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NEWS ABOUT: bailout

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Obama Goes After AIG Bonuses

President instructs Geithner to use "every legal avenue" to reclaim funds

(Newser) - President Obama has asked Tim Geithner to use “every legal avenue” to prevent AIG from paying out $165 million in bonuses to top employees who had a hand in the company's near-collapse, the Wall Street Journal reports. "This isn't just a matter of dollars and cents. It's about... More »

In Bailout Fight, Team Obama Fears Backlash

Prez could be seen as bank 'advocate,' sparking anger

(Newser) - The Obama administration is getting more and more nervous about the possibility of a populist backlash, as anger toward the institutions at the heart of the financial crisis swells, the New York Times reports. That anger may be aimed at anyone linked to Wall Street—including the government that’s... More »

AIG to Dole Out $165M in Bonuses

(Newser) - Record-breaking losses and $170 billion in federal loans haven't curbed AIG's plan to pay out $165 million in executive bonuses, the New York Times reports. Treasury Secretary Timothy Geithner called up AIG chief Edward M. Liddy to halt the payments, and the company agreed to alter some—but Liddy said... More »

Waters Helped Get Funds for Bank With Family Ties

Critics see major conflict of interest

(Newser) - Maxine Waters is getting lots of unwanted attention about her role in helping a bank with family ties get a helping of TARP money. Both the New York Times and the Wall Street Journal have stories raising questions about whether the California congresswoman used undue influence to get aid for... More »

Some Banks Want to Bail on Bailout

Critics charge growing list of conditions will damage industry

(Newser) - A growing number of banks are seeking to return or avoid government bailout funds because of the lengthening list of conditions attached to the money, the New York Times reports. Critics say the terms—including modification of mortgages and caps on executive pay—smack of economic engineering. Bankers are especially... More »

Eli Broad: AIG Can't Recover

LA billionaire says he has "no hope" for insurer

(Newser) - Eli Broad, a former director and shareholder of AIG, said yesterday that "it is too late" for the insurance giant to make any recovery. The Los Angeles billionaire told Reuters that the government's initial bailout of AIG came "on the harshest of terms," and that a... More »

Fear of Unforeseen Chaos Keeps Feds Bailing Out AIG

(Newser) - If you want to understand the phrase “too big to fail,” look no further than AIG, the Los Angeles Times reports. With $1.1 trillion at the end of 2007, operations in 130 countries and 74 million customers, AIG is so entrenched in the global financial system that... More »

Hedges, Private Equity Funds to Invest in Bailout

TALF program could see very rich outfits get even richer

(Newser) - With its highly touted TALF program to spur consumer lending, the government is undertaking a $1 trillion effort that hinges on the participation of some unpopular outfits: hedge funds and private equity firms. As the Washington Post reports, the Fed and Treasury's "public-private partnership" relies on investment from the... More »

AIG Regulator: We Should Have Stepped in Sooner

(Newser) - A “multitude of regulators” failed to spot the liquidity risk AIG was piling on until it was too late, and should have stepped in sooner, the Office of Thrift Supervision told the Senate today. A relatively small unit of AIG was piling up credit default swaps, and “no... More »

Honda Hops on Bailout Bandwagon

Japanese automaker to seek government loans to pay for customer loans

(Newser) - With American credit markets dried up, Honda is seeking money from the Japanese government to help finance auto loans in the US, reports the Wall Street Journal. The Japanese government is planning to offer $5 billion through a semi-governmental organization, and Toyota is planning to seek funds as well. More »

Feds Aim to Generate $1T in Consumer Loans

(Newser) - There's a new acronym in bailout land: TALF. Officials at the Fed and Treasury Department today outlined the new lending program, which is designed to revive the nation's so-called shadow banking system and generate up to $1 trillion in loans to consumers and small businesses, the Wall Street Journal reports.... More »

Toyota Asks Japan for a Bailout

(Newser) - Toyota is reportedly seeking $2 billion in loans from Japan’s government, after forecasting its first loss in 59 years, Bloomberg reports. A Toyota Financial Services spokesman confirmed that the automaker is in talks with a state-owned bank, but wouldn’t specify a figure. The carmaker expects to report a... More »

Investment Funds May Replace 'Bad Bank'

Administration eyes creation of private funds to suck up toxic debt

(Newser) - The Obama administration is considering creating multiple investment funds to buy up the toxic debts at the heart of the financial crisis, insiders tell the Wall Street Journal. No fixed structure has been agreed upon, but under one leading plan the funds would be administered by private investment managers who... More »

Two Voices, One Economic Plan

Geithner and Summers speak loudly, cohesively, driving Obama's agenda

(Newser) - Among the policymaking din at the White House, the voices of Larry Summers and Tim Geithner have emerged as the loudest—and generally in unison, the Washington Post reports. The duo first teamed up to battle financial crises in Asia and Mexico in the mid-‘90s at the Treasury Department;... More »

Leaders Warn of Economic 'Iron Curtain'

Eastern Europe melts down, but Western leaders refuse bailout

(Newser) - EU leaders meeting in Brussels yesterday rejected a Hungarian-led effort to bail out the faltering economies of Eastern Europe, leading to apocalyptic warnings of an economic "Iron Curtain," with millions of unemployed workers heading west. Countries from the Baltic states to Poland and Romania have seen their once-booming... More »

Neil Young: Don't Forget Farmers in Bailout

(Newser) - Neil Young puts down his guitar and picks up his pen today on behalf of family farmers. In an essay in the Boston Globe, Young argues that tight credit, declining prices, natural disasters, and the overall economic gloom has many of them on the brink. The situation is as dire... More »

RBS Posts $34B Loss, Biggest in UK History, Gets 2nd Bailout

British taxpayer may soon own 95% of bank

(Newser) - The Royal Bank of Scotland today announced an annual loss of $34.3 billion, the largest in British corporate history, and the Treasury said it would inject another $36 billion into the troubled bank. The UK government already owns 70% of RBS, a figure that could now rise to 95%,... More »

Bailed-Out Bank Drops Millions on LA Golf Bash

$1.6B recipient sponsors open, hosts parties, concerts

(Newser) - A bank that got $1.6 billion in federal bailout cash lived it up last week in Los Angeles with luxe parties and concerts as it sponsored a PGA golf tournament, TMZ reports. Northern Trust flew hundreds of workers and clients to LA to stay in swanky hotels, eat classy... More »

AIG Negotiating Yet Another Bailout

3rd rescue could see government acquire parts of insurer

(Newser) - AIG is seeking yet another bailout from the federal government, the Financial Times reports, as the troubled insurer prepares to post a quarterly loss the Wall Street Journal expects to exceed $60 billion. The new package would see the government swap its previous $60 billion loan for equity and acquire... More »

To Save Economy, Give Money to Morons

They're dumb, but they're 'our countrymen'

(Newser) - Our economic system is supposed to be based on the principle that people must live with the consequences of their decisions, which tends to make them more careful deciders. “We’ve made a hash of all that,” writes David Brooks of the New York Times. We’ve had... More »

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