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Tag: Bailout

Kenneth Lewis
bloomberg.com

Slapping the Pay Cuffs on Execs

Amending current TARP rules and regulations, President Obama is expected to put a $500,000 cap on executive salaries at companies that receive large amounts of bailout funds. It would mean major pay cuts for the likes of Bank of America CEO Kenneth Lewis, who took home more than $20 million in 2007.

Posted on Feb 4, 2009 READ MORE


geithner
AP photo / Pablo Martinez Monsivais

Runaway Wall Street

It is instructional that only one of the three tax-challenged Obama appointees has survived public scorn to claim a high position in the new administration. Oddly enough, it is Treasury Secretary Timothy Geithner, the man who will collect our taxes, whose career has not been stunted by his failure to pay them.

Posted on Feb 4, 2009 READ MORE


Bail Fail

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Posted on Feb 4, 2009 READ MORE    



Flickr / respres

Produce the Note

Rep. Marcy Kaptur has a solution for beleaguered homeowners facing foreclosure: Dare Wall Street to produce the loan note that was bundled, securitized, sold and resold.

Posted on Feb 3, 2009 READ MORE


showgirls
entertainoz.com.au

Bailed-Out Bank Execs to Live It Up in Vegas

What’s a bunch of Wells Fargo bigwigs to do now that their struggling bank has gotten a whopping $25 billion from the federal government? Two words: Vegas, baby. Update

Posted on Feb 3, 2009 READ MORE


Marie Antoinette
Lie Louis Périn-Salbreux

Who Knew Bankers Were This Stupid?

Earth to Wall Street: It’s over, people. You had a terrific run, better than you deserved, but now you’d be wise to pay attention to those citizens outside, the ones with the pitchforks and the torches.

Posted on Feb 2, 2009 READ MORE



AP photo / Nikolas Giakoumidis

It’s Not Going to Be OK

The daily bleeding of thousands of jobs will soon turn our economic crisis into a political crisis. Our empire is dying. How will we cope with our decline? Will we cling to the absurd dreams of a superpower and a glorious tomorrow or will we responsibly face our stark new limitations?

Posted on Feb 2, 2009 READ MORE


Left, Right & Center

‘Left, Right & Center’: Socialism or Protectionism?

Will President Obama’s stimulus plan be a help or a hindrance to America’s economic future? The “Left, Right, & Center” panelists have their opinions, of course, on the subject, and they’re ready to go to battle—and sometimes even agree—on this week’s show.

Posted on Jan 30, 2009 READ MORE


Making Him Do It

Intragovernmental squabbling probably makes the conflict-averse Obama uncomfortable. But the “make him do it” dynamic could finally bring the center of Washington’s political debate closer to the progressive center of American public opinion.

Posted on Jan 29, 2009 READ MORE


Foreclosure
Flickr / respres

Fed Takes a Swing at Foreclosures

After pumping hundreds of billions into the banking system with not much to show for it, Fed chief Ben Bernanke says he will try to reduce the number of foreclosures. As he put it to Rep. Barney Frank: “The goal of the policy is to avoid preventable foreclosures on residential mortgage assets that are held, owned or controlled by a Federal Reserve Bank.”

Posted on Jan 27, 2009 READ MORE


Timothy Geithner
Wikimedia Commons / Presidencia de la Nación Argentina

Senate Sends Geithner to Treasury

Timothy Geithner may be a tax dodger who helped funnel taxpayer funds to his banking buddies, but we need that kind of cunning right now. That’s the thinking on Capitol Hill, anyway. The Senate confirmed President Obama’s pick to head Treasury on Monday, over the grumbles of 34 senators.

Posted on Jan 26, 2009 READ MORE



Flickr / hthg1983

Biden Says Banks May Get More, More, More

The vice president let it slip Sunday that the $700 billion TARP bailout bill could have a sequel. Also, Nancy Pelosi indicated that Congress might dole out more funds to financial institutions. Let’s see, that’s $700 billion on TARP, $850 billion for the still-pending stimulus package, plus the mysterious billions they’re tossing around at the Federal Reserve. ... Here’s hoping China doesn’t cut up our national credit card.

