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THURSDAY, NOVEMBER 26, 2009
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NEWS ABOUT: Treasury Department

Treasury Department stories: 257 news summaries

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(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

(Newser) - The heat is apparently getting to Tim Geithner. At a meeting last week with high-level financial regulators, the treasury secretary indulged in a potty-mouthed diatribe about delays in the administration's highly touted plan to overhaul the regulatory system, declaring, "enough is enough," the Wall Street Journal reports.... More »

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Ben Bernanke • Federal Reserve • SEC • profanity • Treasury Department • FDIC • financial institutions • swearing • Obama administration • Treasury secretary • Sheila Bair • Timothy Geithner • Obama Cabinet • Mary Schapiro • regulator • Securities and Exchange Commission • regulatory body • Neal Wolin

TARP Watchdog: Bailouts May Cost US $24T

Number based on 'hypothetical maximum,' Treasury counters

Jul 20, 09 3:41 PM CDT
(Newser) - The special inspector overseeing Treasury’s TARP program says federal assistance to banks and other financial entities could end up costing taxpayers $23.7 trillion, Bloomberg reports. Aside from the $700 billion bailout, Neil Barofsky says in testimony prepared for told Congress tomorrow, other trillion-dollar federal programs could balloon. “... More »

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Treasury Department • taxpayer money • federal spending • rescue package • Wall Street bailout • Timothy Geithner • TARP • Neil Barofsky

(Newser) - Instead of using federal bailout money to increase lending as the money was intended, many banks used TARP funds to make investments, repay loans, and even buy other banks, reports the Washington Post, citing a government audit report. Of 360 banks surveyed, 110 invested at least some of their bailout... More »

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Treasury Department • Wall Street bailout • TARP • Neil Barofsky

Bankruptcy Looms as Feds Refuse to Bail Out CIT Group

Treasury 'drawing line in sand,' says analyst

Jul 16, 09 2:47 AM CDT
(Newser) - The Obama administration has rejected CIT Group's pleas for a bailout, and the troubled commercial lender is likely to file for bankruptcy as early as today, reports the Washington Post. CIT—which has already received $2.3 billion in TARP funds—provides financing to close to a million small- and... More »

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bankruptcy • Treasury Department • bailout • financial crisis • TARP • lenders • CIT Group

(AP) - Nine months into the fiscal year, the federal deficit has topped $1 trillion for the first time. The imbalance is intensifying fears about higher interest rates and inflation; there's also concern about trying to reverse the deficit—by reducing government spending or raising taxes—in the midst of a harsh... More »

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inflation • recession • Treasury Department • budget deficit • financial crisis

Bailouts May Be Offered to Small Businesses

TARP funds, meant to save banks, could be used to save jobs

Jul 11, 09 8:13 AM CDT
(Newser) - The Obama administration is working on a plan that would take money from the TARP—the $700 billion fund intended to rescue banks—and lend it to small businesses, the Washington Post reports. The money would come with few restrictions, and the government would pick up as much as... More »

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small businesses • Treasury Department • small business • bailout • Obama administration • Timothy Geithner • Lawrence Summers • TARP

ANALYSIS

How Taxpayers Can Profit From the New GM

A change in the automotive paradigm would be worth more than any dividend

Jul 9, 09 8:47 PM CDT
(Newser) - Tomorrow will see the death—and rebirth—of General Motors. And with the government taking a 60% stake, it's reasonable to wonder whether taxpayers will ever see a return on their investment, writes Matthew DeBord for the Big Money on Slate. But the focus on money might be "short-sighted,... More »

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General Motors • Treasury Department • Prius • electric cars • taxpayers • Hummer • Obama administration • gasoline

INVESTIGATION

 GE Reaps 
 Billions From 
 Bailout Loophole 

Loophole lets company pull down $74B from FDIC

Jun 29, 09 8:09 AM CDT
(Newser) - The biggest beneficiary of the federal government's debt guarantee program, one of Washington's key bank rescue efforts, isn't a bank or a financial services company—it's General Electric, which exploited a loophole it had lobbied aggressively to insert, and reaped billions in bailout money. A joint investigation by ProPublica and... More »

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General Electric • Treasury Department • FDIC • loopholes • bailout • financing • Wall Street bailout

(Newser) - President Obama today proposed broad new powers for the Federal Reserve and the creation of new national regulator to ensure against another financial crisis, the Wall Street Journal reports. Under the new plan, the Fed would oversee all components of any banking concern, even its foreign affiliates, and Treasury... More »

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Federal Reserve • SEC • Treasury Department • Office of Thrift Supervision • bank regulation • Obama administration • President Obama • Securities and Exchange Commission

