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By Robert W. McChesney and John Nichols
$17.79
By Scott Ritter
$11.16
$18
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Flickr / epicharmus
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The Toxic Asset Relief Program was originally designed to save the banks from their bad bets by purchasing toxic assets, but has since evolved into something of a multipurpose slush fund. Now the Obama administration is getting back to the business of buying junk, elaborating on a plan that sent the Dow tumbling when it was first announced. Update
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Flickr / reubenaingber
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The government is expected to come to AIG’s rescue for a fourth time as the mega-insurer prepares to announce the biggest quarterly loss by a single company in the history of the world. Reports put the bonus bailout at $30 billion, less than half of AIG’s expected quarterly loss.
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icsd.k12.ny.us
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The rationale of the TARP bailout’s “capital-injection program”—providing banks with capital that will increase loans to consumers and businesses—has apparently been forgotten by the 20 largest banks that received TARP money. A Treasury Department survey has found that lending in the last quarter of 2008 was stagnant, or even slightly declined, despite $250 billion in capital-injection funds.
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truckend.com
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General Motors, recipient of the 2009 “Nation’s Most Resistant-to-Change Company That Still Gets Federal Assistance” award, wants more. The auto giant on Wednesday asked for $16.6 billion in loans, on top of the $13.4 billion already granted. All this amid GM plans to shed 47,000 jobs worldwide.
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willows-journal.com
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While $700 billion was given to the banks and credit institutions that haphazardly pushed forward our current economic fiasco, millions of homeowners at risk of foreclosure may now be given only about one-tenth of that figure—$75 billion—in an effort to slow the deterioration of the housing market.
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bloomberg.com
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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.
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Flickr / respres
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By Amy Goodman — 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.
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Flickr / hthg1983
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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.
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nation.co.ke
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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.
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bloomberg.com
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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.
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AP photo
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By Robert Scheer — Tuesday was welcome theater, as profound as it gets—but today, as Obama has declared, begins a new era of responsibility and accountability.
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Wikimedia Commons
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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.
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0-60mag.com
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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.
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AP photo / Jose Luis Magana
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By Bill Boyarsky — 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.
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United States Senate
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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.
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Flickr / respres
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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.
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By Amy Goodman — 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.
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elitemrp.net
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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.
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