Posted on Jan 26, 2009 READ MORE


General Motors Lobby
nation.co.ke

Post-Bailout, Lobbying Continues

Without skipping a beat, once-troubled financial entities are continuing to spend big to lobby Congress as they pocket billions in TARP bailout money. The lobbying is defended by the bail-outted firms as a “transparent and effective way” to be heard on policy issues.

Posted on Jan 23, 2009 READ MORE


The Gulf Between Hope and Change

Though presidential festivities and media superlatives tried to numb any feeling other than happiness, it’s only natural to experience a twinge of anxiety while celebrating at the edge of an abyss.

Posted on Jan 23, 2009 READ MORE


Geithner Claw!
bloomberg.com

Geithner Urges ‘Fundamental Reform’ in Bailout

It’s the first full day of Obama’s administration and things are looking a bit different in D.C. Treasury secretary nominee Timothy Geithner called for “fundamental reform” of the $700 billion bailout, claiming the existing bailout package favored big business over struggling families.

Posted on Jan 21, 2009 READ MORE


Barack Obama
AP photo

Time to Get to Work

Tuesday was welcome theater, as profound as it gets—but today, as Obama has declared, begins a new era of responsibility and accountability.

Posted on Jan 20, 2009 READ MORE



Wikimedia Commons

Congress Sings the Bailout Blues

Want to know where the $350 billion banking bailout went and why it hasn’t done a bit of good? Read, and weep over, this little-noticed report from the congressional panel set up to monitor the Treasury Department’s distribution of our taxpayer funds.

Posted on Jan 18, 2009 READ MORE


money bags
0-60mag.com

Bailout a Boon for Bankers

So, the government forks over a ton of money to flailing banks and, naturally, their customers (i.e., taxpayers) might expect to gain something from this helpful transaction as well, right? Guess again, customers.

Posted on Jan 17, 2009 READ MORE


Left, Right & Center

‘Left, Right & Center’: Bye-Bye Bush; Bailout Mania

Ready or not, here comes Barack Obama—let’s hope he’s ready, considering the nature of the action items topping his presidential to-do list.

Posted on Jan 16, 2009 READ MORE


Citibank
pattisonsign.com

Citigroup Does the Splits

After receiving $45 billion from U.S. taxpayers just two months ago, Citibank’s much-maligned parent Citigroup will be no longer, as the financial giant announced in Solomon-style manner Friday that it will split itself into two, dividing the company’s traditional banking business— becoming Citicorp—and its riskier investment department—Citi Holdings.

Posted on Jan 16, 2009 READ MORE



Flickr / Betsssssy

Bank of America, Literally

The taxpayers’ bank opened a new branch on Thursday: Uncle Sam just threw $20 billion Bank of America’s way. The government is also on the hook for $118 billion more in crap assets. Bank of America chief Ken Lewis calls it the “deal of a lifetime.” No kidding.

Posted on Jan 16, 2009 READ MORE


Fool Me Once

Somehow, immediately releasing more bailout funds is being portrayed as a self-evident necessity. Amid Barack Obama’s paeans to “new politics,” we’re watching old-school paybacks from a politician who raised more Wall Street dough than any other.

Posted on Jan 15, 2009 READ MORE


Foreclosure
Flickr/respres

Nationwide Foreclosure Rate Shoots Up 81% in 2008

We knew this news was bound to be bad, but we didn’t think it would be quite this grim: The number of American homeowners who faced foreclosure proceedings in 2008 passed the 2.3 million mark, an 81 percent increase over the previous year.

Posted on Jan 15, 2009 READ MORE


The Shame Beneath Inaugural Hoopla

Sorry to rain on the inaugural parade, but we need to find a better way to pay for these things. The financing of President-elect Barack Obama’s big day is just as much of an embarrassment to the country as the financing of inaugurations past.

Posted on Jan 14, 2009 READ MORE


inauguraton memorabilia
AP photo / Jose Luis Magana

Here Comes the Change

Like many other people, I’d like to party all week when Barack Obama is sworn in as president. But this isn’t the year for it, not with unemployment rising and fear spreading through the land.

