time requirements and "doing nothing at all" to move the case forward.
Seventy Second Week
Obama team honors Walpin-gate transgressor
Seventy Third Week
68 banks - all "too big to fail" 18 months ago- are at least two quarters behind in the repayment of their TARP funding
Seventy Fifth Week
The Obama administration and Congressional Democrats abruptly proposed phasing out TARP
Seventy Eighth Week
( TARP )U.S. financial bailout figure hits $3.7 trillion
Seventy Ninth Week
Goldman Sachs Bailout money included payments to many overseas banks
Eighty First Week
Three governmental investigative bodies have now pored (sic)through the AIG wreckage and turned up disturbing facts—the House Committee on Oversight and Reform; the Financial Crisis Inquiry Commission, which will make its report at year’s end; and the Congressional Oversight Panel (COP), which issued its report on AIG in June. The five-member COP, chaired by Harvard professor Elizabeth Warren, has produced the most devastating and comprehensive account so far
The U.S. government's $700-billion Troubled Asset Relief Program (TARP) bailout likely had a greater impact on foreign banks than the stimuli packages of foreign countries had on their American counterparts, according to a report released by the Congressional Oversight Panel (COP),
Eighty Ninth Week
Obamanomics, AIG: The phony payoff deal
TARP 2: How stealth banking bailout reached Obama’s desk. Proof of the 'transparency" lie.
Ninety First Week
Obama ignores Mozilo conviction. Silent about Mozilo's connections to Country Wide, Bank of America, Fannae Mae, and ... Obama
Ninety Second Week
Inspector General blasts Treasury for bungling everything TARP
Obama TARP transparency: Did the DNC Get an Illegal Campaign Loan from Bank of America?
Ninety Seventh Week
Foreign banks were among the biggest beneficiaries of the $3,300bn in emergency credit provided by the Federal Reserve during the crisis
Ninety Ninth Week
Totally Busted: The Truth About Goldman's Bailout by the Fed: Secret payoffs
One Hundred and First Week
The Obama administration has begun monitoring the high-level board meetings of nearly 20 banks that received emergency taxpayer assistance but repeatedly failed to pay the required dividends, according to Treasury Department officials and documents. And it may soon install new directors on some of their boards
WSJ: Almost 100 bailed-out banks on verge of collapse
One Hundred and Fourth Week
Fannie Mae regulators asked to justify Bank of America, Ally deals
Issa's first hearing: TARP scrutiny
One Hundred and Sixth Week
Obamanomics: How Goldman Sachs gained from bailout of AIG
Obamanomics: Citigroup Gets Huge New $38 Billion Bailout, Wiping Out All Of The Taxpayer's "Profits"
One Hundred and Thirty First Week
Banks Pay Back TARP Funds by. . .Borrowing From Treasury
10 More Banks Exit TARP by. . .Borrowing From Treasury
One Hundred and Thirty Fifth Week
Report: Federal Reserve's Wall Street bailout topped $1T
One Hundred and Thirty Sixth Week
Obama's Newest $700 Billion Bank Bailout
US Preparing To Sue Banks For Billions Over Misrepresenting Safety Of Mortgage Securities
One Hundred and Fortieth Week
Elizabeth Warren's campaign revises pay from TARP panel
One Hundred and Forty-Seventh Week
In the wake of the $700 billion TARP bailout, Warren Buffett apparently shaped a plan to clean up toxic assets that Treasury Secretary Tim Geithner later adopted–resulting in massive profits for Buffett.
Fannie, Freddie execs score $100 million payday
One Hundred and Sixty-First Week
Fannie Mae, Freddie Mac spent $100 million on former executives’ legal bills
One Hundred and Sixty-Second Week
Bill Clinton, Emanuel announce infrastructure program
One Hundred and SeventiethWeek
The Dept. of the Treasure daily TARP updates
One Hundred and Seventy-Second Week
Inspector General report ends myth that TARP 'turned a profit'
One Hundred and Seventy-SeventhWeek
Treasury Reaps $245 million Auctioning TARP Stakes in Seven Banks
One Hundred and Seventy-EighthWeek
JP Morgan Chase CEO Wears Cuff Links Obama Gave Him To Hearing
One Hundred and Eighty-FirstWeek
Bailed-out AIG wants $30.2 million in tax interest
One Hundred and Eighty-Second Week
'Where Is the Press With the Outrage?' This Major Financial Scandal Has Santelli Up in Arms
Tim Geithner “Aided and Abetted” LIBOR Crimes: Jim Rickards
Libor rate manipulation scandal addressed quickly, says Geithner
Your Guide to Sleazy Democratic Party-Backed Banks
Special IG: Geithner dropped 'f-bombs' when I said he wasn’t transparent enough
One Hundred and Eighty-Third Week
Geithner set to defend actions on Libor scandal before Congress
More Geithner involvement in Libor: knew 4 years ago, said nothing at key meetings
Obama's TARP team helped banks, betrayed homeowners
Barofsky On Geithner: "We Should See People In Handcuffs"
One Hundred and Eighty-Fourth Week
TARP Was Even Worse Than You Think: "An Abysmal Failure," Barofsky Says
Eight co-sponsors of 'audit the Fed' bill vote against it without explanation (Daily Caller)
One Hundred and Eighty-Fifth Week
Report: Cronyism, political donations likely behind Obama, Holder failure to charge any bankers after 2008 financial meltdown (Daily Caller)
One of President Obama’s newest high-dollar fundraisers is a mortgage investment kingpin with close ties to Fannie Mae and Freddie Mac.. Douglas Krupp
One Hundred and Eighty-Seventh Week
Fed says taxpayers earned $17.7B from AIG bailout
One Hundred and Ninetieth Week
Treasury launches $18 billion AIG stock offering
One Hundred and Ninety-Sixth Week
Internal emails: Treasury officials held 2009 backroom bailout meeting on Delphi pension plans
Obama’s TARP Regulator: "Offered the Bullet or the Bribe, the Gold or the Lead" (+video)
Two Hundred and Third Week
Treasury Dept. Wraps Up TARP Bailout of AIG by Selling Assets to China
Two Hundred and Sixteenth Week
Obama Administration Threatened AIG Over Bailout Lawsuit
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