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THURSDAY, NOVEMBER 26, 2009
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NEWS ABOUT: bailout

bailout stories: 564 news summaries

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(Newser) - Ben Bernanke patted himself on the back today for helping to save the world from a complete economic meltdown, MarketWatch reports. Facing public outrage and the prospect of President Obama dumping him in 6 months, the Fed chair said at a retreat in Wyoming that the world’s central banks... More »

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Ben Bernanke • Federal Reserve • recession • global economy • central bank • bailout • financial crisis • economic downturn

 New AIG CEO's Salary: $7M 

Figure makes a mockery of government's 'populist image': blogger

Aug 18, 09 10:05 AM CDT
(Newser) - The new CEO of AIG is bringing home $7 million a year to restore the bailed-out firm to health, Bloomberg reports. Robert Benmosche will receive $3 million in cash and $4 million in common stock, a regulatory filing notes. “The cash component had to be enough to attract a... More »

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CEO • salary • AIG • bailout • Obama administration • financial crisis • recession depression • Robert Benmosche

 AIG Mystery Haunts 
 Conn. Golf Course 

After bailout, taxpayers say they deserve to putt on it

Aug 17, 09 12:10 PM CDT
(Newser) - Locals rarely see anyone playing the pristine golf course that straddles the Connecticut-New York border, and no one’s quite sure who owns it—though most think it’s linked to insurance giant AIG, the New York Times reports. The mysterious Morefar Back O’Beyond course is rumored to have... More »

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golf • Connecticut • AIG • golf course • bailout

(Newser) - Just because top banking executives took home hefty paychecks in recent months doesn't mean they'll get to keep the money, reports Reuters. White House pay czar Kenneth Feinberg declared he has clear authority to "claw back" egregious bonuses already paid out by any bank that received federal TARP money.... More »

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Chrysler • Citigroup • executive compensation • Bank of America • Goldman Sachs • General Motors • bailout • GMAC • American International Group • executive bonuses • Kenneth Feinberg • pay czar

OPINION

 Post-Crisis Wall Street 
 Suffers Convenient Amnesia 

With bailouts, Treasury went too easy on financial industry

Aug 13, 09 11:22 AM CDT
(Newser) - We keep hearing that “Wall Street as we know it ended” in September 2008, but in fact, “the great upheaval of last fall may not have been severe enough,” writes David Weidner in the Wall Street Journal. The government formed a financial “death panel,” choosing... More »

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Wall Street • bailout • JPMorgan Chase • banks • Wall Street bailout

(Newser) - Robert Benmosche has been at the head of AIG for 48 hours now, so naturally it's time for a vacation. The new CEO of the four-times-bailed-out insurer is leaving for his 8,000-square foot villa on the Adriatic for the next two weeks. "It’s probably not a propitious... More »

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executive compensation • Croatia • vacation • AIG • bailout • financial crisis • Wall Street bailout • Robert Benmosche

(Newser) - The Treasury may have to expand its toxic asset programs and repeat stress tests, particularly for smaller banks, a US bailout watchdog panel finds. While larger banks have begun to recover, smaller financial institutions remain exposed to billions in losses from outstanding commercial property loans and are still unable to... More »

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Congressional oversight • watchdog • Treasury Department • bailout • financial crisis • TARP • stress tests

OPINION

Only 2nd Stimulus Can Save US: Stiglitz

But Wall Street bailout has made it a dirty word, writes economist

Aug 10, 09 7:12 AM CDT
(Newser) - Pundits can't help but ask whether the winter's fiscal stimulus has failed, and for Joseph Stiglitz it has—because the Obama administration made "political compromises that caused it to be less effective than it could have been." For the Nobel Prize-winning economist, there is no option but a... More »

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economics • recession • economic stimulus package • bailout • Joseph Stiglitz • Obama administration • financial crisis • Wall Street bailout

(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... More »

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Henry Paulson • watchdog • Treasury Department • Government Accountability Office • bailout • Troubled Asset Relief Program • Wall Street bailout • Timothy Geithner • TARP • Neil Barofsky

ANALYSIS

 Paulson Still Dogged 
 by Ethics Queries 

Ex-Goldman exec coddled firm as Treasury sec, critics say

Aug 9, 09 11:28 AM CDT
(Newser) - As a former Goldman Sachs exec, Henry Paulson vowed to avoid any potential conflicts of interest when he was appointed President Bush’s Treasury secretary. But seven months after he left office, the nagging questions surrounding Paulson’s tumultuous term in office suggest he may not have succeeded, Gretchen Morgenson... More »

