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NEWS ABOUT: TARP

Obama Lives in 'Fiscal Fantasy World'

Voters are waking up to president's free-spending ways

(Newser) - President Obama is trying to sound like he's turning tough on the deficit and federal spending in his State of the Union address, but Karl Rove isn't impressed and Americans shouldn't be, either. Obama has "rigged the game" by boosting discretionary domestic spending by more than $100 billion from... More »

US to Hand Ailing GMAC Another $3.5B

Firm has already taken some $12.5B

(Newser) - GMAC is set for another $3.5 billion from the government—this on top of more than $12.5 billion since last December. The latest infusion comes amid an overhaul as the firm grapples with mortgage-linked losses, aiming at a return to profitability in the first quarter of next year,... 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 »

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 »

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 »

Treasury Backs Off Plan to Sell Citi Stock

Prices were so low taxpayers would have lost $770M

(Newser) - The Treasury has done an about-face on its plan to unload part of its 34% stake in Citigroup. The reversal comes as investors responded tepidly to the offering of as much as $5 billion in stock, forcing Citigroup to sell at a discounted price of $3.15 a share—10... 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 »

Obama Prods 'Fat Cat' Bankers on Reform, Loans

Meeting sparsely attended thanks to weather

(Newser) - Less than 24 hours after jabbing at "fat cat bankers," Barack Obama rounded up every one of them he could find and prodded them to lend more, modify mortgages, and get behind financial reform methods. "America's banks received extraordinary assistance from American taxpayers to rebuild their industry,... 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 »

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 »

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 »

BofA's 'George Bailey' Axed

Bank clerk struggles to find help for customers hit by debt

(Newser) - Just in time for the holidays, a worker in Georgia who tried to get the same kind of help for bank customers that banks got from taxpayers has been fired—by Bank of America. Jackie Ramos, 23, fudged information on behalf of clients to help them qualify for credit repayment... More »

Geithner: Goldman Woulda Failed Sans Bailout

Execs dreaming if they think they wouldn't have failed

(Newser) - Goldman Sachs fatcats were musing this week about how they might have been fine without a federal bailout, but Tim Geithner is having none of it: “None of them would have survived,” he tells Bloomberg , without federal intervention. “The entire US financial system and all the major... More »

Bank of America Will Repay $45B TARP Loan

Move will help bank rid itself of government restrictions

(Newser) - Bank of America is joining the ranks of banks that have repaid their TARP loans. The bank will repay $45 billion to the Treasury Department to begin ridding itself of restrictions on pay and other matters. BofA plans to raise $20 billion in capital to beef up its reserves and... More »

Fed Prods Banks for TARP Repayment Plans

BofA, Citi, 7 others asked to submit outlines

(Newser) - The government is stepping up plans to wind down the TARP program. The Fed has asked nine banks stress-tested earlier this year, including Bank of America and Citigroup, to come up with plans to repay a total of $142 billion in TARP funds. The move represents an evolution in the... More »

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