Treasury Department

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US Offers Unlimited Aid to Fannie, Freddie

Feds also allow top officials to bring home fat paychecks

(Newser) - The Obama administration yesterday gave a blank check to Fannie Mae and Freddie Mac—just in case. The government declared it is willing to provide unlimited financial assistance to the mortgage giants over the next three years, a move designed to reassure markets that the US won't let them fail....

Spitzer to AIG: Show Us the Email

Ex-gov wants answers before feds ditch their stake

(Newser) - The Treasury Department's shopping its 80% stake in AIG, but before it sells, all Eliot Spizter wants for Christmas is for the financial behemoth to finally disclose exactly how it triggered the financial crisis. "Who knew what, and when? Who benefited, and by exactly how much?," questions the...

House to Probe 'Outrageous' Citi Tax Break

Kucinich calls IRS ruling 'a farce'

(Newser) - Citigroup is receiving an "outrageous" $38 billion tax exemption because the government hasn't got a clue how to juggle its dual roles of shareholder and tax collector, Democratic Rep. Dennis Kucinich charged yesterday. He vowed that his domestic policy subcommittee of the House oversight committee will demand answers from...

Citi Wins Massive Tax Break
 Citi Wins Massive Tax Break 
UPDATED
Dec 16, 2009 5:45 AM CST

Citi Wins Massive Tax Break

Firm will use dodged fed taxes to repay fed bailout bucks

(Newser) - The government will be collecting billions of dollars less in taxes from Citigroup as part of Citigroup's deal to pay back federal bailout money. The IRS has granted an exemption from tax rules relating to Citigroup and other companies partially owned by the government. The future taxes being forfeited will...

Citigroup to Repay $20B in TARP Loans

Will issue $17B in common stock to meet capital requirements

(Newser) - Citigroup and the US government have reached a deal that will allow the bank to repay $20 billion in TARP loans, after weeks of wrangling over the bank's health. Citi will raise $20.5 billion, $17 billion of it in common stock, the company said in a statement, a sign...

Citi, Wells Fargo Clash With Feds Over Repaying TARP

Fed, Treasury want banks to raise more capital first

(Newser) - Citigroup and Wells Fargo are at odds with the government over how much they need to raise to repay their TARP bailouts, with Uncle Sam wanting them to raise more capital first. Both are looking to follow Bank of America’s lead and get out from under the TARP, allowing...

Treasury: Relax, TARP Cost Trimmed by $200B

Estimated loss to taxpayers down to just $42B as banks rebound

(Newser) - In news that may cool public anger over bailouts, the government expects to get back some $328 billion of the $370 billion loaned to troubled companies during the financial crisis. The portion loaned to banks is even showing a slight profit. A Treasury report to Congress today will reveal a...

TARP Payback a Huge Win for BofA, Lewis
 TARP Payback a Huge Win for BofA, Lewis
ANALYSIS
Dec 3, 2009 10:58 AM CST

TARP Payback a Huge Win for BofA, Lewis

Outgoing CEO proves critics wrong and paves way for successor

(Newser) - Bank of America’s move to repay $45 billion in TARP funds marks a triumph for the rehabilitated institution and especially beleaguered CEO Ken Lewis. Wooing a replacement for the retiring Lewis was proving exceedingly difficult as candidates declined to try to run the company with government scrutiny of executive...

Bank of America Will Repay $45B TARP Loan

Move will help bank rid itself of government restrictions

(Newser) - Bank of America is joining the ranks of banks that have repaid their TARP loans. The bank will repay $45 billion to the Treasury Department to begin ridding itself of restrictions on pay and other matters. BofA plans to raise $20 billion in capital to beef up its reserves and...

Treasury to Squeeze Mortgage Lenders

Will expand program to help keep people in their homes

(Newser) - The Obama administration, battling a foreclosure crisis that shows no signs of relenting, will step up pressure on mortgage companies to do more to help people remain in their homes, officials said yesterday. The administration will announce its expanded program tomorrow, a Treasury spokeswoman said, and will take "additional...

