bailout

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McCain: I Won't Back Stimulus as Is
McCain: I
Won't Back Stimulus as Is
Talk show roundup
Jan 25, 2009 11:55 AM CST

McCain: I Won't Back Stimulus as Is

Cites partisanship, waste; Pelosi, Schumer say it's bipartisan

(Newser) - John McCain told Fox News Sunday that he wouldn’t back the stimulus bill as written by House Dems because it’s full of wasteful spending and includes little GOP input, Politico reports. House Speaker Nancy Pelosi, on ABC’s This Week, and Sen. Chuck Schumer, also on Fox, disagreed,...

Bailout Bucks Go to Lobbyists
 Bailout Bucks Go to Lobbyists 
Jan 24, 2009 6:59 AM CST

Bailout Bucks Go to Lobbyists

Bailed-out firms' spending on lobbying threatens to spark government backlash

(Newser) - A surprising number of firms that reaped billions in bailout funds from the government have been spending big to lobby the government for more, the New York Times reports. Citigroup, General Motors, and at least seven others have paid lobbyists millions since October. Some recipients actually increased the amount they...

Thain to Leave BofA After Record Losses

(Newser) - Former Merrill Lynch CEO John Thain, who became a top exec at Bank of America when the firms merged last year, will resign from his position, CNBC reports. The move comes a week after Bank of America posted its first quarterly loss in 17 years, widely attributed to poor information...

Pols Sending TARP Funds to Home State Banks

Frank, others pull strings for bailout funds

(Newser) - Only healthy banks are supposed to get TARP funds, and OneUnited Bank in Boston is not a healthy bank. So why did it wind up pocketing a $12 million infusion from the Treasury? Because powerful Massachusetts Rep. Barney Frank interceded for it, the Wall Street Journal reports. Bankers, regulators, and...

Obama Gives Lawmakers on Both Sides More Say

New prez wooing votes for economic plans

(Newser) - So far, Barack Obama’s line about disagreeing without being disagreeable isn’t just lip service. The Wall Street Journal reports that the president-elect and his team have been talking in good faith with members of Congress—including Republicans—about economic policy. Says one senator whom they unsuccessfully lobbied to...

Nationalization Looms for Royal Bank of Scotland

Lack of faith in government's bank bailout plans sparks investor stampede

(Newser) - One of Britain's biggest banks is on the verge of nationalization, reports the Daily Telegraph. The Royal Bank of Scotland's shares plummeted more than 65% yesterday after it revealed massive losses of $56 billion for 2008—the highest in British history. The government has upped its stake in the bank...

Soros Blasts 'Haphazard' Bailout

Billionaire calls for radical next phase to stave off Depression

(Newser) - The first bailout was bungled and the new $850 billion stimulus package under consideration will help keep social services ticking but won't be enough to save the slumping economy,  billionaire philanthropist George Soros warned the US Conference of Mayors yesterday. He slammed the "haphazard" handling of the...

Newest Bailout: 2010 Olympics
 Newest Bailout: 2010 Olympics 
Jan 19, 2009 11:42 AM CST

Newest Bailout: 2010 Olympics

Vancouver games get $369M loan approved

(Newser) - The global recession is putting the 2010 Olympics Games in Vancouver in peril, writes Canada's Globe and Mail. This weekend the provincial parliament in British Columbia passed an emergency bill that allows the host city to borrow $369 million to make sure the athletes' village will be ready in time....

Obama Has Rare Chance to Push Agenda With Recovery
Obama Has Rare Chance to Push Agenda With Recovery
ANALYSIS
Jan 19, 2009 10:16 AM CST

Obama Has Rare Chance to Push Agenda With Recovery

Riding a wave of popularity, the president-elect hopes to act quickly on economy

(Newser) - If there's a silver lining to the profound economic crisis President-elect Barack Obama is stepping into, the New York Times reports, it's that the recovery plan that's taking shape under his direction affords him an unprecedented chance to address his most ambitious campaign promises right out of the blocks. Riding...

UK Rolls Out Another Bank Bailout, Tightens Controls

New package increase its control over banks, insures troubled assests

(Newser) - The British government today rolled out a new bank rescue plan that includes $147 billion to insure troubled mortgage assets, reports the New York Times. It also offers an additional $73.5 billion to the Bank of England to buy up struggling banks’ “high-quality assets” to insure credit lines...

