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THURSDAY, NOVEMBER 26, 2009
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NEWS ABOUT: Wall Street bailout

Wall Street bailout stories: 140 news summaries

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(Newser) - The federal government has begun its so-called "stress tests" of the nation's big banks, reports the Los Angeles Times. The tests will run through April, and the banks will have to prove they can withstand a worsening economy—even if unemployment rises above 10% and home prices decline 22%.... More »

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bank failure • banking industry • Wall Street bailout • TARP

Citi Struggles Under Fed Oversight, About to Get More

Tottering bank may give 40% of shares to Washington

Feb 25, 09 7:45 AM CST
(Newser) - Citigroup is in talks with Washington about a restructured deal that would see the US convert its 7.8% stake of preferred shares into up to 40% of common stock. The deal would provide Citi with desperately needed capital, but would place the bank under further control of the federal... More »

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Citigroup • Federal Reserve • nationalization • Vikram Pandit • Wall Street bailout • recapitalization

OPINION

To Save Economy, Give Money to Morons

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

Feb 20, 09 8:20 AM CST
(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’... More »

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Bush administration • moral hazard • bailout • Obama administration • Wall Street bailout • auto bailout

BofA Boss Ordered to Testify in $3.6B Bonus Probe

Massive perks paid out before pricey bailout

Feb 20, 09 2:36 AM CST
(Newser) - Bank of America chairman Kenneth Lewis has been subpoenaed to testify in the investigation into possible deception of investors over the Merrill Lynch takeover, sources tell the Wall Street Journal. New York Attorney General Andrew Cuomo is exploring whether the bank broke the law by failing to inform investors of... More »

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Bank of America • Merrill Lynch • Andrew Cuomo • bonuses • John Thain • Kenneth Lewis • Wall Street bailout

(AP) - This was no Roman holiday for Timothy Geithner. But after crashing global markets with a botched rollout of a bank rescue plan, the new Treasury secretary earned better reviews from global finance officials meeting in Rome. Geithner appeared more assured at a news conference here following two days of G-8... More »

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global economy • Group of Seven • Treasury secretary • Wall Street bailout • Timothy Geithner

 Stimulus Slashes 
 Bank Bonuses 

Package bans cash bonuses for bailed-out firms' high earners

Feb 14, 09 7:56 AM CST
(Newser) - A late addition to the stimulus package puts tougher restrictions on executive pay at bailed-out financial institutions, reports the Wall Street Journal. The rules go further than the Obama administration proposed, affect more employees, and could seriously crimp the culture of gargantuan bonuses. The big one: Bonuses can't exceed one-third... More »

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Barack Obama • executive compensation • Chris Dodd • bonuses • economic stimulus package • Obama administration • financial crisis • Wall Street bailout • President Obama • TARP

'Humbled' Bank CEOs Will Deny Blowing Bailout

Top bankers face
grilling today from
furious Congress

Feb 11, 09 2:12 AM CST
(Newser) - Bank bosses being grilled by Congress today will defend their use of bailout cash, according to prepared testimony obtained by Reuters. Chief executives from the eight biggest US banks arrive in Washington this morning—by public transportation instead of private jet this time—and are expected to strike a note... More »

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Congress • House Financial Services Committee • Vikram Pandit • Lloyd Blankfein • bailout • banks • Troubled Asset Relief Program • Wall Street bailout • TARP

Geithner Wins Tug-of-War for Hands-Off Bailout

Treasury secretary resists calls for firmer government intervention

Feb 10, 09 1:49 AM CST
(Newser) - Treasury Secretary Timothy Geithner has prevailed over top administration officials who sought tougher restrictions on financial institutions in the revamped bailout plan to be unveiled today, reports the New York Times. Geithner, pointing to failures in countries that adopted more interventionist measures, successfully resisted calls to dictate how the cash... More »

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executive compensation • Treasury Department • bailout • Obama administration • financial crisis • Wall Street bailout • Timothy Geithner • TARP

New Bailout
Plan Hinges on Private Investors

Treasury will set 'floor price' on distressed assets to lure buyers

Feb 9, 09 8:37 AM CST
(Newser) - The Treasury's latest plan to rescue the banking industry relies heavily on private-sector investors, the New York Times reports. The government will guarantee a floor price on the toxic assets weighing down banks’ balance sheets, encouraging hedge funds, private equity groups, and even insurers to buy them. The plan... More »

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foreclosure • Treasury Department • financial sector • collateralized debt obligations • Obama administration • banking industry • Troubled Asset Relief Program • financial crisis • Wall Street bailout • Timothy Geithner • TARP • toxic assets

Geithner Delays Bank
Bailout Until Tuesday

Treasury Department focuses on pushing stimulus through Congress

Feb 8, 09 4:36 PM CST
(Newser) - The Treasury Department will wait until Tuesday to unveil the next bank bailout while lawmakers and President Obama debate their multibillion-dollar stimulus plan, the New York Times reports. “With record high job losses, and weakening economic forecasts, we’re focused on working with Congress to pass an economic recovery... More »

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Congress • Treasury Department • economic stimulus package • Obama administration • financial crisis • Wall Street bailout • Timothy Geithner

