Wall Street bailout

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GOP Itching to Investigate Obama
GOP Itching to Investigate Obama

GOP Itching to Investigate Obama

Republicans to launch gaggle of probes if they take House

(Newser) - Republicans are already preparing to launch a host of congressional investigations against the White House if they prevail in November, handing out subpoenas at a rate not seen since the Clinton administration, Republican staffers tell Politico . A group of would-be committee chairmen, led by Darrell Issa and Lamar Smith, are...

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...

Critics Rip White House Links to Goldman Sachs

Foes concerned about ties that blind

(Newser) - As the SEC builds its case charging Goldman Sachs with defrauding thousands of consumers, critics continue to hammer at White House links to the firm. Goldman Sachs CEO Lloyd Blankfein met twice with President Obama and twice with economic aide Larry Summers while SEC investigators probed the company. A White...

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... 

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...

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...

Wall Street Bonuses Surge 17%

After nasty 2008, firms set to make record $55B profit

(Newser) - New York state expects Wall Street bonuses for 2009 to total $20.3 billion, a 17% jump over 2008 that will bring the average bonus up to almost $124,000 from $112,000. At the largest firms, overall compensation is estimated to be up 31% to more than $340,000,...

Geithner: 'I'm Incredibly Angry'
 Geithner: 'I'm 

Geithner: 'I'm Incredibly Angry'

Treasury secretary says he's sick of the criticism, mad at Wall Street

(Newser) - Timothy Geithner is often seen as the cool, calculating co-architect of various bailouts, and a friend to Wall Street, but that image is all wrong, he insists. “I am incredibly angry at what happened to our country,” he says. In an affable interview with Vogue —he begins...

Banks' Lobbying Blitz a Betrayal of Public Trust
Banks' Lobbying Blitz a Betrayal of Public Trust

Banks' Lobbying Blitz a Betrayal of Public Trust

After toppling economy, Wall St. now opposes consumer protections?

(Newser) - “Banking is based on trust,” Elizabeth Warren argues in the Wall Street Journal , yet lately banks have “thrown away customer trust like so much worthless trash.” After ripping off the public for years with deceptive mortgages and credit card tricks, they’re now lobbying furiously against...

Miffed at Obama, Wall St. Closes Wallet to Democrats

GOP swoops in to take advantage of 'buyer's remorse'

(Newser) - As President Obama pushes for tighter regulation of the financial industry, offended Wall Street donors are shifting ever more money to the Republicans. Obama's financial ties helped him pull in record Wall Street donations in 2008; now his policy proposals and anti-fat-cat rhetoric have the industry grumbling that "even...

Goldman Sachs Gives Blankfein $9M Bonus

CEO receives units of stock that can't be sold for 5 years

(Newser) - Lloyd Blankfein's bonus for 2009 is $9 million, Goldman Sachs said today—a nice bump from last year's zero, but a far cry from the $67.9 million the CEO scored in 2007 and from the $100 million he was reportedly expecting. " The firm produced very good results for...

House Grills Geithner on AIG
 House Grills Geithner on AIG 

House Grills Geithner on AIG

Treasury Secretary defends big bailout as necessary

(Newser) - Timothy Geithner defended the AIG bailout he helped engineer today, in testimony before a House Oversight Committee that was out for blood. “In effect, the taxpayers were propping up the hollow shell of AIG,” declared chairman Edolphus Towns, “and the rest of Wall Street came by and...

Fed Duo Sounded Alarm Over AIG 'Gifts' to Banks

Geithner, Paulson face grilling over 'backdoor bailouts' for AIG clients

(Newser) - Two Federal Reserve governors expressed their unease about the Fed's rejection of a plan to force big banks to return $30 billion in cash they received from AIG before its bailout in late 2008. The officials warned that the decision to let the banks, including Goldman Sachs, keep the collateral...

Wall Street May Fight Tax All the Way to Supreme Court

Lobbyists argue that it's unconstitutional to target big banks

(Newser) - Wall Street’s main lobbying firm has hired a big-time Supreme Court litigator to look into bringing a federal case against the Obama administration’s proposed big-bank tax, arguing that it is unconstitutional. The group sent an email to legal departments across Wall Street saying that the tax could be...

Obama Blasts Big Banks for Crying Poverty, Fighting Fees
Obama Blasts Big Banks for Crying Poverty, Fighting Fees
radio address

Obama Blasts Big Banks for Crying Poverty, Fighting Fees

If they can pay soaring bonuses, they can help repay taxpayers

(Newser) - President Obama beat up on the big banks in his radio address today, accusing them of crying poverty even as they hand out record breaking bonuses to their own employees. He criticized banks for claiming that the fees he's proposed to help recoup taxpayers losses on the bailout would leave...

Obama to Wall Street: 'We Want Our Money Back'

President talks tough, pledges to get 'every single dime' back

(Newser) - Barack Obama made with the tough talk today in announcing his proposal for a tax on big banks, pledging to recover “every single dime” the taxpayers spent bailing out Wall Street. “We want our money back, and we’re going to get it,” Obama declared. “If...

Wall Street Bonuses Ripe for Tea Party Rage

Big finance could face populist pitchforks

(Newser) - Bailed-out Wall Street execs handing themselves hefty bonuses this month should prepare for outrage not only from Dems inside the Beltway but from tea partiers, who hold their first convention in Nashville next month. The rage that has been focused on big government and health care reform could easily swing...

Obama Budget Likely to Include Bank Fees

Aims to recoup bailout losses, avoid passing along to customers

(Newser) - The Obama administration will likely include a provision in next month’s budget that imposes fees on banks in an effort to make back some of the taxpayer money lost on the bailout and close the record deficit. Politico has it that a transaction tax is not on the table;...

Wall Street Weighs Huge Bonuses Vs. Public Wrath

Small signs of restraint as bonus season begins with record profits

(Newser) - Wall Street this week enters that cash free-for-all known as bonus season with quite the dilemma hanging overhead: How to distribute the billions in record-breaking profits reaped this year without incurring public wrath? Goldman Sachs expects to give out an average of $595,000, the New York Times reports, and...

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