Posted on Jan 13, 2009 READ MORE


Geithner and Summers
AP photo / Lawrence Jackson

Wall Street Robber Barons Ride Again

Why rush to throw another $350 billion of taxpayer money at the Wall Street bandits and their political cronies who created the biggest financial mess since the Great Depression? And why should we taxpayers be expected to double our debt exposure when the 10 still-secret bailout contracts made in the first round are being kept from the public?

Posted on Jan 13, 2009 READ MORE


Obama
United States Senate

Obama Threatens to Use Veto Against Bailout Dissent

Barack Obama made sure that anyone who might oppose his plan for rolling out the next part of the $750 billion bailout package understands that he means business: In a meeting Tuesday on Capitol Hill, he threatened to veto a possible disapproval resolution, according to Democratic senators who met with him.

Posted on Jan 13, 2009 READ MORE



Flickr / respres

Obama Says He’ll Spend Some Bailout Money on Homeowners

With half of the $700 billion in TARP funds already spent and not a whole lot to show for it, Barack Obama has pledged to spend the second parcel differently, with at least some of the money going to desperate homeowners. President Bush has agreed to request the funds on Obama’s behalf in order to expedite the process.

Posted on Jan 12, 2009 READ MORE


Left, Right & Center

‘Left, Right & Center’: Will Obama Take On Wall Street?

Is President-elect Barack Obama proposing a stimulus package that will actually deliver? What’s going to happen next in the Middle East? These are unanswerable questions, but the “Left, Right & Center” team offers prognostications about what may lie in store on the domestic and international fronts.

Posted on Jan 9, 2009 READ MORE


Rubin
treas.gov

Rubin Bows Out of Citigroup

Almost a year ago, Citigroup’s then-director Robert Rubin downplayed the enormity of the economic catastrophe headed our way and made a pre-emptive move to shift any potential blame to politicians instead of financial experts such as himself. Fast-forward to the present and the picture changes considerably.

Posted on Jan 9, 2009 READ MORE


Tahoe
lasplash.com

End of a Supersized Era

Gas prices and fiscal concerns are causing the demise of the American-made sport utility vehicle, a welcome development in the eyes of many fellow drivers but one that also spells the end for thousands of American jobs.

Posted on Dec 23, 2008 READ MORE


Bush with football
freewebs.com

Bush Passes Bailout Buck to Obama

Although President Bush has kicked off the auto industry bailout process before leaving office, some would call Bush’s strategy more of a punt to his presidential successor, Barack Obama.

Posted on Dec 20, 2008 READ MORE


Left, Right & Center

‘Left, Right & Center’: Crash of the Titans

Bernie Madoff made a big mess, and Detroit’s Big Three drove themselves to the brink. So what’s the good news this week—Caroline Kennedy’s auspicious entrée into her famous family’s political biz?

Posted on Dec 19, 2008 READ MORE


Bush Bailed Out
The New York Times / Doug Mills

To the Bailoutmobile!

In an avowed effort to save capitalism from itself, President Bush announced Friday that he would throw the Big Three failing auto companies a $17.4 billion lifesaver, siphoning that money from the initial $700 billion bailout slush fund authorized by Congress in October.

Posted on Dec 19, 2008 READ MORE


Bailouts

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Posted on Dec 19, 2008 READ MORE


Big Three

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Posted on Dec 19, 2008 READ MORE


Workers Laid Off, Executives Paid Off, Bernard Madoff

Bernard Madoff’s criminal pyramid scheme, in which losses are expected to be $50 billion, paints a grim picture—unless you are a corporate executive. Read the fine print. Of the TARP bailout funds, only those that were technically spent “in an auction” carry limits on executive pay.

Posted on Dec 16, 2008 READ MORE


Killing the Big 3 Would Be Nuts

Despite the popular myth, lemmings don’t really hurl themselves off a cliff to reduce their numbers. That sort of behavior is seen only among Republicans in the Senate, who gave us a demonstration when they torpedoed legislation to bail out the auto industry.

Posted on Dec 15, 2008 READ MORE


Crippling the Auto Union Is Just a Warm-Up

I must admit that when the danger of a global financial implosion became apparent in March, I did not understand how all those worthless Wall Street credit swaps really could be the fault of an overpaid union welder at an auto plant somewhere in Michigan.

