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Monday, Dec 21
Bailout pay czar OKs $4.3-million boost for AIG exec - Los Angeles Times
Los Angeles Times (blog) The recipient is one of AIG's top 25 managers and isn't Chief Executive Officer Robert Benmosche, a Treasury official said. “AIG has indicated that the ... Pay czar agrees to boost AIG exec's pay packageThe Associated Press
Friday, Oct 2
BofA owes Ken Lewis $68.8 million on his way out the door
The most disappointing of Lewis’ holdings have to be his remaining 2-million-odd stock options, which were granted in the $40-to-$50 range, said David M. Schmidt, a senior consultant at executive compensation firm James F. Reda & Associates.
Monday, Sep 21
AIG shares soar on hopes for easing of bailout terms
Rep. Edolphus Towns may start talks with Treasury Department and Federal Reserve officials about the plan from . . . Greenberg, said a Towns aide. Greenberg’s workout proposal includes cutting the government’s stake in the company, reducing the interest rate on federal loans and giving the...
Friday, Jul 3
Obama tries a 'do-the-right-thing' approach with bankers
President Obama went to the den of the money changers today to make his case for financial-system reform. His speech on Wall Street was largely a lecture, but I thought the tone was much less confrontational than it might have... President Obama went to the den of the money changers today to mak...
Tuesday, Apr 14
Bernanke (again) defends AIG bailout
And as he has in the past, he pledged to make sure an AIG-style bailout can’t happen again, by working toward tighter regulation of "all types of financial institutions." Photo: Fed Chairman Ben S. Bernanke. Credit: John Bazemore / Associated Press
Monday, Apr 13
Goldman plans stock sale -- and an exit from U.S. bailout
At Goldman Sachs Group, the U.S. Treasury became one managing director too many. The Wall Street giant late today confirmed rumors that had been bubbling in recent days: It plans to raise $5 billion in new capital via a stock... At Goldman Sachs Group, the U.S. Treasury became one managing directo...
Monday, Mar 30
Five views of Obama's move on Wagoner and GM
So add the green revolution to the industrial-policy plans of the White House. Expect a big increase in CAFE fuel standards, even though small cars are simply not profitable. And plan on bailout nation taking a new left-turn toward the kind of central planning that has held down economic gr...
Sunday, Mar 15
AIG names banks and other beneficiaries of its U.S. rescue
American International Group recognizes the importance of upholding a high degree of transparency with respect to the use of public funds," the company said. "As a result, after close consultation with the Federal Reserve, AIG is disclosing information identifying certain credit de...
Wednesday, Feb 11
Congress to grill eight bank CEOs on use of bailout funds
In the prepared testimony, Goldman Sachs CEO Lloyd Blankfein strikes the most contrite chord: Top photo: Goldman Sachs CEO Lloyd Blankfein. Credit: David Karp / Associated Press Bottom photo: Bank of America CEO Ken Lewis. Credit: Bebeto Matthews /Associated Press
Monday, Feb 9
Wanted: Private buyers for toxic assets. See Uncle Sam
So a central element of the new plan reportedly calls for the government to offer some level of guarantee to hedge funds, private equity firms and other investors that agree to buy troubled assets from banks. For example, the Treasury could put a floor under the assets, ensuring that inves...
Details on Part II of the banking bailout delayed a day
But the Treasury or Federal Reserve probably would have to provide some kind of insurance on the assets to entice investors to join in. Photo: Treasury Secretary Timothy Geithner and President Obama at a news conference last week. Credit: Ron Edmonds/Associated Press
Thursday, Feb 5
Bank of America CEO buys more stock as the price dives
On Monday, Treasury Secretary Timothy F. Geithner is expected to announce the Obama administration’s plans for the next phase of the financial-system bailout, which may shed more light on BofA's prospects for remaining independent.
Tuesday, Jan 27
Treasury easily sells record $40 billion in two-year notes
The Treasury expects to borrow record sums this year to fund the financial-system bailout program and President Obama’s proposed economic-stimulus spending plan. Photo: Vice President Joe Biden swears in Timothy Geithner as Treasury secretary on Monday. Geithner's wife, Carole, is...
Friday, Jan 23
Obama hints that missteps by Thain will haunt banks
There’s been a "lack of accountability and transparency in how we are managing some of these programs to stabilize the financial system," Obama said before a meeting with congressional leaders at the White House. Top photo: President Obama meeting with congressional leaders today. Cre...
Monday, Jan 19
Should Uncle Sam pay for financial advisors for everyone?
Giving the general public access to trained advisors would be a boon for the nation in this time of doubt and distrust," he wrote. Shiller cited recent research showing how abysmally low many Americans score on financial literacy tests:
Sunday, Jan 18
Obama advisor warns banks on the price of more aid
Britain appears to be heading in a similar direction: Treasury chief Alistair Darling on Monday will announce a new phase of that nation’s bank bailout program, including government insurance of toxic assets the lenders hold, the Associated Press reported.
