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SATURDAY, NOVEMBER 7, 2009
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NEWS ABOUT: Treasury Department

Treasury Department stories: 255 news summaries

1 - 20 of 255 Stories | 1 2 3 4 5 ... 13 Next >>

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Goldman Deal May Bail Out Fannie Mae

But letting superbank load up on tax credits could be politically toxic

Nov 2, 09 9:12 AM CST
(Newser) - Goldman Sachs wants to buy millions in otherwise virtually worthless tax credits from Fannie Mae, but the mega-bank is so politically toxic right now that the Obama administration is considering blocking the deal, the Wall Street Journal reports. “Treasury is reviewing and will not let it proceed unless... More »

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Goldman Sachs • Fannie Mae • Treasury Department • tax credit • bailout

DAVID BROOKS

 Get a  Clue, 
 Washington: 
 You Can't Do 
 Everything 

Effort to restructure exec pay smacks of arrogance

Oct 27, 09 5:10 AM CDT
(Newser) - Clamping down on arrogant, risk-taking execs with an overconfident attempt to overhaul private sector pay structures shows that the arrogance has migrated to the Obama administration, writes David Brooks. The government is trying to micro-manage compensation packages at a wide variety of firms when pay regulation should be done, humbly,... More »

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executive compensation • Treasury Department • financial sector • David Brooks • Obama administration • financial crisis

Frank, Geithner to Roll Out 'Too Big to Fail' Bill

New rules will impose 'living wills' for banks

Oct 26, 09 6:57 AM CDT
(Newser) - After months of negotiations, Congress and the Obama administration are ready to introduce new rules on financial institutions deemed "too big to fail." Barney Frank, who heads the House Financial Services Committee, will present a bill as soon as this week that will let the government seize... More »

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House Financial Services Committee • bank • Treasury Department • Barney Frank • bank regulation • financial crisis • Timothy Geithner • financial reform

 50% Pay Cuts 
 for Bailout Execs 
 Due Today 

Warren confirms cuts to 25 top earners at 7 companies

Oct 22, 09 9:40 AM CDT
(AP) - The Treasury Department today is expected to order seven companies that have not paid back last year's US government bailouts to halve their top executives' average compensation. The cuts apply to the 25 highest-paid executives at banks and other companies that received the most assistance, with salaries being slashed by... More »

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Chrysler • executive compensation • Bank of America • General Motors • Citibank • AIG • Treasury Department • Obama administration • Wall Street bailout • TARP • Elizabeth Warren • Kenneth Feinberg

OPINION

Bailout
Is Bad News
for Savers

Banks get trillions, fixed-income investors get screwed: Sloan

Oct 20, 09 12:17 PM CDT
(Newser) - Not fed up enough with just putting your taxpayer dollars directly on the line to bail out the nation’s banks? Allan Sloan has latched on to some insidious “collateral damage” from the government’s rescue plan, those trillions spent “to keep interest rates down to support the... More »

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Federal Reserve • investments • recession • Treasury Department • interest rate • Allan Sloan • rescue package • Wall Street bailout • TARP

Pay Czar Going After
AIG Bonuses—Again

But legal hurdles loom for pre-bailout deals

Oct 14, 09 8:59 AM CDT
(Newser) - Pay czar Kenneth Feinberg is making another run at AIG’s bonus payouts—or trying to, with the help of a little arm twisting. Feinberg doesn’t have authority over the$198 million in bonuses promised to employees at the infamous trading unit because the contracts were created before the bailout.... More »

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AIG • Treasury Department • bonuses • TARP • executive bonuses • Kenneth Feinberg • financial products • pay czar

 Broke al-Qaeda 
 Pleads for Funds 

Terror group seeks donations as US disrupts financing network

Oct 13, 09 2:34 AM CDT
(Newser) - Efforts to cut off al-Qaeda's funding have been largely successful and the organization is now critically short of cash, according to the US Treasury. The group's "influence is waning" as the money dries up, according to one official who monitors terrorist financing, noting that al-Qaeda has already issued several... More »

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Taliban • terrorism • Treasury Department • al-Qaeda • terrorism financing

ANALYSIS

Top Wall Street Execs Have Direct Line to Geithner

Treasury chief's calendars show frequent contact with big players

Oct 8, 09 6:22 PM CDT
(AP) - A look at Timothy Geithner's phone calendars show the Treasury secretary has maintained close ties with Wall Street executives he has known for years. Executives at Goldman Sachs, JPMorgan, and Citigroup can reach the nation's most powerful economic official at will. While there's nothing inherently wrong with keeping tabs on... More »

MORE ABOUT:
Barack Obama • Goldman Sachs • Freedom of Information Act • Citibank • Treasury Department • Barney Frank • Lloyd Blankfein • JPMorgan Chase • Obama administration • Jamie Dimon • President Obama • Timothy Geithner

mortgage meltdown

 Sleazy Middlemen 
 Stiff Homeowners 
 Trying to Refi 

Foot-dragging 'mortgage servicers' step into role of fox in henhouse

Oct 4, 09 3:31 PM CDT
(Newser) - The federal mortgage modification program is mired in trouble, with just 12% of the 3 million eligible loans in the process of modification, the "servicers" that helped create the problem tasked with helping to untangle it, and the Treasury Department falling down on the oversight job. In one... More »

