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27 Jan 2010 10:18

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Biz, U.S.: Timothy Geithner: We had to save AIG to save the economy

  • We acted because the consequences of AIG failing at that time, in those circumstances, would have been catastrophic for our economy and for American families and businesses.
  • Treasury secretary Timothy Geithner • In remarks prepared before a meeting in front of a House committee today. The AIG bailout, and the TARP program, have been the subject of a watchdog probe. Today’s hearing, which also features Geithner’s predecessor Henry Paulson, was called after documents from the Federal Reserve Bank of New York (led by Geithner when Paulson was Treasury secretary) suggested that information was withheld from the public on the AIG bailout. source
Posted by Ernie Smith • 0 Comments • Permalink

22 Jan 2010 16:46

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Politics: Will Ben Bernanke get reconfirmed in the Senate? Neither party knows

  • There is bipartisan support and there’s bipartisan opposition. But you need 60.
  • Senate Minority Leader Mitch McConnell’s spokesman, Don Stewart • Regarding whether or not Federal Reserve Chairman Ben Bernanke will have the 60 votes needed in the Senate to get himself a second term. Finding trouble reaching that mark in his own party, Senate Majority Leader Harry Reid reached out to McConnell’s people to see if they could find 60 votes between the two of them. Considering how vitriolic things have been between the two parties of late, it’s interesting that they’re working together on anything. Neither McConnell nor Reid will commit to supporting Bernanke themselves. Bad sign. source
Posted by Ernie Smith • 0 Comments • Permalink

19 Jan 2010 10:31

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Biz: Citigroup took a big loss to scare off the TARP monster

  • $7.6 billion to be rid of federal pressures source
Posted by Ernie Smith • 0 Comments • Permalink

15 Jan 2010 08:52

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Biz: Banks say screw populism, increase bonuses by 18% for 2009

  • $145 billion in dollar-shaped middle fingers source
Posted by Ernie Smith • 0 Comments • Permalink

14 Jan 2010 10:39

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Biz, U.S.: Obama’s bank plan: Lots of money for the U.S., with perks!

  • $90 billion in bank taxes over the next ten years source
  • So what happens if the banks overpay the bailouts? Simple. The money goes back to the U.S. to help strengthen the financial position that was screwed up by the bailout crisis. Did someone say “win-win” situation, kids? The banks don’t think so, by the way, and angrily responded to the new charges like petulant children who didn’t get a Nintendo 64 for Christmas.
Posted by Ernie Smith • 0 Comments • Permalink

13 Jan 2010 11:07

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Biz, U.S.: Obama has a plan to get back TARP funds: Tax the bastards

  • 20 of the biggest banks will now bail out the government source
Posted by Ernie Smith • 0 Comments • Permalink

12 Jan 2010 10:41

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Biz: Reward for risk: The Federal Reserve made a huge profit in 2009

  • $46.1 billion the size of the Federal Reserve’s profits in 2009
  • $14.4 billion the increase in the Fed’s profits from 2008 source
  • Why the increase? Simple. The Fed lowered its standards and became the buyer of last resort, buying assets nobody else wanted, and getting profits from those assets. In case you’re wondering, by the way, they dump these profits back to the Treasury.
Posted by Ernie Smith • 0 Comments • Permalink
 

11 Jan 2010 21:32

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Biz: Obama’s thinking of charging Wall Street service fees. Hm.

  • That’s one way to get our money back from the banks. A year after being handed one of the worst financial crises to ever hit the U.S., Obama’s considering his options for making something back on that $700 billion investment that George W. Bush made back in the day. The one that’s standing out? Charging fees to companies like AIG and Bank of America. The nature of that fee hasn’t been decided yet, but we bet taxpayers might enjoy the just desserts. source
Posted by Ernie Smith • 0 Comments • Permalink

30 Dec 2009 20:52

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Biz: Who’s GMAC’s new owner? You are, American taxpayer.

  • $3.8
    billion     the government’s added stake in the struggling GM-tied auto financing company
  • $16.3
    billion     the government’s total stake in the company; that’s more than Chrysler, guys source
Posted by Ernie Smith • 0 Comments • Permalink

23 Dec 2009 15:26

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Biz: Big banks pay back TARP, but small banks are simply screwed

  • 55 banks and other companies missed their TARP interest payments in November
  • 140 banks have closed this year, the most since 1992, which is depressing source
Posted by Ernie Smith • 0 Comments • Permalink
 
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