Big Banks on Obama's TARP Fee: Nuh-Uh

Government trying to unwind stock without losing on the deal

(NEWSER) - The Treasury Department has had a tough time selling off some of the stock it took on in exchange for TARP bailout funds, meaning taxpayers are still on the hook for some $132.9 billion—some of which they may never get back, according to a report released today by the government watchdog overseeing the program. Selling the stock has been complicated by swingy stock market prices, and deep dips in some of the bailed out companies, the AP reports. More»

Firm has already taken some $12.5B

(NEWSER) - GMAC is set for another $3.5 billion from the government—this on top of more than $12.5 billion since last December. The latest infusion comes amid an overhaul as the firm grapples with mortgage-linked losses, aiming at a return to profitability in the first quarter of next year, the Wall Street Journal reports. The company is seeking to get ready to pay taxpayers back, says a rep. More»

Warren confirms cuts to 25 top earners at 7 companies

(AP) - 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 as much as 90%. The move, reported last night, is "real," TARP overseer Elizabeth Warren confirmed to CBS this morning. More»

(NEWSER) - All the hubbub around AIG and its bonuses is “a complete farce,” Larry Kudlow writes in the National Review. No one should be surprised that those in charge have “completely bungled” the situation. “The government shouldn’t run anything, because it cannot run anything,” Kudlow writes. And the Obama administration was “undoubtedly informed” about the bonuses months ago. More»

Move would catch US up to Europe, China and Japan

(NEWSER) - The Obama administration is trying to convince automakers to accept a significant hike in fuel efficiency standards that would put US vehicles on par with those sold in Europe, Japan and China. The administration would like to raise the standard to 56.2 miles per gallon, or roughly double the current level, by 2025, the New York Times reports. Automakers have the tech to do that, but aren’t thrilled with the cars it would produce. More»