bank bailout

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WaMu 'Poisoned' Financial System: Senate Report

Senate panel says lender knowingly built 'mortgage time bomb'

(Newser) - Washington Mutual made subprime loans it knew would go bad, then packaged them into risky securities, creating a “mortgage time bomb,” according to a Senate report. The permanent investigations subcommittee is grilling former WaMu execs this morning. The report also says the bank packaged and sold loans it...

Bailout Tab Plummets; Companies Quick to Repay

Expected costs down from $250B to $89B in past year

(Newser) - The financial bailout is looking a lot less expensive these days: At a projected $250 billion just a year ago, the expected federal bailout tab is now down to $89 billion—less than the government paid for the savings-and-loan crisis 20 years ago. The falling bailout costs come thanks to...

Citi Execs 'Sorry' for Financial Crisis, But...
 Citi Execs 'Sorry' for 
 Financial Crisis, But... 
... ER, NEVER SAW IT COMING

Citi Execs 'Sorry' for Financial Crisis, But...

Prince, Rubin take no responsibility at inquiry hearing in DC

(Newser) - Citigroup's former CEO Chuck Prince and former chairman Robert Rubin sure are sorry that their bank’s toxic assets struck a near-fatal blow to the economy and necessitated a $45 billion federal bailout, but they really didn’t see it coming. That’s the gist of their testimony today in...

Hedge Fund Managers Rake In Record $25B

Top 25 managers cleaned up by betting on bank bailout

(Newser) - Betting correctly that the federal government would not let more banks fail after the cruel denouement of 2008, hedge fund managers engineered a record payday for themselves in 2009. The top 25 brought in $25.3 billion, topping 2007’s record by a healthy margin, and the $4 billion taken...

Feds Look to Unload Citi Stake, Collect $8B

Dumping 27% stake would be 2nd-largest offering ever

(Newser) - At the time, throwing scads of cash at crumbling banks looked risky. But now it's financial genius as the Obama administration looks to unload its stake in Citigroup—and collect a tidy $8 billion profit in doing so. The transaction, which the Washington Post reports will be the second-largest stock...

Icelanders Reject Massive Bank Bailout Debt

(Newser) - Icelanders have expressed their outrage at being asked, because of the collapse of their financial system, to take on debts adding up to 45% of last year’s economic output. A whopping 93% of voters rejected IMF loans that would have saddled each of Iceland's 320,000 citizens with $16,...

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