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Iowa • North Carolina • mortgage • Treasury Department • GAO • Government Accountability Office • refinanced mortgages • TARP • mortgage modification • CitiFinancial • Home Affordable Modification Program

Treasury's Secret Formula Slows Loan Modifications

But one thing's clear: it favors banks, not homeowners

Sep 16, 09 8:15 AM CDT
(Newser) - The Obama administration’s mortgage modification program has been a big disappointment, and part of the reason could lie in the invisible hurdle troubled homeowners have to clear to get their mortgages renegotiated: the NPV test. Devised by the Treasury, the secret formula is designed to determine if modification is... More »

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mortgage • Treasury Department • mortgage modification • loan modification

(Newser) - Citigroup is drawing up a plan to get out from under the government’s thumb, the Wall Street Journal reports. The bank called the Treasury over the weekend to say it was looking for ways to scale back the government’s investment, outlining a plan in which it would... More »

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Citigroup • Treasury Department • bailout • Wall Street bailout

Bank of America Ready to Repay $20B in Bailout Cash

But bank haggles with Treasury, Fed over fee for loss-sharing deal

Sep 1, 09 7:59 AM CDT
(Newser) - Bank of America may become the latest institution to pay back a portion of its bailout money, with an eye toward escaping Washington's scrutiny of its pay packages. BofA isn't ready to pay back $45 billion in first-round TARP funds, the Wall Street Journal reports, but wants to start with... More »

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Bank of America • Federal Reserve • Treasury Department • bailout • financial crisis • Wall Street bailout • TARP

 US Reaps Profit as 
 Banks Pay Back 
 TARP Funds 

Fed pulls in $14B from loan programs

Aug 31, 09 7:38 AM CDT
(Newser) - When the government spent some $240 billion last year to help avert financial disaster, the idea of making a profit from the TARP funds invested in teetering banks looked like a long shot. Now, however, profits from eight banks who’ve paid back the cash have totaled some $4 billion,... More »

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Goldman Sachs • Federal Reserve • profits • Morgan Stanley • loans • American Express • investment • Treasury Department • taxpayer money • Northern Trust • TARP

(Newser) - The Cash for Clunkers program certainly isn’t breaking any speed limits, according to the National Automobile Dealers Association, which believes the government is sitting on millions of dollars in dealer applications waiting to be reimbursed. “It is ludicrous at this point,” says the group’s president. “... More »

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Treasury Department • car dealers • Cash for Clunkers

(Newser) - The Federal Reserve has slowed its recovery-minded plan to purchase Treasury securities but said that "economic activity is leveling out," the Wall Street Journal reports. The Fed’s policy committee hopes to complete its $300 billion purchase of Treasury securities by October—originally slated for September—and... More »

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Federal Reserve • recession • GDP • Treasury Department • Treasury bills • interest rates • economists • economic recovery

(Newser) - The Treasury may have to expand its toxic asset programs and repeat stress tests, particularly for smaller banks, a US bailout watchdog panel finds. While larger banks have begun to recover, smaller financial institutions remain exposed to billions in losses from outstanding commercial property loans and are still unable to... More »

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Congressional oversight • watchdog • Treasury Department • bailout • financial crisis • TARP • stress tests

(Newser) - Anybody seen $700 billion? The government watchdogs charged with overseeing TARP spending don't seem able to answer even basic questions about where the money went, Chris Adams writes at McClatchy. A special inspector general, a congressional panel, and eight other inspectors general are supposed to be keeping track of the... More »

MORE ABOUT:
Henry Paulson • watchdog • Treasury Department • Government Accountability Office • bailout • Troubled Asset Relief Program • Wall Street bailout • Timothy Geithner • TARP • Neil Barofsky

ANALYSIS

 Paulson Still Dogged 
 by Ethics Queries 

Ex-Goldman exec coddled firm as Treasury sec, critics say

Aug 9, 09 11:28 AM CDT
(Newser) - As a former Goldman Sachs exec, Henry Paulson vowed to avoid any potential conflicts of interest when he was appointed President Bush’s Treasury secretary. But seven months after he left office, the nagging questions surrounding Paulson’s tumultuous term in office suggest he may not have succeeded, Gretchen Morgenson... More »

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ethics • Wall Street • Goldman Sachs • Henry Paulson • AIG • Treasury Department • Lloyd Blankfein • bailout • conflict of interest • Wall Street bailout

(Newser) - The White House’s National Economic Council will meet today to discuss a drastic overhaul of beleaguered nationalized mortgage dealers Fannie Mae and Freddie Mac, the Washington Post reports. Among other proposals, officials are contemplating a “good bank, bad bank” split. Fannie and Freddie would dump their troubled... More »

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mortgage • Freddie Mac • Fannie Mae • Treasury Department • financial crisis • bad bank • National Economic Council

BofA, Wells Fargo Rank Worst for Loan Modifications

Treasury report rates banks' performance

Aug 4, 09 11:44 AM CDT
(Newser) - Bank of America began modifying just 4% of its loans eligible under the Making Home Affordable Act, according to a Treasury report on big banks' performance, while Wells Fargo started just 6%. JPMorgan Chase led the pack with 20%, Bloomberg reports, while Citigroup had 15%. “Some of the servicers... More »

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Bank of America • foreclosure • mortgage • loans • Wells Fargo • home loans • Treasury Department • mortgage lender • Obama administration • President Obama • loan modification

1 - 20 of 255 Stories | 1 2 3 4 5 ... 13 Next >>


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