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NEWS ABOUT: bailout

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CIT Bust Would Cost US $2.3B, Earn Goldman $1B

Taxpayers shares could go up in smoke while Goldman gains

(Newser) - Troubled commercial lender CIT, circling the drain for more than a year, would cost taxpayers $2.3 billion in shares purchased by the Treasury Department if it files for Chapter 11 soon—but Goldman Sachs, which gave the lender emergency funding, stands to collect a $1 billion windfall if it... More »

Feds Weigh New Bailouts for Smaller Banks

Congressional Dems on board with plan to help institutions hammered by real estate

(Newser) - With the residential and commercial real-estate markets continuing to hammer smaller US banks, the Treasury and other federal agencies are trying to diagram help for institutions considered too much of a gamble under original bailout terms. Congressional Democrats are “very, very supportive” of such a move, a source tells... More »

Volcker: Obama Plan May Lead to More Bailouts

Former Fed chief faults strategy of 'too big to fail'

(AP) - A top White House economic adviser says the Obama administration's proposed overhaul of financial rules preserves the policy of "too big to fail" and could lead to future bailouts. Former Fed chief Paul Volcker told Congress that by designating some companies as critical to the broader financial system, the... More »

FDIC May Borrow Billions From Banks

Tapped-out deposit insurance fund mulls reverse bailout

(Newser) - After a year of government bailing out the banks, now the banks may bail out the government. Regulators are considering a plan for the FDIC, which protects bank depositors, to borrow billions from healthy banks, enabling the fund to refresh its accounts after a wave of bank failures. Banks and... More »

Congress, BofA Clash Over Merrill Secrets

Bank insists merger talk protected, Towns issues spill deadline

(Newser) - Bank of America claims it doesn't have to produce details about its decision to merge with Merrill Lynch because the conversations are protected by attorney-client privilege. But the chairman of the House Oversight and Government Reform Committee begs to differ, reports the New York Times. The showdown peaked last week... More »

Citigroup Wants to Repay Bailout, Cut Treasury Stake

(Newser) - Citigroup is drawing up a plan to get out from under the government’s thumb, the Wall Street Journal reports. The bank called the Treasury over the weekend to say it was looking for ways to scale back the government’s investment, outlining a plan in which it would raise... More »

What Bailout? AIG CEO Prefers Making Wine

Under fire for blunt talk, Benmosche pursues real passion: grapes

(Newser) - New AIG chief Robert Benmosche has garnered reams of bad coverage since taking over the train-wreck insurer—and nearly a month into the job, he's still at his holiday villa in Croatia. Reuters visited Benmosche at his coastal idyll and finds his true passion to be not finance but the... More »

Bank of America Ready to Repay $20B in Bailout Cash

But bank haggles with Treasury, Fed over fee for loss-sharing deal

(Newser) - Bank of America may become the latest institution to pay back a portion of its bailout money, with an eye toward escaping Washington's scrutiny of its pay packages. BofA isn't ready to pay back $45 billion in first-round TARP funds, the Wall Street Journal reports, but wants to start with... More »

Bankers Saved the World: Bernanke

(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 »

New AIG CEO's Salary: $7M

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

(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 »

AIG Mystery Haunts Conn. Golf Course

After bailout, taxpayers say they deserve to putt on it

(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 »

Don't Spend Bonus Bucks Yet, Warns 'Clawback' Czar

(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 »

Post-Crisis Wall Street Suffers Convenient Amnesia

With bailouts, Treasury went too easy on financial industry

(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 »

AIG Chief Takes Holiday After 2 Days on Job

(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 »

Small Banks May Need More Fed Aid

(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 »

Only 2nd Stimulus Can Save US: Stiglitz

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

(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 »

Toothless Watchdogs Not Sure Where TARP Money Went

(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 »

Paulson Still Dogged by Ethics Queries

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

(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 »

Three More BofA Directors Quit

(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 »

House Votes to Curb Wall Street Bonuses

(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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