INTERVIEW

Obama Vows 'Light Touch' in Bank Regulation

Oversight measures
aim for 'minimum' to avoid meltdown

Jun 17, 09 6:07 AM CDT
(Newser) - Today Barack Obama will announce a major financial reform package that will give the Fed, Treasury, and FDIC new powers of regulation and oversight. It's the most substantial shift in financial regulations since the 1930s—but stops short of some of the most radical proposals, including tough limits on derivatives... More »

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Barack Obama • Federal Reserve • derivatives market • Treasury Department • regulation • FDIC • financial institutions • bank regulation • banking industry • financial crisis

MARKETS

 Dow Jumps 28, 
 Ends at 2009 High  


Jun 12, 09 3:15 PM CDT
(Newser) - Markets were mixed today, but the Dow closed at its highest end point in 2009 even as tech and material stocks pulled down other indices, the Wall Street Journal reports. The resurgent dollar cut deeply into the commodities sector. A NYSE computer malfunction also temporarily halted trading in some... More »

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stock market • NASDAQ • New York Stock Exchange • Dow Jones • Treasury Department • US dollar • S&P 500 • technology companies

MARKETS

 Bond Sales Drive Dow Up 32 


Jun 11, 09 3:16 PM CDT
(Newser) - Markets were up today on a successful sale of 30-year Treasury notes and other indicators of economic recovery, the Wall Street Journal reports. Bank of America saw a 9% upswing after its CEO testified on Capitol Hill. The Dow gained 31.90 to 8,770.92. The S&P rose... More »

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stock market • NASDAQ • New York Stock Exchange • Dow Jones • financial markets • recession • Treasury Department • S&P 500 • Treasury note • economic recovery

(Newser) - Economists think the US unemployment rate will stay above 9% through 2010, the Wall Street Journal survey finds. Accordingly, those in the know believe the Federal Reserve will hold interest rates down at least through spring. “For real people, there is no recovery until the unemployment rate stabilizes,”... More »

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inflation • Ben Bernanke • Federal Reserve • recession • unemployment • Treasury Department • survey • Obama administration • Timothy Geithner • interest rates • economists • economic recovery

(Newser) - Ben Bernanke and Henry Paulson may have leaned on Bank of America CEO Ken Lewis too heavily last year when he tried to back out of a deal to acquire Merrill Lynch, say congressional investigators. In fact, a GOP briefing document says the two Bush officals "put a gun... More »

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Ben Bernanke • Bank of America • Federal Reserve • Henry Paulson • merger • Merrill Lynch • Treasury Department • John Lewis • Wall Street bailout

MARKETS

 T-Note Auction Puts Dow Off 24 


Jun 10, 09 3:11 PM CDT
(Newser) - Markets fell today as an auction pushed yields on 10-year Treasury notes higher, the Wall Street Journal reports. A 30-year sale is scheduled for Friday. “Higher interest rates are not good for anyone,” said one broker. “It’s going to kill the refinancing boom.” The Dow... More »

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stock market • NASDAQ • New York Stock Exchange • Dow Jones • auction • Treasury Department • S&P 500 • Treasury note

(Newser) - The Treasury Department has given 10 banks—including Goldman Sachs, JP Morgan, American Express, and Capital One—permission to repay their TARP loans, the Wall Street Journal reports. The government will recoup $68 billion faster than anticipated, but the money won’t go back into the public coffers; Tim... More »

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Congress • Goldman Sachs • American Express • Treasury Department • Capital One • JPMorgan Chase • Troubled Asset Relief Program • TARP

(Newser) - The Obama administration foisted the Fiat alliance on Chrysler, brushing aside its concerns about Fiat’s financial health and unwillingness to share technology, the Wall Street Journal reports. E-mails filed during Chrysler’s bankruptcy proceedings show Fiat ignoring requests for documents, reluctant to ante up funds, and... More »

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Chrysler • mergers and acquisitions • Robert Nardelli • Treasury Department • auto industry • Fiat

New SEC Chair Stakes Out
Her Territory

Schapiro moving decisively to overhaul troubled agency

Jun 4, 09 10:23 AM CDT
(Newser) - As soon as she took over the SEC, Mary Schapiro started making changes. She scrapped rules that had hindered investigators, hired a new enforcement director, and refocused regulators on high-profile financial crisis-related cases. “I wanted to be clear from my first day—not just with words, which are pretty... More »

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Federal Reserve • SEC • Treasury Department • regulation • bank regulation • Treasury secretary • Timothy Geithner • Mary Schapiro • Securities and Exchange Commission

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