Treasury Department

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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...

Last-Minute Chrysler Talks Hinge on Smaller Lenders

Bankruptcy remains a possibility

(Newser) - Chrysler is still preparing for bankruptcy in case the Treasury's last-minute negotiations with hesitant creditors crumble, the Wall Street Journal reports. Most big lenders have agreed to write down part of Chrysler’s debt in exchange for stakes in the company, but smaller hedge funds also have to agree for...

Let Us Pay Out Bonuses, Citi Begs Geithner

Execs worry employees will bolt as bank chafes under pay restrictions

(Newser) - Citigroup is asking the Treasury for permission to pay special bonuses to many key employees it worries will leave the company—despite the fact that taxpayers will soon become the largest shareholder in the bank. Citi is chafing under Treasury restrictions on executive pay, particularly in its lucrative energy trading...

UAW Cuts Deal With Chrysler, Fiat, US Treasury

(Newser) - Auto workers cut a new agreement with Chrysler today that brought the automaker closer to a partnership deal with Fiat, the Wall Street Journal reports. Agreeing to lower health care benefits for retirees, United Auto Workers called the "concessionary agreement" painful but said it met President Obama's rigorous...

Fed Describes 'Stress Tests'
 Fed Describes 'Stress Tests' 
Apr 24, 2009 4:06 PM CDT

Fed Describes 'Stress Tests'

(Newser) - At the behest of the Federal Reserve, the 19 biggest US banks are projecting their losses on 12 categories of financial product such as loans and mortgage securities, the New York Times reports. The Fed, which asked the institutions to project a hypothetical scenario of a “stressed economic environment,...

Banks Get Stress Test Grades
 Banks Get Stress Test Grades 
Apr 24, 2009 8:40 AM CDT

Banks Get Stress Test Grades

Pandit out at Citi?

(Newser) - The nation's biggest banks will start to learn how they did on the dreaded stress test today, reports the New York Times. Though the public won’t learn the results until May 4, analysts are predicting that many of the 19 banks will have to raise large amounts of new...

Treasury Ups Offer to Chrysler Lenders

Treasury blinks in standoff that will determine auto maker's future

(Newser) - The Treasury Department is offering banks holding Chrysler's debt a better deal in the latest round of the back-and-forth over the automaker's future, the Wall Street Journal reports. The counter offer—still way short of what the banks seek—proposes to give lenders 22% of the $6.9 billion Chrysler...

Firms Fight Overseas Tax Changes Worth Billions

Last year's sheltered earnings could have brought US $20B

(Newser) - Overseas tax reform plans in the works under President Obama would put a serious squeeze on top firms, which under current law can store foreign income abroad indefinitely, reports the Wall Street Journal. Ten of the biggest companies earned $58 billion in 2008 that’s now sheltered overseas—money that...

Banks, Treasury Play Chicken on Chrysler Deal

Alternate headline: Banks, Treasury Play Chicken on Chrysler Deal

(Newser) - A group of big banks balked at the Treasury’s proposal that they slash 85% of Chrysler’s debt, the government’s second such request. Instead, in what the Wall Street Journal calls a “significant act of brinkmanship” as an April 30 deadline looms, the banks, including bailout recipients...

Dow Up 128 on Geithner Talk
 Dow Up 128 on Geithner Talk 
MARKETS
Apr 21, 2009 3:25 PM CDT

Dow Up 128 on Geithner Talk

Banks rally after comments by Treasury secretary, Bank CEOs

(Newser) - Stocks gained today on upbeat comments from Timothy Geithner and the CEOs of Citigroup and US Bancorp, the Wall Street Journal reports. Banks rallied after the Treasury secretary said that the “vast majority” have sufficient capital. The Dow closed up 127.83 at 7,969.56. The Nasdaq rose...

Geithner Puts Brakes on Bank Repayments

Treasury sec reluctant to free Goldman, others from constraints

(Newser) - Tim Geithner is warning Wall Street that he will consider more than banks' individual financial fitness when deciding whether they can pay back bailout funds—and escape from the strings attached to them. In an interview with the Wall Street Journal, the Treasury secretary says that the whole banking system,...

Chrysler Gets New Aid, but End May Loom

Treasury pushes automaker toward Fiat deal or liquidation

(Newser) - The Obama administration has given a further $500 million to keep Chrysler afloat, but Washington signaled yesterday it increasingly believes Chrysler will not survive as an independent company. Treasury officials met yesterday with CEO Robert Nardelli, as well as the heads of the United Auto Workers and Italian automaker Fiat....

Chrysler Execs Spurn $750M Fed Loan Over Pay Limits

(Newser) - Chrysler's financing arm has turned down a $750 million federal loan in order to skirt limits on executive pay, sources tell the Washington Post. Fearing that an earlier $1.5 billion loan was running out, the Treasury offered Chrysler Financial the extra credit about 2 weeks ago, attaching strict compensation...

Bank Lending Still Down 23% 4 Months After Bailout

Journal says Treasury's tally hides damage

(Newser) - Banks that received taxpayer aid to restart lending are loaning less than they did before the bailout, a Wall Street Journal analysis finds. The most recent figures available, from February, show a 23% drop in new loans from the lending level in October, when the Treasury Department kicked off TARP,...

Fannie Mae CEO Picked as Bailout Chief

Former Merrill Lynch prez to overhaul $700B TARP program

(Newser) - Wall Street veteran and Fannie Mae CEO Herb Allison has been nominated to oversee the Treasury's $700 billion bank rescue, Bloomberg reports. If confirmed by Congress—where he's likely to be grilled on his defending of bonuses at Fannie—Allison will be tasked with deploying the second phase of the...

Citing Too-Low Prices, Banks Won't Sell Toxic Assets

Stress test an Obama weapon

(Newser) - Banks are proving so reluctant to part with their so-called “toxic assets” that the Obama administration may have to strong-arm them into doing so, Time reports. Banks are protesting that the prices being offered—about $70 per $100 bond by the magazine’s calculations—are too low. That’s...

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