Bailouts
The “Financial Crisis Responsibility Fee”
Dozens of major banks and financial companies will bear the weight of a new tax proposed by the White House and set to be formally unveiled by President Obama on Thursday. Up to 50 institutions that the administration pegs as “significant contributors” will be hit with the fee for at least 10 years in an […]
White House Seeks Pivot To Economy, Jobs
With increasingly worrisome drops in public support for President Obama’s handling of the economy and job creation in particular, the White House is launching an aggressive effort to combat Republican criticism and public skepticism over the economy even as the fight over health care legislation continues to rage and the Haitian earthquake sucks up the […]
Big Returns On Bank Bailouts
A new report shows that the government has reaped a healthy 15 percent profit - nearly $4 billion - on some of its TARP bailout investments from the height of the financial crisis last year thanks to repayments from banks that have bounced back after the economic panic of last year.
While not all of the […]
Banks Get Green Light To Repay Bailout Aid
$68 billion in bailout money will soon head back to federal coffers as Treasury announces this morning that 10 banks have “sufficient capital” on hand to safely repay TARP aid they received from the government during the financial crisis.
Treasury secretary Tim Geithner noted that these imminent repayments are an “encouraging sign” on the road to […]
Obama Creates Vision For “New GM,” Pitfalls Loom
The Obama administration entered a new and potentially troublesome phase as President Obama announced yesterday at the White House a comprehensive plan for a “new GM” to emerge from the bankrupt behemoth that it once was - with a 60 percent government stake to help GM “get back on its feet.”
With GM now officially under […]
Bankruptcy Looms For GM
The proverbial final nail in the coffin that General Motors has become was seemingly hammered in this morning as unmoved bondholders refused to deal with the company and the Obama administration as final efforts were made to satisfy government bailout requirements and keep GM out of bankruptcy.
With debt reduction impossible despite major concessions from labor […]
10 Banks Can’t Handle Stress
Although the final results of the Obama administration’s “stress tests” to determine that health of 19 major bailed out financial institutions won’t be released until Thursday, some sobering data has been leaked ahead of private meetings about the tests between the Fed and bank execs today.
The leaked reports indicate that10 of 19 banks tested by […]
Selling The Stress Tests
With a flurry of withering criticism being lobbed at the Obama administration and poor Treasury secretary Tim Geithner over the upcoming release of the bailed out bank “stress tests,” the administration is fighting back. Faced with apparently less gloomy results than feared, Obama’s financial team is selling the tests as a necessary indicator of just […]
Obama Administration Steers Chrysler Into Bankruptcy
Struggling Detroit automaker Chrysler lost its fight to stay out of bankruptcy today as the Obama administration failed to broker a deal with Chrysler creditors, sending one of America’s Big Three car companies into chapter 11.
President Obama had announced as much last night at his prime-time news conference, promising a “quick” bankruptcy for the […]
Plan For Toxic Assets Falling Apart?
The centerpiece of the Obama administration’s plan for stabilizing the financial industry and freeing up credit - thus jump-starting the overall economy - may be in danger of disintegration.
The strategy from Treasury Secretary Geithner and the White House that would force banks to sell their toxic assets to the government at reduced rates to simply […]
