bank bailout

Stories 1 - 20 |  Next >>

Super Bowl Shows Value of Losing
 Super Bowl 
 Shows Value 
 of Losing 
OPINION
Feb 3, 2014 1:40 PM CST

Super Bowl Shows Value of Losing

John Tamny sees a conservative lesson in Pete Carroll's comeback

(Newser) - The Seahawks' dominance last night put Pete Carroll "in an elite circle of the all-time greatest football coaches," but he wasn't always held in such high esteem, writes John Tamny at Forbes . "Failure made Pete Carroll." Carroll, you'll recall, was fired after just one...

BofA Hid Merrill Losses Before Purchase

3 years after meltdown, shareholder lawsuit pries out info

(Newser) - More than three years after Bank of America's $50 billion takeover of Merrill Lynch went horribly awry , leading to a second mammoth taxpayer bailout of $20 billion, a shareholder lawsuit against the bank is finally producing details about who knew what and when, reports the New York Times . BofA...

Spanish Bank on the Brink as Run Fears Grow

Government will pour in billions more to prevent collapse

(Newser) - Spain's banking crisis grew sharply worse yesterday, as officials at Bankia, the country's leading mortgage lender, said it would need an additional $24 billion, reports the New York Times . The move effectively nationalizes the troubled bank, just two weeks after the government took over 45% of Bankia , and...

Under Pressure, Bank CEO Waives $1.5M Bonus

Royal Bank of Scotland's Stephen Hester caves amid controversy

(Newser) - The chief of Britain's second-largest bank declined his $1.5 million bonus yesterday, hours after opposition lawmakers vowed to put it to a vote, reports the Scotsman . The bank's board argued that Royal Bank of Scotland CEO Stephen Hester's bonus was reasonable, especially since his base pay...

Obama 2012 Aide Was Bailout Lobbyist

Broderick Johnson is key Democratic insider

(Newser) - President Obama is building his reelection campaign on "channeling anti-Wall Street anger," but a top campaign staffer lobbied for the bank bailout that has both Occupiers and Tea Partiers fuming. Broderick Johnson and fellow lobbyists were paid some $450,000 working for the Financial Services Forum, a group...

Fed Handed Wall Street $1.2T in Loans

Bloomberg reveals peak amount for the first time

(Newser) - In 2006, their best year ever, the 10 biggest US banks and brokerage firms made $104 billion in profits. By 2008, they had taken more than six times that amount—$669 billion—in emergency Federal Reserve loans. That amount, as well as amount loaned by the Fed to all its...

Debt Crisis Could Make Lehman's Fail Look Lame

Downgrade could be worse: Neel Kashkari

(Newser) - If the debt follies in Washington result in US credit being downgraded, it could end up being a worse financial hit than the epic failure of Lehman Brothers, writes Neel Kashkari. The former assistant secretary to the Treasury, who was appointed by George W Bush to oversee the $700 billion...

Banks Profited by Loaning Fed Money Back to ... Feds

They charged bigger interest rates on cheap money from Uncle Sam

(Newser) - Crisis-walloped banks aided with federal loans likely made a fortune by lending the same money back to the federal government at substantially higher interest rates, a new report indicates. The study by the Congressional Research Service supports complaints that the largest banks essentially engaged in taxpayer-financed arbitrage by cashing in...

Supreme Court to the Fed: Release Dirt on '08 Crisis Loans

Banks sought to block details from media

(Newser) - The Federal Reserve will release information on several emergency loans it made to prominent banks when the financial crisis struck in 2008, CNNMoney reports. Bloomberg News initially filed a lawsuit against the Fed in an attempt to gain details on the loans; the Fed declined the request due to "...

Taxpayers Will Score $12B on Citigroup Bailout: Treasury

Government strikes deal to sell remaining 2.4B shares

(Newser) - Taxpayers will wind up making out like bandits on their $45 billion bailout of Citigroup. The Treasury Department has struck a deal to sell its remaining 2.4 billion shares of Citigroup for $4.35 a share, it announced yesterday, bringing the total money made off such sales to $57...

