TARP

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Obama Picks TARP Honcho to Run Futures Regulator

He'll use speech to advocate for CFTC

(Newser) - President Obama is nominating a top Treasury Department official to run the independent agency that regulates the futures and options market. The White House says Obama will announce the nomination of Timothy Massad to head the Commodity Futures Trading Commission today. For the past three years, Massad has overseen the...

Banker Blew $381K in Bailout Cash on Posh Condo

Pleads guilty, will face a year in prison—at most

(Newser) - Your daily blood boil: A former bank executive has pleaded guilty to using bailout money to buy a waterfront condo. In 2009, Darryl Layne Woods bought the luxury digs with some $381,000 of the $1 million given to Mainstreet Bank in Ashland, Mo., where he was the chairman at...

Watchdog: TARP Profit Is 'Misconception'
 Watchdog: 
 TARP Profit Is 
 'Misconception' 
SMALL BANKS STILL STRUGGLE
Apr 25, 2012 1:05 PM CDT

Watchdog: TARP Profit Is 'Misconception'

Hundreds of small banks struggling to repay loans

(Newser) - The Treasury Department tends to give glowing reviews to the TARP bailout, but the program's inspector general has a distinctly different view. "It is a widely held misconception that TARP will make a profit," writes Christy Romero in a new report to Congress, according to the Huffington...

Taxpayers Still Have $132.9B Stuck in TARP

Government trying to unwind stock without losing on the deal

(Newser) - The Treasury Department has had a tough time selling off some of the stock it took on in exchange for TARP bailout funds, meaning taxpayers are still on the hook for some $132.9 billion—some of which they may never get back, according to a report released today by...

Don't Expect Wall St. Reform From 2012 Field

Obama, GOP hopefuls all cozy with banks: Joel Kotkin

(Newser) - Wall Street doesn’t have much to worry about in 2012: President Obama, Newt Gingrich, and Mitt Romney all have the big banks’ backs. Obama “may call them ‘fat cat’ bankers, but he's been something of a kitten when dealing with financiers: There have been fewer prosecutions...

98 TARP-Funded Banks Risk Failure
98 TARP-Funded Banks
Risk Failure
Dec 27, 2010 10:07 AM CST

98 TARP-Funded Banks Risk Failure

Smaller banks under stress, finds WSJ analysis

(Newser) - Some 98 US banks that received government bailout cash may be at risk of failing under the weight of bad loans and eroding capital, a Wall Street Journal analysis of third-quarter data finds. That's up from 86 in the second quarter. The 98 at-risk institutions received $4.2 billion in...

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...

GM Doesn't Have to Pay Taxes

Little-noticed ruling costs government $45.4 billion

(Newser) - General Motors won’t be government-owned for much longer, but it’s getting a parting gift from Uncle Sam: a $45.4 billion tax exemption that could leave it tax-free for years. GM will be able to shield its future profits using past losses using so-called “tax-loss carry-forwards,”...

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...

Final Bailout Tab: $29B
 Final Bailout Tab: $29B 
Oct 6, 2010 7:52 AM CDT

Final Bailout Tab: $29B

Bank bailout is highlight of latest accounting

(Newser) - So it's not exactly zero, but the $388 billion the feds dumped into bailouts is going to end up with a final price tag of ... $29 billion, reports the New York Times. Most of Treasury's losses are focused in housing rescues ($46 billion) and the Detroit bailout ($17 billion), while...

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—...

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...

Dems Cave to Scott Brown, Kill Bank Tax

$19B tax ditched in favor of $11B in TARP funds

(Newser) - Scott Brown's threat to vote against the financial regulatory overhaul bill unless Democrats met his demands yesterday succeeded in killing the part of the bill Brown had opposed: a $19 billion tax on big banks and hedge funds. Conceding to Brown and ending a dramatic few days of negotiation, lawmakers...

Citi Execs 'Sorry' for Financial Crisis, But...
 Citi Execs 'Sorry' for 
 Financial Crisis, But... 
... ER, NEVER SAW IT COMING
Apr 8, 2010 1:02 PM CDT

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...

Scott Brown Got Late Push From Wall Street

Financial firms poured $450,000 into his Senate campaign

(Newser) - In the 6 days before the special election for US senator from Massachusetts, employees of financial companies gave a whopping $450,000 to Scott Brown. The donations came just after President Obama proposed a fee on Wall Street’s biggest players to help pay back lost TARP funds. The influx...

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 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...

Obama Pitches Borrowing Tax on Top 50 Banks

Would raise $90B, discourage excessive risk, boost little guys

(Newser) - Barack Obama will propose a new tax on Wall Street’s biggest banks today, in an effort to recoup losses from the bailout, give smaller banks a boost against the behemoths, and curb the excessive risk-taking that caused the financial melt-down. The firms, 50 big-time banks, insurers and traders, would...

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