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NEWS ABOUT: Wall Street bailout

10 Lies Wall St. Told Us in '09

It's been a bumper year for BS from the big banks, writes Nomi Prins

(Newser) - As Wall Street happily trots off into 2009's sunset, same old bad habits in tow, things aren't looking so hot on Main Street—no matter the crocks the bankers sold us, writes Nomi Prins at AlterNet . Here's some of Wall Street's finest whoppers of the year.
  • The economy has improved.
... More »

Post-Bailout Economy Ruled by Washington

Companies bend to Fed's will—even when they don't have to

(Newser) - The rash of government bailouts in the last 16 months was aimed at averting financial meltdown, but its effects on American capitalism will last long after the last TARP funds are (if they are) paid back, the Wall Street Journal predicts. Obama adviser Larry Summers argues that the interventionist moves... More »

The Lowest Points of the 'Decade of the Oligarchs'

Bush put US on path to banana republic status

(Newser) - The 2000s were dominated by George W. Bush and the new American oligarchy he represents, writes Juan Cole. He lists hit 10 lowest points of an awful decade:
  • “The constitutional coup of 2000,” in which “ugly racial and other low tricks” and a “far right-wing Supreme
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Politics Played Major Role in Bailout Choices

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... More »

AIG Execs Ignore Vow to Return Bonuses

Only $19M of promised $45M has been repaid

(Newser) - Execs at the AIG division responsible for the company's downfall have decided they deserve those hefty bonuses after all. Top earners at the bailed-out company promised to return $45 million in bonuses by the end of this year amid public outrage at the payments, but only some $19 million has... More »

Spitzer to AIG: Show Us the Email

Ex-gov wants answers before feds ditch their stake

(Newser) - The Treasury Department's shopping its 80% stake in AIG, but before it sells, all Eliot Spizter wants for Christmas is for the financial behemoth to finally disclose exactly how it triggered the financial crisis. "Who knew what, and when? Who benefited, and by exactly how much?," questions the... More »

To Spur Bank Execs to Act, Mess With Their Pay

Compensation limits have prompted swift TARP repayment

(Newser) - A common complaint about the TARP bailouts was that by injecting capital and making the financial environment more friendly, the government wasn't doing enough to push the banks into real reform. Why wouldn't the banks simply live off TARP cash as long as they could? Yet those concerns were unfounded,... More »

B+? Obama Must Be Joking

Prez deserves his failing grade from the public, writes Karl Rove

(Newser) - President Obama has the lowest approval ratings of any postwar president at the end of year one, and he's done plenty to earn them, writes Karl Rove. Poor policies at home and abroad have helped send his ratings downward, as has the increasingly blatant slipperiness of the president's words. These... More »

Citi Wins Massive Tax Break

Firm will use dodged fed taxes to repay fed bailout bucks

(Newser) - The government will be collecting billions of dollars less in taxes from Citigroup as part of Citigroup's deal to pay back federal bailout money. The IRS has granted an exemption from tax rules relating to Citigroup and other companies partially owned by the government. The future taxes being forfeited will... More »

No-Show Bankers Show Who's on Top

With bailout funds repaid, Wall Street snubs the president

(Newser) - Obama’s meeting with top bankers yesterday spoke volumes about the new power dynamic between Washington and Wall Street—and not in the White House’s favor. Three top bankers, Lloyd Blankfein, John Mack and Richard Parsons, called in rather than showing their faces. Their excuse was weather that had... More »

Wells Fargo Will Pay Back $25B, Exit TARP

Bank plans $10.4B stock sale; move will boost EPS

(Newser) - Wells Fargo will repay $25 billion in federal bailout funds, becoming the last major national bank to square its TARP account. Part of the money will come from a stock sale that's expected to yield $10.4 billion, the New York Times reports. "We’re ready to fully repay... More »

Citigroup to Repay $20B in TARP Loans

Will issue $17B in common stock to meet capital requirements

(Newser) - Citigroup and the US government have reached a deal that will allow the bank to repay $20 billion in TARP loans, after weeks of wrangling over the bank's health. Citi will raise $20.5 billion, $17 billion of it in common stock, the company said in a statement, a sign... More »

Obama Unloads on 'Fat Cat Bankers' Who 'Still Don't Get It'

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,... More »

Obama Sold Us Out to Wall Street

He pulled a bait-and-switch on America

(Newser) - President Obama's change from man of the people to friend of Wall Street is one of the biggest political turnarounds in history, writes Matt Taibbi. As soon as he was elected, Obama ditched his moderate economic advisers and built an economic team of Wall Street insiders with ties to "... More »

Geithner Defends TARP Extension

Says it would 'irresponsible' not to extend bailout

(AP) - Treasury Secretary Timothy Geithner told a skeptical watchdog panel today that a "limited, qualified extension" of the unpopular bank bailout program until October was necessary. "It would be irresponsible to do otherwise," Geithner said. Oversight chairman Elizabeth Warren seemed unconvinced, saying that though the program was "... More »

Geithner Extends TARP, Just In Case

Says US must be ready in case of new financial shocks

(Newser) - The Obama administration is keeping the TARP around for a rainy day, Tim Geithner told Congress in a letter today—the program will be extended through October. Though the Treasury is done bailing out big banks for now, Geithner said it needed to be prepared in case of new financial... More »

US Will Let AIG Execs Skirt Pay Cap

Pay czar Feinberg will make exceptions after 5 threaten to quit

(Newser) - Treasury pay czar Kenneth Feinberg will exempt some AIG executives from a $500,000 salary cap, after at least five threatened to quit, sources tell Bloomberg . Feinberg is preparing to make a ruling on pay limits for 75 of the company’s top executives. Five threatened to resign last week... More »

Obama Pushes Tax Breaks for Small Businesses

President lays out ideas to create jobs

(Newser) - President Obama proposed a series of job-creating ideas today to supplement the original stimulus plan, with an emphasis on helping small businesses through tax breaks and a suspension of their capital gains taxes. He also called for spending on highways and other infrastructure projects as well as the so-called “... More »

Citi, Wells Fargo Clash With Feds Over Repaying TARP

Fed, Treasury want banks to raise more capital first

(Newser) - Citigroup and Wells Fargo are at odds with the government over how much they need to raise to repay their TARP bailouts, with Uncle Sam wanting them to raise more capital first. Both are looking to follow Bank of America’s lead and get out from under the TARP, allowing... More »

Far Right, Left Rage Against Bernanke

Unlikely coalition of activists of all stripes target Fed chair

(Newser) - They're mad as hell at Ben Bernanke, and willing to work together—even if they don't agree on anything else—to block the Fed chairman's renomination. Populist anger at Wall Street bailouts and lack of transparency at the Fed has created a surprising coalition of right- and left-wingers that's gaining... More »

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