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29 Sep 2009 10:13

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Biz: Citigroup, Bank of America feeling the executive-pay squeeze

  • $45 billion amount each bank still owes the government in TARP bailout funds; hurry up and pay it
  • 100 workers at each company will face government scrutiny for their high compensation source
Posted by Ernie Smith • 0 Comments • Permalink

19 Sep 2009 09:59

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U.S.: Senate minority to Timothy Geithner: Kill TARP. Now.

  • 39 Republican Senators (and one Democrat) want TARP to end source
Posted by Ernie Smith • 0 Comments • Permalink

17 Aug 2009 10:44

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Biz, U.S.: Obama’s pay czar will take back executive pay if he has to

  • Whether I have jurisdiction to decide his compensation or not, we will take a look and decide over the next few weeks.
  • Obama pay czar Kenneth Feinberg • On what he’s considering doing to companies that have been slow to pay back money from the TARP program. Those companies include some of the government’s favorite targets: Citi, AIG, Bank of America, Chrysler Financial, Chrysler, General Motors and GMAC. Basically, two of the country’s biggest banks and the two auto companies that we bailed out. • source
Posted by Ernie Smith • 0 Comments • Permalink

10 Jun 2009 09:07

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Biz: Banks paid off their TARP loans, but they’re still on the hook

  • $5.1 billion in warrants are still owed to the U.S. by big banks source
Posted by Ernie Smith • 0 Comments • Permalink

11 May 2009 09:07

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Biz, U.S.: Shaking off TARP: Big banking firms raise stock to pay off U.S.

  • why now? Two reasons why: Investors appear to be buying stocks at the moment, and they want the monkey off their backs. TARP regulations force companies to limit executive pay, which they don’t like.
  • the firms U.S. Bancorp, Capital One Financial Corp., KeyCorp, Principal Financial Group Inc. and BB&T Corp. all announced plans this morning to raise $7 billion in capital to get the U.S. off their backs. source
Posted by Ernie Smith • 0 Comments • Permalink

21 Apr 2009 23:54

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Biz, U.S.: Great! The bailout program could be a huge target for fraud.

  • The sheer size of the program … is so large and the leverage being provided to the private equity participants so beneficial, that the taxpayer risk is many times that of the private parties, thereby potentially skewing the economic incentives.
  • Inspector General Neil Barofksy • In a massive quarterly report on the Troubled Asset Relief Program. Sound like fun? It totally is. We hope, if the banks defraud us taxpayers, they do it in really cool ways, like buying themselves gold houses and rocket cars. • source
Posted by Ernie Smith • 0 Comments • Permalink
 
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