Friday, Jan 16
An old idea is new again: Put toxic loans in one giant bank
It’s time to clear the decks. Actually, it’s past time. Paulson is on his way out, but Bernanke seems intent on pushing the bad-bank concept on the Obama administration. And as the Associated Press notes here, Former Fed Chairman and current Obama advisor Paul Volcker has been supportive of...
Thursday, Jan 15
Deal nears on aid for Bank of America, reports say
The Senate today approved the release of funds for the second half of the Treasury's $700-billion financial-system bailout plan, known as the Troubled Asset Relief Program, or TARP. Photo: Outside a Bank of America branch in New York. Credit: Craig Ruttle/Associated Press
Wednesday, Jan 14
Paulson's 'stabilized' financial system destabilizes again
Bank of America Corp. is seeking more government cash to bolster its capital against potential losses at brokerage Merrill Lynch & Co., which the bank bought on Jan. 1, the Wall Street Journal reported. The Treasury last fall pumped $15 billion into Bank of America and $10 billion into Me...
Tuesday, Jan 6
Mood shift on Wall Street: Investors are taking risks again
Yields on mortgage-backed bonds issued by Fannie Mae and Freddie Mac sank to record lows on Tuesday, which should put more downward pressure on home loan rates. The annualized yield on the benchmark Fannie Mae 30-year bond fell to 3.76% from 4.05% on Monday and 4.73% as recently as Dec. 5.
No executive bonuses for 2008, Bank of America CEO says
But in another case that got a lot of unwanted publicity, a former Merrill Lynch executive left the firm last month with a $25-million golden parachute after Bank of America completed its purchase of the brokerage. Photo: BofA CEO Ken Lewis (credit: Paul Sancya/Associated Press)
Tuesday, Dec 30
'Mark to market' accounting should stay, SEC report says
Bankers who've been seeking Congress’ help to suspend "mark to market" accounting rules lost a battle today: The staff of the Securities and Exchange Commission recommended in a report that mark-to-market rules should be maintained, although "improved."
Wednesday, Dec 10
Ten questions for Treasury on the financial-system rescue
4. What have financial institutions done with the taxpayers’ money received so far? 6. What is Treasury doing to help the American family? 7. Is Treasury imposing reforms on financial institutions that are taking taxpayer money? 10. Is Treasury looking ahead?
Monday, Nov 24
Bailout buoys Citigroup
Under the plan, Citigroup would absorb the first $29 billion in losses on a pool of $306 billion in troubled assets. After that, the government –- that is, taxpayers –- would shoulder 90% of any additional write-downs with Citigroup responsible for the other 10%.
Friday, Nov 21
Geithner, apparent pick for Treasury, isn't a Wall Street man
The stock market finished a dismal week with a powerful rebound, on reports that President-elect Barack Obama will name New York Federal Reserve President Timothy Geithner to head the Treasury Department. And in any case, given the track record of current Treasury Secretary Henry M. Pau...
Tuesday, Nov 18
Bernanke: Fed won't give details on emergency bank loans
Federal Reserve Chairman Ben S. Bernanke told Congress today that the central bank won’t publicly disclose the details of the $2 trillion in emergency loans it has made to financial institutions. Bloomberg News on Nov. 7 sued the Fed for...
Thursday, Nov 13
Paulson says banking system has been 'stabilized'
So, after Bear Stearns, IndyMac Bank, Fannie Mae, Freddie Mac, Lehman Bros., Washington Mutual and American International Group -- no more major surprises. Photo: Treasury Secretary Henry M. Paulson (Brendan Smialowski / Bloomberg News)
Monday, Nov 3
Fed's balance sheet tops $2 trillion as rescue tab rises
Here's one way to keep tabs of the cost of the financial-system bailout: Watch how the Federal Reserve's balance sheet expands. Note: The Fed’s bailout tab is separate from the $700 billion that Congress authorized the Treasury to spend buying toxic mortgages from banks and investing di...
In the war for deposits, banks trounce thrifts, money funds
One aim of the government’s financial-system bailout plan is to make strong banks stronger while forcing weaker institutions to sell themselves or risk liquidation. Data from the Federal Reserve show that savings deposits at commercial banks jumped $186 billion from Sept. 1 through Oc...
Wednesday, Oct 15
'Kitchen-sink' bank write-offs may loom this quarter
The conference was sponsored by a Wall Street trade group to analyze the effects of the federal bailout effort known as the Troubled Asset Relief Program, or TARP. Neel Kashkari, who runs the TARP program for the Treasury, was one of the conference speakers.
Saturday, Sep 27
Bloomberg sues to get list of banks borrowing from the Fed
Fed Chairman Ben S. Bernanke and Treasury Secretary Henry M. Paulson said in September they would comply with congressional demands for transparency in a $700 billion bailout of the banking system. Two months later, as the Fed lends far more than that in separate rescue programs that didn'...