Millions Must Repay Part of Stimulus Tax Credit

Withholding errors mean 15.4M will get smaller refund or owe money

(Newser) - An IRS tax credit designed to lighten the load on recession-addled taxpayers won't work out as well as hoped for about 15.4 million Americans. Because certain minutiae of the new Making Work Pay credit weren’t factored in to withholding tables, more than 10% of taxpayers who file individual...

Annoyed by Feds, AIG CEO Threatens to Quit

Benmosche, just 3 months in, is 4th CEO in 18 months

(Newser) - Just 3 months after taking the job, AIG CEO Robert Benmosche is threatening to storm out in a huff. At a directors’ meeting last week the voluble Benmosche, formerly of MetLife, told colleagues he was “done” with trying to operate the 80% taxpayer-owned company under federal supervision, particularly with...

Goldman Deal May Bail Out Fannie Mae

But letting superbank load up on tax credits could be politically toxic

(Newser) - Goldman Sachs wants to buy millions in otherwise virtually worthless tax credits from Fannie Mae, but the mega-bank is so politically toxic right now that the Obama administration is considering blocking the deal, the Wall Street Journal reports. “Treasury is reviewing and will not let it proceed unless it...

Get a Clue, Washington: You Can't Do Everything

Effort to restructure exec pay smacks of arrogance

(Newser) - Clamping down on arrogant, risk-taking execs with an overconfident attempt to overhaul private sector pay structures shows that the arrogance has migrated to the Obama administration, writes David Brooks. The government is trying to micro-manage compensation packages at a wide variety of firms when pay regulation should be done, humbly,...

Frank, Geithner to Roll Out 'Too Big to Fail' Bill

New rules will impose 'living wills' for banks

(Newser) - After months of negotiations, Congress and the Obama administration are ready to introduce new rules on financial institutions deemed "too big to fail." Barney Frank, who heads the House Financial Services Committee, will present a bill as soon as this week that will let the government seize...

50% Pay Cuts for Bailout Execs Due Today

Warren confirms cuts to 25 top earners at 7 companies

(Newser) - The Treasury Department today is expected to order seven companies that have not paid back last year's US government bailouts to halve their top executives' average compensation. The cuts apply to the 25 highest-paid executives at banks and other companies that received the most assistance, with salaries being slashed by...

Bailout Is Bad News for Savers
Bailout
Is Bad News
for Savers
OPINION
Oct 20, 2009 12:17 PM CDT

Bailout Is Bad News for Savers

Banks get trillions, fixed-income investors get screwed: Sloan

(Newser) - Not fed up enough with just putting your taxpayer dollars directly on the line to bail out the nation’s banks? Allan Sloan has latched on to some insidious “collateral damage” from the government’s rescue plan, those trillions spent “to keep interest rates down to support the...

Pay Czar Going After AIG Bonuses—Again

But legal hurdles loom for pre-bailout deals

(Newser) - Pay czar Kenneth Feinberg is making another run at AIG’s bonus payouts—or trying to, with the help of a little arm twisting. Feinberg doesn’t have authority over the$198 million in bonuses promised to employees at the infamous trading unit because the contracts were created before the bailout....

Broke al-Qaeda Pleads for Funds

Terror group seeks donations as US disrupts financing network

(Newser) - Efforts to cut off al-Qaeda's funding have been largely successful and the organization is now critically short of cash, according to the US Treasury. The group's "influence is waning" as the money dries up, according to one official who monitors terrorist financing, noting that al-Qaeda has already issued several...

Top Wall Street Execs Have Direct Line to Geithner

Treasury chief's calendars show frequent contact with big players

(Newser) - A look at Timothy Geithner's phone calendars show the Treasury secretary has maintained close ties with Wall Street executives he has known for years. Executives at Goldman Sachs, JPMorgan, and Citigroup can reach the nation's most powerful economic official at will. While there's nothing inherently wrong with keeping tabs on...

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