Treasury Department

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GM's Opel, Vauxhall Get a Shot at Survival

Canadian firm wants to buy brands, but deal needs German help

(Newser) - Canadian auto supplier Magna wants to buy GM’s European brands, offering Opel and Vauxhall a chance at survival, the Wall Street Journal reports. A deal for Opel would need temporary German funding. Angela Merkel’s government is debating putting up some $2 billion—but wants GM and the US...

Dow Flips on T-Notes, Adds 104
 Dow Flips on T-Notes, Adds 104 
MARKETS
May 28, 2009 3:14 PM CDT

Dow Flips on T-Notes, Adds 104

(Newser) - A well-received auction of Treasury notes and a jump in the price of crude oil pushed markets up today, the Wall Street Journal reports. “There was some real fear coming into this,” a strategist said of yesterday’s worries about government debt. “Clear-cut case of sell on...

GM Will Declare Bankruptcy June 1: Insiders

(Newser) - General Motors will file for bankruptcy protection Monday, insiders tell Bloomberg. The company has apparently decided that it cannot make the government-mandated June 1 deadline to shed $44 billion in debt. The timeline is unclear, but bondholders' agreement today to forgive debts in exchange for a stake in the “...

FDIC May Ditch Public-Private Bad-Assets Plan

Banks in better shape; buyers and sellers remain reluctant

(Newser) - The government may scale back or put on hold parts of its controversial, slow-starting plan to get toxic assets off banks’ books, the Wall Street Journal reports. With both buyers and sellers expressing reluctance, and banks looking healthier, the Federal Deposit Insurance Corp will likely delay next month’s scheduled...

Geithner Headed to China
 Geithner Headed to China 
May 27, 2009 4:08 PM CDT

Geithner Headed to China

(Newser) - Treasury Secretary Timothy Geithner will meet with Chinese officials, including the president, next week in Beijing, the New York Times reports. Before being confirmed for the position, Geither had charged China with “manipulating” its currency. The visit is intended to solidify the trading relationship between the countries, and Geithner...

T-Note Surge Puts Dow Off 173
 T-Note Surge Puts Dow Off 173 
MARKETS
May 27, 2009 3:11 PM CDT

T-Note Surge Puts Dow Off 173

(Newser) - A Treasury note bump and continued skittishness about the US economy sent stocks down today, the Wall Street Journal reports. “Yesterday, everyone was happy about the consumer,” one strategist said. “Now people are wondering about the flip side: What happens if consumption gets out of hand?” The...

US Likely to Own 70% of Bankrupt GM

(Newser) - If General Motors goes into bankruptcy next Monday—as is widely expected—the US government will own 70% of the automaker, the New York Times reports. Under a plan that GM officials detailed today to union members, the UAW would take a 17.5% stake though its health care fund,...

Geithner Back From the Dead, Politically

Once-ridiculed Treasury chief now on top of his game

(Newser) - After a rough start, Timothy Geithner has found his sea legs. Many were calling for the Treasury secretary’s head after his botched handling of February's bailout speech and the AIG bonuses. But, reports Politico, as the economy stabilizes, Geithner’s getting the hang of things. His regular meetings have...

GM Borrows Another $4B From Feds
GM Borrows Another $4B From Feds
May 23, 2009 6:09 AM CDT

GM Borrows Another $4B From Feds

Company to cut 3,400 more white-collar jobs amid restructuring

(Newser) - General Motors has borrowed another $4 billion from the Treasury ahead of its June 1 deadline to restructure or face bankruptcy, the Wall Street Journal reports. A statement from the automakers said the loan, which brings the total borrowed to nearly $20 billion, is "to maintain adequate liquidity" during...

Banks Lowball Taxpayers on TARP Payback
Banks Lowball Taxpayers on TARP Payback
ANALYSIS
May 19, 2009 10:55 AM CDT

Banks Lowball Taxpayers on TARP Payback

Feds hold stake after emergency loans, and could profit by waiting

(Newser) - US banks are eager to repay their TARP money, but doing so might rob taxpayers of the upside they were originally promised, the New York Times reports. In exchange for emergency loans, the government got 10-year warrants to buy stock in the banks. If repaid, it must sell those warrants....