Dear Uncle Sam: Thanks
 Dear Uncle Sam: 
 Thanks 
WARREN BUFFETT
Nov 17, 2010 8:28 AM CST

Dear Uncle Sam: Thanks

Only you could have saved us from financial meltdown: Warren Buffett

(Newser) - Sure, it's all the rage to curse big government, government spending, government in general, but there's one guy who's thankful for it—and his name happens to be Warren Buffett. Writing a thank-you letter disguised as an op-ed for the New York Times, Buffett praises Uncle Sam's intervention in the...

Bailed-Out Companies Throw Cash to GOP

Even though Dems led push for TARP

(Newser) - Despite being bailed out by the government—and, in some cases, still owing money to the government—many companies are donating heavily to candidates. And many of those candidates are Republicans, even though it was mostly Democrats who supported the TARP program, the Washington Post reports. The 23 companies that...

Debtor’s Prison Makes Its Ugly Return

Government 'shakes down' citizens for collectors

(Newser) - Strongly worded letters and menacing phone calls aren't enough, it seems, to whip America's debtors into shape. Instead, the country's collection industry is turning to civil courts, using taxpayer money and government resources to pursue "low level deadbeats," finds Reason . The process pits debtors against a system that...

Bailout May End Up Costing $0

Despised TARP expires Sunday

(Newser) - The terms "$700 billion" and "bailout" are paired as often as "Tea" and "Party," but it turns out that the government lifeline to banks and auto firms will only cost taxpayers a fraction of what was originally predicted. The hugely unpopular Troubled Asset Relief Program—...

Big Banks Still Think We're Chumps
 Big Banks 
 Still Think 
 We're Chumps 
OPINION
Sep 13, 2010 10:42 AM CDT

Big Banks Still Think We're Chumps

Citigroup hasn't learned its lesson from financial crisis

(Newser) - Have the big banks learned their lesson from the financial crisis? Not a chance, writes Charlie Gasparino in the Daily Beast . Citigroup’s recent attempt to bar a well-respected financial analyst from questioning its executives about accounting practices, plus new documents proving the bank’s top brass knew about its...

SEC: Citigroup Execs Lied
 SEC: Citigroup Execs Lied 
Sep 10, 2010 6:48 AM CDT

SEC: Citigroup Execs Lied

Former heads knew of losses, SEC claims

(Newser) - Citigroup 's top brass lied about their knowledge of the firm's subprime losses, the SEC alleges. Court fillings from the SEC suggest former chief executive Charles 'Chuck' Prince and former senior adviser Robert Rubin were well aware that the highest-rated segments of subprime mortgage-backed securities were the source of...

Defiant Maxine Waters: I'm Innocent

Congresswoman denies ethics charges

(Newser) - Maxine Waters made her position very clear today: "I did not violate any House rules," the California congresswoman insisted at a Washington press conference, reports ABC News . "No benefit, no improper action, no failure to disclose, no one influenced: no case." The House ethics panel has...

US Bailout Funds Aided Foreign Firms

Watchdog says TARP spending aided France, Germany

(Newser) - A big slice of the $700 billion in bailout funds the US poured into the financial system ended up helping foreign companies, according to a report from a congressional watchdog agency. Because the Treasury Department failed to gather enough information on the flow of money, it ended up taking on...

17 TARP Banks Paid Execs Billions: Pay Czar

Payments would have violated later guidelines

(Newser) - Seventeen banks gave their top executives $1.6 billion in lavish payments while they were receiving billions of dollars in taxpayer-funded bailouts, the Treasury Department's compensation chief said today. Kenneth Feinberg said he did not have the authority to ask the firms to repay the money handed out during the...

Why We Need a Bank Tax
 Why We Need a Bank Tax 
OPINION
Apr 28, 2010 9:59 AM CDT

Why We Need a Bank Tax

There will be future bailouts, so make banks pay their share

(Newser) - The recent financial crisis wasn't the first time banks needed a taxpayer bailout, and it won't be the last. That's why a bank tax is the best way to protect taxpayers from the cost of future crises, David Leonhardt writes in the New York Times —better than the current...

Stories 1 - 20 |  Next >>
Most Read on Newser