Waters Helped Get Funds for Bank With Family Ties

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 these companies are in good enough shape to afford massive bonuses, they surely are in good enough shape to afford to pay back every penny to taxpayers.” More»

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 committees or execs who had served on Federal Reserve boards, fared better. More»

Prez comes out firing in 60 Minutes interview

(NEWSER) - Ordinary Americans astonished by the gall of Wall Street banks that accepted federal bailout funds and awarded huge bonuses have a friend in a very high place: the White House. "I did not run for office to be helping out a bunch of fat cat bankers on Wall Street," President Obama says in an interview scheduled to air on tonight's episode of 60 Minutes . More»

Inouye owned shares in institution

(NEWSER) - A Hawaii bank got a federal bailout weeks after Sen. Daniel Inouye’s office called federal officials to check on the bank’s funding application, ProPublica and the Washington Post report. The bailout money was intended to support healthy banks, but the FDIC had decided Central Pacific Financial didn’t merit a recommendation. Inouye helped found the bank, was its first secretary, and owned shares in it. More»

(NEWSER) - The market was mixed today after the government announced TARP repayment plans, the Wall Street Journal reports. Oil surged past $70 a gallon, and the transport industry saw declines. The Nasdaq rose on hopes that electronics retail is picking up. The Dow was off 1.43 to 8,763.06. The S&P gained 3.29 to 942.43. And the Nasdaq surged 17.73 to end at 1,860.13. More»