Troubled Asset Relief Program

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Quit Griping About Bailout: It's Working
 Quit Griping About 
 Bailout: It's Working 
OPINION
Jan 14, 2009 11:18 AM CST

Quit Griping About Bailout: It's Working

Was it fair? Nope, but who cares?

(Newser) - Critics of the Treasury’s $700 billion bailout—and there are so many of them these days—grouse that it’s done nothing but line the pockets of undeserving bankers. “Maybe I’m missing something,” writes Steven Pearlstein of the Washington Post, “but I don’t see...

Fed Push Likely Behind Citi Breakup

Citi's brokerage sale could signal regulators' plans for 'new order' in banking industry

(Newser) - The expected sale of Citigroup's brokerage business could be the first step in a government-instigated plan to cut the financial behemoth down to a manageable size, analysts tell Marketwatch. Citibank's CEO said only last month that the group had the right business mix, and many believe his sudden about-face is...

Paulson Wants Next $350B, But Bush May Not Ask for It

Request likely to set off more hand-wringing in Congress over bailout tactics

(Newser) - Treasury Secretary Henry Paulson called today for Congress to release the second half of the $700 billion bailout fund, but his plea isn’t being echoed at the White House—which would have to make the formal request, the Wall Street Journal reports. “It’s not necessarily true that...

Jittery About Loss, Investors Stuff Cash In 0% T-Bills

Willing to take nothing for their money

(Newser) - The results of yesterday’s short-term bond auction were staggering. Investors snapped up $30 billion worth of Treasuries at a 0% yield—essentially lending the government money for free, the New York Times reports. Earlier, some investors even accepted a negative yield to park their cash in three-month Treasury bills....

Bailout Turns to Shore Up Credit Unions

$41B will focus on largest; most haven't seen a dime yet

(Newser) - Largely overlooked by federal regulators managing the bailout, credit unions will receive  $41 billion in lending to brace a handful of the largest institutions in a plan expected to be announced this week, the Wall Street Journal reports. The plan is intended to bring relief to as many as 10,...

Bush, Obama Camps at Odds on Rescue Plans
Bush, Obama Camps at Odds on Rescue Plans
ANALYSIS
Dec 8, 2008 10:40 AM CST

Bush, Obama Camps at Odds on Rescue Plans

White House seeks input; Dem focused on stimulus over bailout

(Newser) - Growing tension between the Bush administration and its replacement is making the waters of the economic turmoil more uncertain, the Wall Street Journal reports. With the first half of the  $700 billion bailout fund nearly gone, the White House wants more input for Barack Obama on securing the next $350...

Paulson May Hit Congress for 2nd $350B Next Week

Treasury Secretary will face a tough audience as skepticism mounts

(Newser) - Further erosion of the economy may send Treasury Secretary Henry Paulson back to Congress for the second half of the $700 billion federal bailout next week, reports the Wall Street Journal. But skepticism over how the initial $350 billion is being administered, conflicting views on how to best use the...

Fed Launches $800B Programs to Unlock Lending
Fed Launches $800B Programs to Unlock Lending
UPDATED
Nov 25, 2008 7:35 AM CST

Fed Launches $800B Programs to Unlock Lending

Will lend to investors buying credit-backed securities

(Newser) - The Fed today unveiled a new $200 billion lending facility designed to thaw the freeze in consumer credit, the Wall Street Journal reports. The facility will lend to investors who want to buy securities backed by credit cards, auto loans, student loans, and loans to small businesses. The Fed also...

Obama Stimulus Plan Balloons to $500B
Obama Stimulus Plan Balloons
to $500B
Nov 24, 2008 10:50 AM CST

Obama Stimulus Plan Balloons to $500B

Paulson, too, mulls more aggressive action, tapping bailout funds

(Newser) - Barack Obama’s financial team is constructing a $500 billion stimulus plan that it hopes to rush through Congress early in 2009, the Wall Street Journal reports. Obama would sign the bill, which is far more ambitious than anything discussed during the campaign, almost immediately after his inauguration. “This...