ANALYSIS

 Skirting Pay Cap 
 Will Be a Piece of Cake 

Obama proposal leaves wiggle room, and Wall St. usually good at finding it

Feb 5, 09 9:57 AM CST
(AP) - The squeeze on big paydays for executives of bailed-out banks will probably leave Wall Street plenty of wiggle room. Consultants on executive pay say the caps imposed by President Obama yesterday will probably apply only to a few executives—not star traders, brokers, and salespeople who routinely earn whopping pay... More »

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Wall Street • executive compensation • salary cap • bailout • Obama administration • banks • financial crisis • Wall Street bailout • President Obama

OPINION

Citi's Mets Deal Makes Sense in the Long Run

$400M, over decades, will generate lots of publicity, help pay back bailout funds

Feb 4, 09 2:31 PM CST
(Newser) - Citi’s $400 million naming-rights deal with the New York Mets may seem “tone-deaf and stupid” after the bank took $45 billion in bailout funds, Daniel Gross writes in Newsweek—but it’s a good idea. “Companies—even companies getting bailed out by the feds—need to attract... More »

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advertising • Citigroup • New York Mets • Citibank • baseball • corporate sponsorship • Citi Field • financial crisis • Wall Street bailout • TARP • naming rights

OPINION

C'mon, Mr Prez, Nobody Will Run Bank for $500K

Obama, after pledge
to be above the noise, falls prey to it instead

Feb 4, 09 12:34 PM CST
(Newser) - Sure, bankers make too much money, but President Obama’s ceiling “is just a misguided attempt to quiet the peanut gallery,” writes Megan Barnett in Portfolio. The $500,000-per-year executive cap will discourage banks from taking needed government cash, and drive away top talent. “Money is what... More »

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Barack Obama • executive compensation • Obama administration • banking industry • financial crisis • Wall Street bailout • President Obama • TARP

Obama May Cap Pay of Bailed-Out Execs at $500K

Pay to be capped at $500,000, bonuses canceled

Feb 3, 09 11:31 PM CST
(Newser) - The Obama administration plans to announce sharp new limits today on how much executives of bailed-out companies can make, the New York Times reports. The rules, still being hammered out, would cap the pay of top executives at $500,000 and bar them from receiving any bonuses apart from normal... More »

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executive compensation • bailout • Obama administration • financial crisis • Wall Street bailout • President Obama • Timothy Geithner • TARP

(Newser) - Wells Fargo, which received $25 billion in TARP funds, has canceled a swanky corporate retreat in Las Vegas after criticism began to mount, the AP reports. The bank had booked 12 nights at two pricey hotels to recognize top employees. Wells Fargo initially defended the retreat when news of it... More »

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Las Vegas • Wells Fargo • mortgage brokers • conference • Wynn Las Vegas • corporate retreat • Wall Street bailout • junket

Bailout Firms Lobbied
Big Time for TARP Funds

Spending on charities, sponsored meetings topped $330,000

Feb 3, 09 1:53 PM CST
(Newser) - Several of the firms who would receive taxpayer funds from the TARP bailout spent money on meetings and charitable gifts that benefited lawmakers, the Hill reports. Fannie Mae and Freddie Mac, for example, donated $330,000 in the last 6 months of 2008 to politically affiliated charities. Bank of America,... More »

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Bank of America • Treasury Department • Barney Frank • financial institutions • bailout • banks • Troubled Asset Relief Program • Wall Street bailout • TARP


 BofA Takes Another $20B  
 Bailout on $10B Merrill Loss 

Crippled by unforeseen losses and falling stock price, B of A puts its hand out. Again.

Jan 16, 09 7:01 AM CST
(Newser) - Bank of America, sucker-punched by unforeseen losses from its takeover of Merrill Lynch, received another injection of $20 billion from the Treasury, the Wall Street Journal reports, bringing the total cost of BofA’s bailout to $45 billion. BofA’s shares shed 40% of their value in the past seven... More »

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Bank of America • Merrill Lynch • John Thain • bailout • Wall Street bailout • recapitalization • TARP

 Senate Releases TARP Funds  


Jan 15, 09 5:14 PM CST
(Newser) - The Senate agreed to let loose the remaining TARP funds today by a relatively slim margin, the Hill reports. The 52-42 vote means Obama should have access to the $350 billion about a week after he takes office. The House hasn't voted yet, but the TARP legislation requires only one... More »

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Barack Obama • Congress • Senate • Harry Reid • House of Representatives • credit crisis • Wall Street bailout • President Obama • TARP

(Newser) - The Wall Street bailout has not failed, but it hasn’t worked yet, either, as evidenced by the renewed call from Barack Obama and the Fed to release more TARP funds, the New York Times reports. Banks that received bailout funds are clamoring for more to stabilize their finances,... More »

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Barack Obama • Ben Bernanke • Citigroup • Federal Reserve • foreclosure • taxpayers • Wall Street bailout • President Obama • TARP

OPINION

 Quit Griping About 
 Bailout: It's Working 

Was it fair? Nope, but who cares?

Jan 14, 09 11:18 AM CST
(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... More »

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bailout • Troubled Asset Relief Program • Wall Street bailout • Steven Pearlstein • TARP

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