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ethics • Wall Street • Goldman Sachs • Henry Paulson • AIG • Treasury Department • Lloyd Blankfein • bailout • conflict of interest • Wall Street bailout

(Newser) - Three more Bank of America directors have resigned, upping the beleaguered lender’s recent board departures to 10, Bloomberg reports. John T. Collins, William Barnet III, and Gary Countryman did not leave because of any disagreement with company executives, the bank insists. More board members will be added later this... More »

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Bank of America • resignation • bailout • board of directors

(AP) - Bowing to populist anger, the House voted today to prohibit pay and bonus packages that encourage bankers and traders to take risks so big they could bring down the entire US economy. Passage of the bill on a 237-185 vote followed the disclosure a day earlier that nine of the... More »

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Congress • Wall Street • bailout • executive bonuses

(Newser) - Sarah Palin took to the national stage in August 2008, and two weeks later Lehman Brothers collapsed. That's a helpful metaphor, writes Naomi Klein in the Guardian, who sees the former Alaska governor as "the last clear expression of capitalism-as-usual before everything went south." The financial crisis should... More »

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ecology • capitalism • Lehman Brothers • bailout • Sarah Palin • Wall Street bailout • drilling

TARP-Funded Banks Kept Awarding Bonuses

Firms paid more than they made: Cuomo

Jul 30, 09 12:52 PM CDT
(Newser) - The financial crisis and government bailouts did little to change Wall Street’s executive compensation habits, New York's attorney general says. All nine banks given assistance by TARP paid out bonuses in 2008—well before any paid back government loans, according to a survey ordered by Andrew Cuomo. Goldman Sachs,... More »

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Citigroup • executive compensation • Bank of America • Goldman Sachs • Merrill Lynch • Andrew Cuomo • bonuses • bailout • Troubled Asset Relief Program • Wall Street bailout • TARP

Interview

Anti-Business? Didn't I Just Bail You People Out?

Obama rips financial- industry critics, refutes 'stereotypes' on Dems

Jul 30, 09 10:46 AM CDT
(Newser) - President Obama says anyone calling him “anti-business” has an awfully short memory. “It was just three or four months ago when, at great political expense, we yanked them out of the fire,” he tells BusinessWeek in a lengthy interview. And of Chrysler and General Motors bondholders, “... More »

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Barack Obama • Chrysler • taxes • General Motors • bailout • interview • President Obama • economic policies • anti-business

(Newser) - Fed chief Ben Bernanke fielded questions from the public in an unprecedented town hall meeting last night, the Kansas City star reports. Sounding every bit like a candidate running for office, Bernanke defended his moves during the recession and financial crisis, saying he had learned from his predecessors' mistakes in... More »

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Ben Bernanke • Federal Reserve • US economy • town hall meeting • bailout • financial crisis

Bankruptcy Looms as Feds Refuse to Bail Out CIT Group

Treasury 'drawing line in sand,' says analyst

Jul 16, 09 2:47 AM CDT
(Newser) - The Obama administration has rejected CIT Group's pleas for a bailout, and the troubled commercial lender is likely to file for bankruptcy as early as today, reports the Washington Post. CIT—which has already received $2.3 billion in TARP funds—provides financing to close to a million small- and... More »

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bankruptcy • Treasury Department • bailout • financial crisis • TARP • lenders • CIT Group

OPINION

Be Very Afraid: Goldman Sachs Is Smiling

High-risk model hasn't changed, could lead to new crisis, says Reich

Jul 15, 09 7:41 AM CDT
(Newser) - Goldman Sachs is back in the black, with trading and stock underwriting revenues at an all-time high—and that should scare you, former Clinton cabinet member Robert Reich writes in Salon. While Goldman's earnings may signal that the current crisis is abating, the bank hasn't modified high-risk strategies that forced... More »

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Wall Street • Goldman Sachs • Robert Reich • FDIC • bailout • risky trading • investment banks • banks • financial crisis • TARP

Bailouts May Be Offered to Small Businesses

TARP funds, meant to save banks, could be used to save jobs

Jul 11, 09 8:13 AM CDT
(Newser) - The Obama administration is working on a plan that would take money from the TARP—the $700 billion fund intended to rescue banks—and lend it to small businesses, the Washington Post reports. The money would come with few restrictions, and the government would pick up as much as... More »

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small businesses • Treasury Department • small business • bailout • Obama administration • Timothy Geithner • Lawrence Summers • TARP

investigation

Inouye Pulled Strings to Get Hawaii Bank Bailout Cash

Inouye owned shares in institution

Jul 1, 09 8:18 AM CDT
(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... More »

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bank • Daniel Inouye • bailout • TARP

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