Geithner's Understaffed Treasury Is Stalled

Geithner's undermanned department struggles to execute plans

(Newser) - Nearly two months ago the Treasury announced it was booting Rick Wagoner as CEO of General Motors. But he's still technically on the payroll—because Treasury officials continue to debate whether he should receive the $20 million severance package he was promised. It's only one of many key decisions that...

Big Life Insurers Will Get TARP Funds

(Newser) - Now that the banks' stress tests are done, it's on to the insurance industry. The Treasury Department said today it will give TARP funds to the nation's biggest life insurers, the Washington Post reports. Hartford Financial has been given preliminary approval to receive $3.4 billion, and as-yet unspecified amounts...

This Rally Is for Suckers, Courtesy of the Fed
This Rally Is for Suckers, Courtesy of the Fed
OPINION
May 12, 2009 9:37 AM CDT

This Rally Is for Suckers, Courtesy of the Fed

(Newser) - The Dow has soared a whopping 30% since March 9, but Andy Kessler doesn’t think the good times are here again. “This sure smells to me like a sucker’s rally,” he writes in the Wall Street Journal. Earnings aren’t up. The market is just responding...

Under Pressure, Fed Cooked Some Stress Test Results

(Newser) - In the wake of reports that complaining banks cajoled the Federal Reserve into sweetening some stress test results, the Wall Street Journal looks at the hard numbers. Citigroup, for example, was originally supposed to raise $35 billion; the number eventually released was $5.5 billion. The total for Bank of...

Bank Wrangling Softened Stress Test Results

Fed massaged some figures to portray banks as healthy

(Newser) - Some major banks managed to cajole the government into using more optimistic figures in its "stress test" results, insiders tell the Washington Post.  Banks like Citigroup—eager to show they were healthy and didn't need more help from the government—were given credit for pending moves to raise...

Stress Tests Are Done: 10 Banks Must Raise $75B

(Newser) - It's official: The stress-test results are out, and the feds say 10 of the nation's 19 biggest banks need to raise a total of $75 billion in capital to weather a future downturn, the Wall Street Journal reports. The banks, five of which are regional, are:
  • Bank of America: $33.
...

Stress-Tested Banks Need Just $100B

Investors find causes for optimism in capitalization news

(Newser) - Leaked results of the stress tests on America's biggest banks separate sufficiently capitalized banks—including JPMorgan Chase, MetLife, AmEx, and Goldman Sachs—from underfunded ones such as BofA, Wells Fargo, and Citi. Bank shares rose sharply yesterday and today, and some investors said the results were better than they feared....

Fed to Release Stress Test Results Next Week

Data will show potential losses in specific loan categories

(Newser) - The US will learn the fiscal health of its 19 biggest banks Thursday, when the Federal Reserve and Treasury release the results of the “stress tests,” the Wall Street Journal reports. Delayed somewhat, the results will contain potential loss estimates in specific loan categories for each bank, and...

Treasury's Mantra: 'Rahm Wants It'

"Rahm wants it" is new motto around Geithner's office

(Newser) - Tim Geithner's early struggles to gain the confidence of the markets and the public have led to a stronger-than-usual White House presence at the Treasury Department, where "Rahm wants it" is a frequent refrain, reports the Wall Street Journal. Although it's a dramatic shift from the Hank Paulson regime,...

Chrysler Bankruptcy Faces Bumpy Road
 Chrysler Bankruptcy 
 Faces Bumpy Road 
ANALYSIS
Apr 30, 2009 11:28 AM CDT

Chrysler Bankruptcy Faces Bumpy Road

(Newser) - The battle to restructure Chrysler is about to go public, and could get messy, Michael de la Merced writes for the New York Times. After failing to get all the automaker’s debt-holders in line, the government prepared a “prepackaged bankruptcy,” a Chapter 11 filing with a reorganization...

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