Dow Plummets 400+ Again
 Dow Plummets 400+ Again 
MARKETS
Nov 20, 2008 3:32 PM CST

Dow Plummets 400+ Again

Hopes dim for auto industry bailout

(Newser) - Stocks continued yesterday’s slide today as Congress dashed hopes for quick aid to the Detroit automakers, MarketWatch reports. Henry Paulson also undermined investor confidence by again changing the terms of TARP. The Dow fell 444.99 points to close at 7,552.29. The Nasdaq shed 70.30, closing...

Paulson, Bernanke Defend Bailout Before House

Money for Detroit isn't the 'purpose' of the bailout: Paulson

(Newser) - Treasury Secretary Henry Paulson told Congress today he opposes tapping a $700 billion taxpayer-funded bailout pool to help struggling US automakers. Paulson and Federal Reserve Chair Ben Bernanke were on Capitol Hill defending their management of the bailout program, just a week after the Bush administration abandoned the original strategy...

Bank of America Doubles Stake in Chinese Bank

Shells out $7B while slashing jobs, taking bailout funds

(Newser) - Bank of America will inject $7 billion into China Construction Bank Corp, Bloomberg reports, nearly doubling its stake in the bank even as it slashes jobs and accepts government bailout money. CCB is down 45% over the past six months, and BoA CEO Ken Lewis is getting a 32% premium...

Insurers Buy Troubled S&Ls in Ploy for Bailout Cash

Crisis has insurance titans desperate for capital

(Newser) - Four huge insurers are in the process of buying small, troubled S&Ls in order to qualify for a chunk of the Treasury’s bailout cash, Bloomberg reports. Genworth Financial, Lincoln National, Hartford Financial Services, and Aegon NV have set their sights on US banks cited for “unsafe and...

Bush Taps Asst. US Attorney to Oversee Bailout

If confirmed, Barofsky will take bailout responsibilities from Treasury's inspector general

(Newser) - The Bush White House today finally named a special inspector general to oversee the Treasury Department's $700 bailout, nominating a New York federal prosecutor named Neil Barofsky. The move comes a day after the Washington Post complained in a Page 1 story that 6 weeks into the bailout, no action...

Bailout Oversight: 'It's a Mess'
Bailout Oversight:
'It's a Mess'
Nov 13, 2008 8:34 AM CST

Bailout Oversight: 'It's a Mess'

$700B plan operates without watchdog as lawmakers spat

(Newser) - More than one-third of the $700 billion bailout package has been committed, but the program is operating without any government oversight, reports the Washington Post. The provisions intended to monitor the disbursement for corruption and waste are being overlooked, and no one has been nominated to the newly created post...

Treasury Shifts Focus to Consumer Credit

Will alleviate consumer credit instead

(Newser) - The Treasury will spend its remaining bailout funds on consumer credit rescue programs, Henry Paulson announced today, scrapping his original plan of buying illiquid mortgage-related assets from financial institutions. The freeze on consumer credit, he said, is “creating a heavy burden on the American people and reducing the number...

Treasury May Require Matching Funds for Bailouts

Setting matching funds as a prerequisite for rescue cash puts investors back in the picture

(Newser) - Companies that take part in the second phase of the Treasury Department’s bailout plan could be required to raise private capital to match federal funds, reports the Wall Street Journal. The first phase of the Troubled Asset Relief Program, which has been buying up stakes in banks, has no...

Paulson's 'Amazing Power Grab'
 Paulson's 
 'Amazing 
 Power Grab' 
OPINION
Sep 23, 2008 8:19 AM CDT

Paulson's 'Amazing Power Grab'

Financial equivalent of the Patriot Act steams through Congress

(Newser) - Henry Paulson's Troubled Asset Relief Program is the “most amazing power grab in the history of the American economy,” writes Andrew Ross Sorkin in the New York Times, “the financial equivalent of the Patriot Act.” The initial draft of the bill circulating yesterday is not only...

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