20 Crime Probes Launched Into Bailout Fraud

(NEWSER) - Anybody seen $700 billion? The government watchdogs charged with overseeing TARP spending don't seem able to answer even basic questions about where the money went, Chris Adams writes at McClatchy. A special inspector general, a congressional panel, and eight other inspectors general are supposed to be keeping track of the funds, but they haven't been given the tools to do the job properly, Adams writes. More»

Government strikes deal to sell remaining 2.4B shares

(NEWSER) - Taxpayers will wind up making out like bandits on their $45 billion bailout of Citigroup. The Treasury Department has struck a deal to sell its remaining 2.4 billion shares of Citigroup for $4.35 a share, it announced yesterday, bringing the total money made off such sales to $57 billion. Citigroup will pay the underwriting fees on the sale. More»

Even though Dems led push for TARP

(NEWSER) - Despite being bailed out by the government—and, in some cases, still owing money to the government—many companies are donating heavily to candidates. And many of those candidates are Republicans, even though it was mostly Democrats who supported the TARP program, the Washington Post reports. The 23 companies that received $1 billion or more through TARP gave $1.4 million to candidates last month alone. More»

Bank bailout is highlight of latest accounting

(NEWSER) - So it's not exactly zero, but the $388 billion the feds dumped into bailouts is going to end up with a final price tag of ... $29 billion, reports the New York Times. Most of Treasury's losses are focused in housing rescues ($46 billion) and the Detroit bailout ($17 billion), while other segments of TARP actually reaped profits—like the $22 billion feds expect to pocket when they sell their stake in AIG. More»

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 TARP in a way that serves the interests of the U.S. taxpayer, as well as our customers, team members and investors," said CEO John Stumpf. The move also frees the bank from government oversight and the accompanying restrictions on compensation. More»