Posted on Dec 15, 2008 READ MORE


Fifth Avenue
gonyc.about.com

Wealthy Shoppers Opt for Inconspicuous Consumption

Whereas during boom times not so long ago, the über-loaded were all about having it and flaunting it, some among their ranks are now feeling the need to tone down their spending habits, if only for the sake of appearances.

Posted on Dec 15, 2008 READ MORE


Left, Right & Center

‘Left, Right & Center’: Oy, Blagojevich! Whither Detroit?

Illinois’ Governor of Ill Repute is the focus of some lively exchanges among “Left, Right & Center” co-hosts/government corruption watchdogs Tony Blankley, Matt Miller, Robert Scheer and Arianna Huffington. Also: Who’s Steven Chu?

Posted on Dec 12, 2008 READ MORE


It's A Tarp!
elitemrp.net

A ‘TARP’ to Cover Detroit

The White House has shifted from its original position to state that it now is willing to consider using bailout funds from the $700-billion Troubled Asset Relief Program, or TARP, to keep the country’s top three automakers afloat. The announcement comes after negotiations in Congress to provide a $14-billion bailout to Detroit broke down.

Posted on Dec 12, 2008 READ MORE


We Told You So

With the release of three new reports, there’s no debate anymore about who was correct and who wasn’t concerning the economic collapse and the Wall Street bailout. The studies prove that progressive critics were right and the Washington ideologues and the pundits were wrong.

Posted on Dec 11, 2008 READ MORE


Dangerous Bias Against Detroit

Nearly every current poll shows that most Americans oppose federal assistance to the auto industry, but legislators should also consider how voters would feel if the nation suffered the full consequences of a cratering auto industry—and if those voters then found out that the facts were not quite what they seemed to be.

Posted on Dec 11, 2008 READ MORE


ENTER_ALT_TEXT
New York Times / Stephen Crowley

Bailout to Jump-Start Detroit

Agreement has been reached between the White House and congressional Democrats to offer the U.S. auto industry a $14 billion emergency package aimed at keeping the Big Three going until spring. Also, in the grand tradition of state socialism, the deal includes a new auto “czar” to oversee the restructuring of Detroit.

Posted on Dec 10, 2008 READ MORE


Bush and Paulson
AP photo / Charles Dharapak

Republicans Bring Socialism to America

Let the record show that it was George W. Bush, the rich Texas Republican, who brought socialism to America, so don’t blame it on that African-American Chicago Democrat community organizer who made it into the White House.

Posted on Dec 9, 2008 READ MORE



Flickr / SteelCityHobbies

Auto Bailout Comes With Car Czar, Standard

White House and congressional leaders have agreed to bail out the auto industry. Detroit will get $15 billion in loans and, to make sure the Big Three keep running after their warranties expire, a so-called car czar will oversee long-term restructuring. And because we’re really serious about getting this right, George W. Bush gets to pick the car czar. D’oh!

Posted on Dec 8, 2008 READ MORE



AP photo / Douglas Healey

The Best and the Brightest Led America Off a Cliff

The multiple failures that beset the country can be laid at the feet of our elite universities. Harvard, Yale, Princeton and Stanford, along with most other elite schools, do a poor job educating students to think. They focus instead on creating hordes of competent systems managers.

Posted on Dec 8, 2008 READ MORE



Flickr / Franco Folini

Senator Tells GM Chief to Take a Hike

As congressional leaders, the White House and President-elect Obama came to terms with a $15-billion loan package for the auto industry, Sen. Chris Dodd suggested Sunday that not all executives should stick around to spend that money. GM CEO Rick Wagoner “has to move on,” the senator declared on “Face the Nation.”

Posted on Dec 7, 2008 READ MORE


GM building
AP photo / Paul Sancya

A Toyota Takeover Could Save GM

Considering only two options for an imperiled General Motors —either bailout by the U.S. government or bankruptcy—omits an important alternative, which I see as the best option: a takeover of GM by Toyota Motor Corp.

Posted on Dec 5, 2008 READ MORE


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