Banks Relish Public Funds, Won't Loan to Public
Banks Relish Public Funds, Won't Loan to Public
ANALYSIS
Jan 18, 2009 7:35 AM CST

Banks Relish Public Funds, Won't Loan to Public

(Newser) - Banks are enjoying a public bailout of billions of dollars, but they're not using the funds the way the way they were intended—to loan money to kickstart the economy, reports the New York Times. Banks are using the bucks to pay off debts and, in some cases, acquire companies....

'Bad Bank' for Toxic Assets Among Feds' TARP Options

Paulson, Bair show support creating federally sponsored institution

(Newser) - Support is growing for the latest proposed use of bailout funds: a federally sponsored “bad bank” to purchase toxic assets from troubled financial institutions, Bloomberg reports. “A lot of work has been done on an aggregator bank,” Treasury Secretary Henry Paulson said today; FDIC chief Sheila Bair...

Feds' Bank Aid Smacks of Nationalization
Feds' Bank
Aid Smacks of Nationalization
ANALYSIS
Jan 16, 2009 9:18 AM CST

Feds' Bank Aid Smacks of Nationalization

Washington may have no choice but to take majority stakes

(Newser) - The federal government may be forced to effectively nationalize some of America's biggest banks, a notion gaining traction as Bank of America and Citigroup teeter on the brink of insolvency. While Washington has shown extreme reluctance to take ownership stakes in corporate banks, it may now have no choice, the...

Citi Posts $8.3B Loss, Prepares to Split in Two

Still smarting from bad mortgage bets, the company will split to remain solvent

(Newser) - Citigroup lost $8.29 billion in the fourth quarter—twice as much as expected—as the credit crisis continues to batter big banks, Bloomberg reports. The bank suffered a net loss of $1.72 per share, falling far short of analysts’ estimates. Citigroup, which lost 77 percent of its trading...

BofA Takes Another $20B Bailout on $10B Merrill Loss

Crippled by unforeseen losses and falling stock price, B of A puts its hand out. Again.

(Newser) - Bank of America, sucker-punched by unforeseen losses from its takeover of Merrill Lynch, received another injection of $20 billion from the Treasury, the Wall Street Journal reports, bringing the total cost of BofA’s bailout to $45 billion. BofA’s shares shed 40% of their value in the past seven...

GOP Still on Board With Geithner Despite Tax Errors

Treasury nominee 'going to be just fine' with bigger problems he'll be facing

(Newser) - Timothy Geithner’s tax mistakes are minor compared with how much he could contribute as Treasury secretary, Republican leaders say. “I don’t think we can get a better person for this position,” Senate Finance Committee No. 2 Orrin Hatch told the Washington Post. Geithner’s errors include...

Feds to Give BoA Billions More for Merrill Deal

(Newser) - The feds will have to pony up billions of dollars more to help Bank of America close its deal to purchase Merrill Lynch, the Wall Street Journal reports. BoA already has received $25 billion, but Merrill's massive fourth-quarter losses have thrown a wrench in the acquisition. Henry Paulson is a...

Quit Griping About Bailout: It's Working
 Quit Griping About 
 Bailout: It's Working 
OPINION
Jan 14, 2009 11:18 AM CST

Quit Griping About Bailout: It's Working

Was it fair? Nope, but who cares?

(Newser) - Critics of the Treasury’s $700 billion bailout—and there are so many of them these days—grouse that it’s done nothing but line the pockets of undeserving bankers. “Maybe I’m missing something,” writes Steven Pearlstein of the Washington Post, “but I don’t see...

Citi, Morgan Stanley Merge Brokerages

(Newser) - Rumors of Citigroup’s plan to merge its brokerage unit with that of Morgan Stanley have proven true, as both companies’ boards approved the move today, CNBC reports. Morgan Stanley will control 51% of the joint venture between its operation and Citi’s Smith Barney. Observers see Stanley’s option...

Obama Threatens First Veto Over Bailout Funds

(Newser) - Barack Obama appealed to Democrats in Congress today to allow the use of an additional $350 billion in federal bailout funds and vowed to veto any move to block the money. Obama met with lawmakers behind closed doors and backed up his plea with a promise to revise elements of...

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